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SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2021
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 an accredited 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 business plan. As of September 30, 2021, our two segments are:

 

♦

Colorado Technical University (CTU) is committed to providing industry-relevant higher education to a diverse student population through innovative technology and experienced faculty, enabling the pursuit of personal and professional goals. CTU is focused on serving adult, non-traditional students seeking career advancement, as well as the employer’s needs for a well-educated workforce. The university offers academic programs in the career-oriented disciplines of business and management, nursing, healthcare management, computer science, engineering, information systems and technology, project management, cybersecurity and criminal justice. Students pursue their degrees through fully-online programs, local campuses and blended formats, which combine campus-based and online education. As of September 30, 2021, students enrolled at CTU represented approximately 61% of our total student enrollments. Approximately 95% of CTU’s students are enrolled in programs offered fully online. CTU’s campus-based and blended-format students are currently pursuing their education solely through CTU’s online platform as a result of the COVID-19 pandemic.

 

 

♦

The American InterContinental University System (AIU) is comprised of two universities: American InterContinental University and Trident University International (“Trident” or “TUI”). AIU is committed to providing quality and accessible higher education opportunities for a diverse student population, including adult and other non-traditional learners and the military community. AIU places emphasis on the educational, professional and personal growth of each student, and pursues this aim with a commitment to institutional integrity and ethics. AIU offers academic programs in the career-oriented disciplines of business studies, information technologies, education, health sciences and criminal justice. Students pursue their degrees through fully-online programs, local campuses and blended formats, which combine campus-based and online education. As of September 30, 2021, students enrolled at AIU represented approximately 39% of our total student enrollments. Approximately 97% of AIU’s students are enrolled in programs offered fully online. A majority of AIU’s campus-based and blended-format students are currently 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 September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

Operating Income (Loss)

 

 

 

2021

 

 

% of Total

 

 

2020

 

 

% of Total

 

 

2021

 

 

2020

 

CTU (1)

 

$

104,788

 

 

 

60.2

%

 

$

98,985

 

 

 

58.5

%

 

$

41,217

 

 

$

32,993

 

AIU (2)

 

 

68,948

 

 

 

39.6

%

 

 

70,048

 

 

 

41.4

%

 

 

8,334

 

 

 

5,513

 

Corporate and Other (3)

 

 

262

 

 

 

0.2

%

 

 

93

 

 

 

0.1

%

 

 

(11,690

)

 

 

(6,432

)

Total

 

$

173,998

 

 

 

100.0

%

 

$

169,126

 

 

 

100.0

%

 

$

37,861

 

 

$

32,074

 

 

 

 

 

For the Year to Date Ended September 30,

 

 

 

Revenue

 

 

Operating Income (Loss)

 

 

 

2021

 

 

% of Total

 

 

2020

 

 

% of Total

 

 

2021

 

 

2020

 

CTU (1)

 

$

312,645

 

 

 

58.6

%

 

$

302,766

 

 

 

58.7

%

 

$

112,758

 

 

$

100,688

 

AIU (2)

 

 

219,648

 

 

 

41.2

%

 

 

213,279

 

 

 

41.3

%

 

 

28,875

 

 

 

25,365

 

Corporate and Other (3)

 

 

882

 

 

 

0.2

%

 

 

110

 

 

 

0.0

%

 

 

(27,193

)

 

 

(19,308

)

Total

 

$

533,175

 

 

 

100.0

%

 

$

516,155

 

 

 

100.0

%

 

$

114,440

 

 

$

106,745

 

 

 

 

Total Assets as of  (4)

 

 

 

September 30, 2021

 

 

December 31, 2020

 

CTU (1)

 

$

154,438

 

 

$

96,922

 

AIU (2)

 

 

150,970

 

 

 

141,602

 

Corporate and Other (3)

 

 

531,011

 

 

 

482,993

 

Total

 

$

836,419

 

 

$

721,517

 

 

 

(1)

CTU results of operations and total assets include the Hippo acquisition commencing on the September 10, 2021 date of acquisition and as of September 30, 2021.  

(2)

AIU results of operations and total assets include the DigitalCrafts acquisition commencing on the August 2, 2021 date of acquisition and as of September 30, 2021. AIU’s results of operations include Trident from the March 2, 2020 date of acquisition.

(3)

Corporate and Other includes results of operations and total assets for closed campuses. Revenue recorded within Corporate and Other relates to miscellaneous non-student related revenue.

(4)

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