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Segment Reporting
 9 Months Ended
Sep. 30, 2022
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. As of September 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 September 30, 2022, students enrolled at CTU represented approximately 64% of our total enrollments. Approximately 97% 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 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 September 30, 2022, students enrolled at AIUS represented approximately 36% 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 September 30,

 

 

 

Revenue

 

 

Operating Income (Loss)

 

 

 

2022

 

 

% of Total

 

 

2021

 

 

% of Total

 

 

2022

 

 

2021

 

CTU (1)

 

$

97,562

 

 

 

57.9

%

 

$

104,788

 

 

 

60.2

%

 

$

31,506

 

 

$

41,217

 

AIUS (2)

 

 

70,582

 

 

 

41.9

%

 

 

68,948

 

 

 

39.6

%

 

 

9,590

 

 

 

8,334

 

Corporate and Other (3)

 

 

276

 

 

 

0.2

%

 

 

262

 

 

 

0.2

%

 

 

(11,772

)

 

 

(11,690

)

Total

 

$

168,420

 

 

 

100.0

%

 

$

173,998

 

 

 

100.0

%

 

$

29,324

 

 

$

37,861

 

 

 

 

 

 

For the Year to Date Ended September 30,

 

 

 

Revenue

 

 

Operating Income (Loss)

 

 

 

2022

 

 

% of Total

 

 

2021

 

 

% of Total

 

 

2022

 

 

2021

 

CTU (1)

 

$

311,171

 

 

 

59.9

%

 

$

312,645

 

 

 

58.6

%

 

$

107,540

 

 

$

112,758

 

AIUS (2)

 

 

207,034

 

 

 

39.9

%

 

 

219,648

 

 

 

41.2

%

 

 

29,846

 

 

 

28,875

 

Corporate and Other (3)

 

 

858

 

 

 

0.2

%

 

 

882

 

 

 

0.2

%

 

 

(30,423

)

 

 

(27,193

)

Total

 

$

519,063

 

 

 

100.0

%

 

$

533,175

 

 

 

100.0

%

 

$

106,963

 

 

$

114,440

 

 

 

 

 

Total Assets as of  (4)

 

 

 

September 30, 2022

 

 

December 31, 2021

 

CTU

 

$

159,627

 

 

$

153,072

 

AIUS

 

 

185,727

 

 

 

151,407

 

Corporate and Other (3)

 

 

553,849

 

 

 

542,954

 

Total

 

$

899,203

 

 

$

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 CalSouthern acquisition commencing on the July 1, 2022 date of acquisition and 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.