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Segment Reporting | 9 Months Ended
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Sep. 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 September 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 September 30, 2024, students enrolled at CTU represented approximately 74% 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 September 30, 2024, students enrolled at AIUS represented approximately 26% 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) |
|  | 2024 |  |  | % of Total |  |  | 2023 |  |  | % of Total |  |  | 2024 |  |  | 2023 |
CTU |  | $ | 115,742 |  |  |  | 68.2 | % |  | $ | 120,552 |  |  |  | 67.0 | % |  | $ | 44,199 |  |  | $ | 34,491 |
AIUS |  |  | 53,887 |  |  |  | 31.7 | % |  |  | 59,226 |  |  |  | 32.9 | % |  |  | 9,063 |  |  |  | 15,602 |
Corporate and Other |  |  | 199 |  |  |  | 0.1 | % |  |  | 145 |  |  |  | 0.1 | % |  |  | (8,468 | ) |  |  | (7,020 | )
Total |  | $ | 169,828 |  |  |  | 100.0 | % |  | $ | 179,923 |  |  |  | 100.0 | % |  | $ | 44,794 |  |  | $ | 43,073 |
|  | For the Year to Date Ended September 30, |
|  | Revenue |  |  | Operating Income (Loss) |
|  | 2024 |  |  | % of Total |  |  | 2023 |  |  | % of Total |  |  | 2024 |  |  | 2023 |
CTU |  | $ | 342,139 |  |  |  | 67.8 | % |  | $ | 364,336 |  |  |  | 64.8 | % |  | $ | 129,245 |  |  | $ | 118,632 |
AIUS |  |  | 162,114 |  |  |  | 32.1 | % |  |  | 197,128 |  |  |  | 35.1 | % |  |  | 31,275 |  |  |  | 44,683 |
Corporate and Other |  |  | 579 |  |  |  | 0.1 | % |  |  | 621 |  |  |  | 0.1 | % |  |  | (23,442 | ) |  |  | (28,812 | )
Total |  | $ | 504,832 |  |  |  | 100.0 | % |  | $ | 562,085 |  |  |  | 100.0 | % |  | $ | 137,078 |  |  | $ | 134,503 |
|  | Total Assets as of (1) |
|  | September 30, 2024 |  |  | December 31, 2023 |
CTU |  | $ | 212,523 |  |  | $ | 202,728 |
AIUS |  |  | 171,940 |  |  |  | 161,336 |
Corporate and Other |  |  | 732,293 |  |  |  | 643,252 |
Total |  | $ | 1,116,756 |  |  | $ | 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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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