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v3.25.2

Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Summary Financial Information by Reporting Segment | Summary financial information by reporting segment is as follows (dollars in thousands):
|  | For the Quarter Ended June 30, |
|  | Revenue |  |  | Operating Income (Loss) |
|  | 2025 |  |  | % of Total |  |  | 2024 |  |  | % of Total |  |  | 2025 |  |  | 2024 |
CTU |  | $ | 117,970 |  |  |  | 56.3 | % |  | $ | 112,828 |  |  |  | 67.7 | % |  | $ | 46,262 |  |  | $ | 42,890 |
AIUS |  |  | 54,723 |  |  |  | 26.1 | % |  |  | 53,722 |  |  |  | 32.2 | % |  |  | 12,080 |  |  |  | 12,926 |
USAHS (1) |  |  | 36,697 |  |  |  | 17.5 | % |  |  | - |  |  |  | 0.0 | % |  |  | (1,694 | ) |  |  | - |
Corporate and Other |  |  | 191 |  |  |  | 0.1 | % |  |  | 190 |  |  |  | 0.1 | % |  |  | (5,249 | ) |  |  | (9,810 | )
Total |  | $ | 209,581 |  |  |  | 100.0 | % |  | $ | 166,740 |  |  |  | 100.0 | % |  | $ | 51,399 |  |  | $ | 46,006 |
|  | For the Year to Date Ended June 30, |
|  | Revenue |  |  | Operating Income (Loss) |
|  | 2025 |  |  | % of Total |  |  | 2024 |  |  | % of Total |  |  | 2025 |  |  | 2024 |
CTU |  | $ | 237,549 |  |  |  | 56.2 | % |  | $ | 226,397 |  |  |  | 67.6 | % |  | $ | 92,359 |  |  | $ | 85,046 |
AIUS |  |  | 108,782 |  |  |  | 25.7 | % |  |  | 108,227 |  |  |  | 32.3 | % |  |  | 23,964 |  |  |  | 22,212 |
USAHS (1) |  |  | 75,880 |  |  |  | 18.0 | % |  |  | - |  |  |  | 0.0 | % |  |  | (2,024 | ) |  |  | - |
Corporate and Other |  |  | 374 |  |  |  | 0.1 | % |  |  | 380 |  |  |  | 0.1 | % |  |  | (11,173 | ) |  |  | (14,974 | )
Total |  | $ | 422,585 |  |  |  | 100.0 | % |  | $ | 335,004 |  |  |  | 100.0 | % |  | $ | 103,126 |  |  | $ | 92,284 |
|  | Total Assets as of (2) |
|  | June 30, 2025 |  |  | December 31, 2024 |
CTU |  | $ | 197,529 |  |  | $ | 189,663 |
AIUS |  |  | 158,757 |  |  |  | 150,437 |
USAHS (1) |  |  | 345,030 |  |  |  | 306,552 |
Corporate and Other |  |  | 593,071 |  |  |  | 590,382 |
Total |  | $ | 1,294,387 |  |  | $ | 1,237,034 |
(1) USAHS includes results of operations starting from the acquisition date on December 2, 2024. (2) Total assets are presented on a condensed consolidated basis and do not include intercompany receivable or payable activity between segments and corporate and other. Significant expense category by reporting segment is as follows (dollars in thousands):
|  | For the Quarter Ended June 30, 2025 |  |  | For the Quarter Ended June 30, 2024 |
Significant expense categories |  | CTU |  |  | AIUS |  |  | USAHS (1) |  |  | CTU |  |  | AIUS |  |  | USAHS (1) |
Academics and student related |  | $ | 17,644 |  |  | $ | 10,318 |  |  | $ | 15,978 |  |  | $ | 15,481 |  |  | $ | 10,172 |  |  | $ | - |
Advertising and marketing |  |  | 13,513 |  |  |  | 9,729 |  |  |  | 3,798 |  |  |  | 12,863 |  |  |  | 10,269 |  |  |  | - |
Admissions |  |  | 12,627 |  |  |  | 8,393 |  |  |  | 1,330 |  |  |  | 11,807 |  |  |  | 8,157 |  |  |  | - |
Administrative (2) |  |  | 22,593 |  |  |  | 9,813 |  |  |  | 5,659 |  |  |  | 22,565 |  |  |  | 8,986 |  |  |  | - |
Bad debt |  |  | 2,545 |  |  |  | 2,635 |  |  |  | 279 |  |  |  | 5,000 |  |  |  | 1,073 |  |  |  | - |
Depreciation and amortization |  |  | 2,161 |  |  |  | 702 |  |  |  | 7,204 |  |  |  | 2,148 |  |  |  | 840 |  |  |  | - |
All other expenses (3) |  |  | 625 |  |  |  | 1,053 |  |  |  | 4,143 |  |  |  | 74 |  |  |  | 1,299 |  |  |  | - |
|  | For the Year to Date Ended June 30, 2025 |  |  | For the Year to Date Ended June 30, 2024 |
Significant expense categories |  | CTU |  |  | AIUS |  |  | USAHS (1) |  |  | CTU |  |  | AIUS |  |  | USAHS (1) |
Academics and student related |  | $ | 33,616 |  |  | $ | 20,618 |  |  | $ | 31,394 |  |  | $ | 32,722 |  |  | $ | 20,122 |  |  | $ | - |
Advertising and marketing |  |  | 27,036 |  |  |  | 20,185 |  |  |  | 7,776 |  |  |  | 26,073 |  |  |  | 21,298 |  |  |  | - |
Admissions |  |  | 25,159 |  |  |  | 16,940 |  |  |  | 2,717 |  |  |  | 23,985 |  |  |  | 16,869 |  |  |  | - |
Administrative (2) |  |  | 45,407 |  |  |  | 19,254 |  |  |  | 10,807 |  |  |  | 43,655 |  |  |  | 18,944 |  |  |  | - |
Bad debt |  |  | 8,419 |  |  |  | 4,259 |  |  |  | 340 |  |  |  | 8,028 |  |  |  | 4,601 |  |  |  | - |
Depreciation and amortization |  |  | 4,297 |  |  |  | 1,421 |  |  |  | 16,074 |  |  |  | 4,238 |  |  |  | 1,685 |  |  |  | - |
All other expenses (3) |  |  | 1,256 |  |  |  | 2,141 |  |  |  | 8,796 |  |  |  | 2,650 |  |  |  | 2,496 |  |  |  | - |
_________________________ (1) USAHS includes financial information starting from the acquisition date on December 2, 2024. (2) Administrative expense includes allocations from Corporate and Other. (3) All other expenses primarily include occupancy and asset impairment.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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