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Segment Reporting
 6 Months Ended
Jun. 30, 2024
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, 2024, our two segments are:

♦ Colorado Technical University (CTU) is committed to providing quality and industry-relevant higher education to a diverse student population, including serving non-traditional adult learners seeking career advancement and the military community. CTU utilizes innovative technology and experienced faculty, enabling the pursuit of personal and professional goals for learners. 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, 2024, students enrolled at CTU represented approximately 75% 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 non-traditional adult 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, 2024, students enrolled at AIUS represented approximately 25% 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)

 

 

 

2024

 

 

% of Total

 

 

2023

 

 

% of Total

 

 

2024

 

 

2023

 

CTU

 

$

112,828

 

 

 

67.7

%

 

$

119,292

 

 

 

64.0

%

 

$

42,890

 

 

$

40,451

 

AIUS

 

 

53,722

 

 

 

32.2

%

 

 

67,062

 

 

 

35.9

%

 

 

12,926

 

 

 

17,078

 

Corporate and Other

 

 

190

 

 

 

0.1

%

 

 

210

 

 

 

0.1

%

 

 

(9,810

)

 

 

(9,435

)

Total

 

$

166,740

 

 

 

100.0

%

 

$

186,564

 

 

 

100.0

%

 

$

46,006

 

 

$

48,094

 

 

 

 

 

For the Year to Date Ended June 30,

 

 

 

Revenue

 

 

Operating Income (Loss)

 

 

 

2024

 

 

% of Total

 

 

2023

 

 

% of Total

 

 

2024

 

 

2023

 

CTU

 

$

226,397

 

 

 

67.6

%

 

$

243,784

 

 

 

63.8

%

 

$

85,046

 

 

$

84,141

 

AIUS

 

 

108,227

 

 

 

32.3

%

 

 

137,902

 

 

 

36.1

%

 

 

22,212

 

 

 

29,081

 

Corporate and Other

 

 

380

 

 

 

0.1

%

 

 

476

 

 

 

0.1

%

 

 

(14,974

)

 

 

(21,792

)

Total

 

$

335,004

 

 

 

100.0

%

 

$

382,162

 

 

 

100.0

%

 

$

92,284

 

 

$

91,430

 

 

 

 

 

 

Total Assets as of  (1)

 

 

 

June 30, 2024

 

 

December 31, 2023

 

CTU

 

$

210,845

 

 

$

202,728

 

AIUS

 

 

168,836

 

 

 

161,336

 

Corporate and Other

 

 

698,560

 

 

 

643,252

 

Total

 

$

1,078,241

 

 

$

1,007,316

 

 

 

(1)
Total assets are presented on a condensed consolidated basis and do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.