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Segment Reporting
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Segment Reporting

14. SEGMENT REPORTING

Our segments are determined in accordance with FASB ASC Topic 280—Segment Reporting and are based upon how the Company analyzes performance and makes decisions. Each segment is comprised of a postsecondary education institution that offers a variety of academic programs. These segments are organized by key market segments and to enhance brand focus within each segment to more effectively execute our strategic plan. As of June 30, 2020, our two segments are:

 

♦

Colorado Technical University’s (CTU) mission is to provide industry-relevant higher education to a diverse student population through innovative technology and experienced faculty, enabling the pursuit of personal and professional goals. CTU places a strong focus on providing degree programs to meet the needs of our non-traditional students for career advancement and of employers for a well-educated workforce. This university offers academic programs in the career-oriented disciplines of business studies, nursing, computer science, engineering, information systems and technology, cybersecurity, criminal justice and healthcare management. Students pursue their degrees through fully-online programs, local campuses and blended formats, which combine campus-based and online education. As of June 30, 2020, students enrolled at CTU represented approximately 58% of our total enrollments. Approximately 94% of CTU’s students are enrolled in programs offered fully online. In March 2020, CTU’s campus-based and blended-format students also began pursuing their education solely through CTU’s online platform as a result of the COVID-19 pandemic.

 

♦

American InterContinental University’s (AIU) mission is to provide for the varying educational needs of a career-oriented, culturally diverse and geographically dispersed student body with the goal of preparing students academically, personally and professionally. AIU focuses on helping busy non-traditional students get the degree they need to move forward in their career as efficiently as possible and offers academic programs in the career-oriented disciplines of business studies, information technologies, education and criminal justice. Students pursue their degrees through fully-online programs, local campuses and blended formats, which combine campus-based and online education. AIU now also includes results of operations and student enrollments related to the Trident acquisition commencing on the March 2, 2020 date of acquisition. As of June 30, 2020, students enrolled at AIU represented approximately 42% of our total enrollments. Approximately 97% of AIU’s students are enrolled in programs offered fully online. In March 2020, AIU’s campus-based and blended-format students also began pursuing their education solely through AIU’s online platform as a result of the COVID-19 pandemic.

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

 

 

 

For the Quarter Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

Operating Income (Loss)

 

 

 

2020

 

 

% of Total

 

 

2019

 

 

% of Total

 

 

2020

 

 

2019

 

CTU

 

$

100,193

 

 

 

56.9

%

 

$

96,555

 

 

 

61.7

%

 

$

33,076

 

 

$

12,113

 

AIU (1)

 

 

75,835

 

 

 

43.1

%

 

 

59,873

 

 

 

38.3

%

 

 

10,476

 

 

 

(4,217

)

Total University Group

 

 

176,028

 

 

 

100.0

%

 

 

156,428

 

 

 

100.0

%

 

 

43,552

 

 

 

7,896

 

Corporate and Other (2)

 

 

7

 

 

NM

 

 

 

13

 

 

NM

 

 

 

(6,184

)

 

 

(7,712

)

Total

 

$

176,035

 

 

 

100.0

%

 

$

156,441

 

 

 

100.0

%

 

$

37,368

 

 

$

184

 

 

 

 

 

 

 

For the Year to Date Ended June 30,

 

 

 

Revenue

 

 

Operating Income (Loss)

 

 

 

2020

 

 

% of Total

 

 

2019

 

 

% of Total

 

 

2020

 

 

2019

 

CTU

 

$

203,781

 

 

 

58.7

%

 

$

193,612

 

 

 

61.6

%

 

$

67,695

 

 

$

41,804

 

AIU (1)

 

 

143,231

 

 

 

41.3

%

 

 

120,652

 

 

 

38.4

%

 

 

19,852

 

 

 

4,095

 

Total University Group

 

 

347,012

 

 

 

100.0

%

 

 

314,264

 

 

 

100.0

%

 

 

87,547

 

 

 

45,899

 

Corporate and Other (2)

 

 

17

 

 

NM

 

 

 

30

 

 

 

0.0

%

 

 

(12,876

)

 

 

(15,744

)

Total

 

$

347,029

 

 

 

100.0

%

 

$

314,294

 

 

 

100.0

%

 

$

74,671

 

 

$

30,155

 

 

 

 

 

 

Total Assets as of  (3)

 

 

 

June 30, 2020

 

 

December 31, 2019

 

CTU

 

$

97,489

 

 

$

100,414

 

AIU (1)

 

 

142,282

 

 

 

104,747

 

Total University Group

 

 

239,771

 

 

 

205,161

 

Corporate and Other (2)

 

 

415,247

 

 

 

393,904

 

Discontinued Operations

 

 

81

 

 

 

81

 

Total

 

$

655,099

 

 

$

599,146

 

 

 

(1)

AIU results of operations and total assets include the Trident acquisition commencing on the March 2, 2020 date of acquisition and as of June 30, 2020.

(2)

Corporate and Other includes results of operations and total assets for closed campuses.

(3)

Total assets do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.