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Segment Reporting
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Segment Reporting

13. 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. As of June 30, 2022, our two segments are:

 

♦

Colorado Technical University (CTU) is committed to providing quality and 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 addressing employer’s needs for a well-educated workforce. CTU 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 June 30, 2022, students enrolled at CTU represented approximately 65% of our total enrollments. Approximately 96% of CTU’s students are enrolled in programs offered fully online. Students at CTU’s ground-based campuses take both in-person and virtual classes.

 

♦

The American InterContinental University System (AIUS or AIU System) is comprised of two universities: American InterContinental University (“AIU”) and Trident University International (“Trident” or “TUI”). AIUS 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. AIUS places emphasis on the educational, professional and personal growth of each student. AIUS 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 June 30, 2022, students enrolled at AIUS represented approximately 35% of our total enrollments. Approximately 97% of AIUS’ students are enrolled in programs offered fully online. Students at AIUS’ ground-based campus take both in-person and virtual classes.

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

 

 

 

For the Quarter Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

Operating Income (Loss)

 

 

 

2022

 

 

% of Total

 

 

2021

 

 

% of Total

 

 

2022

 

 

2021

 

CTU (1)

 

$

100,461

 

 

 

59.9

%

 

$

102,035

 

 

 

58.1

%

 

$

33,008

 

 

$

35,398

 

AIUS (2)

 

 

66,920

 

 

 

39.9

%

 

 

73,223

 

 

 

41.7

%

 

 

10,733

 

 

 

9,218

 

Corporate and Other (3)

 

 

303

 

 

 

0.2

%

 

 

281

 

 

 

0.2

%

 

 

(9,795

)

 

 

(8,654

)

Total

 

$

167,684

 

 

 

100.0

%

 

$

175,539

 

 

 

100.0

%

 

$

33,946

 

 

$

35,962

 

 

 

 

 

 

For the Year to Date Ended June 30,

 

 

 

Revenue

 

 

Operating Income (Loss)

 

 

 

2022

 

 

% of Total

 

 

2021

 

 

% of Total

 

 

2022

 

 

2021

 

CTU (1)

 

$

213,609

 

 

 

60.9

%

 

$

207,857

 

 

 

57.9

%

 

$

76,034

 

 

$

71,541

 

AIUS (2)

 

 

136,452

 

 

 

38.9

%

 

 

150,700

 

 

 

42.0

%

 

 

20,256

 

 

 

20,541

 

Corporate and Other (3)

 

 

582

 

 

 

0.2

%

 

 

620

 

 

 

0.1

%

 

 

(18,651

)

 

 

(15,503

)

Total

 

$

350,643

 

 

 

100.0

%

 

$

359,177

 

 

 

100.0

%

 

$

77,639

 

 

$

76,579

 

 

 

 

 

Total Assets as of  (4)

 

 

 

June 30, 2022

 

 

December 31, 2021

 

CTU

 

$

152,602

 

 

$

153,072

 

AIUS

 

 

179,288

 

 

 

151,407

 

Corporate and Other (3)

 

 

524,171

 

 

 

542,954

 

Total

 

$

856,061

 

 

$

847,433

 

 

 

(1)

CTU results of operations include the Hippo acquisition commencing on the September 10, 2021 date of acquisition.

(2)

AIUS results of operations include the DigitalCrafts acquisition commencing on the August 2, 2021 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.