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Segment Reporting
 9 Months Ended
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.