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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary Financial Information by Reporting Segment

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


		Revenue				Operating Income (Loss)				Depreciation and Amortization				Capital Expenditures				Total Assets (1)
For the Year Ended December 31, 2024
CTU (2)		$	456,899			$	171,260			$	8,513			$	134			$	189,663
AIUS (3)			213,547				36,182				3,291				134				150,437
USAHS (4)			10,041				(2,640	)			2,516				311				306,552
Corporate and Other			776				(30,549	)			325				4,046				590,382
Total		$	681,263			$	174,253			$	14,645			$	4,625			$	1,237,034
For the Year Ended December 31, 2023
CTU (2)		$	468,926			$	144,008			$	11,561			$	546			$	202,728
AIUS (3)			240,300				45,283				4,992				299				161,336
USAHS (4)			-				-				-				-				-
Corporate and Other			778				(38,845	)			334				5,566				643,252
Total		$	710,004			$	150,446			$	16,887			$	6,411			$	1,007,316
For the Year Ended December 31, 2022
CTU (2)		$	419,617			$	141,622			$	10,069			$	3,641
AIUS (3)			274,479				33,315				9,325				1,069
USAHS (4)			-				-				-				-
Corporate and Other			1,112				(45,300	)			340				7,910
Total		$	695,208			$	129,637			$	19,734			$	12,620

__________________

(1)

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

(2)

CTU includes results of operations from Coding Dojo beginning on the acquisition date of December 1, 2022.

(3)

AIUS includes results of operations from CalSouthern beginning on the acquisition date of July 1, 2022.

(4)

USAHS includes results of operations starting from the acquisition date on December 2, 2024.

Significant expense category by reporting segment is as follows (dollars in thousands):


		For the Year Ended December 31, 2024
Significant expense categories		CTU				AIUS				USAHS (1)
Academics and student related		$	64,747			$	40,488			$	5,343
Advertising and marketing			55,738				44,044				1,181
Admissions			47,969				33,290				524
Administrative (2)			84,412				36,310				1,476
Bad debt			20,386				13,133				201
Depreciation and amortization			8,513				3,291				2,516
All other expenses (3)			3,874				6,809				1,440

		For the Year Ended December 31, 2023
Significant expense categories		CTU				AIUS				USAHS (1)
Academics and student related		$	72,939			$	45,550			$	-
Advertising and marketing			64,286				38,302				-
Admissions			52,645				38,714				-
Administrative (2)			85,385				48,255				-
Bad debt			20,223				13,008				-
Depreciation and amortization			11,561				4,992				-
All other expenses (3)			17,879				6,196				-

		For the Year Ended December 31, 2022
Significant expense categories		CTU				AIUS				USAHS (1)
Academics and student related		$	53,817			$	44,211			$	-
Advertising and marketing			64,736				62,107				-
Admissions			48,629				45,181				-
Administrative (2)			70,893				50,241				-
Bad debt			21,640				19,971				-
Depreciation and amortization			10,069				9,325				-
All other expenses (3)			8,211				10,128				-

__________________

(1)

USAHS includes financial information starting from the acquisition date on December 2, 2024.

(2)

Administrative expense includes certain corporate overhead allocations.

(3)

All other expenses primarily include occupancy and asset impairment.