XML 40 R32.htm IDEA: XBRL DOCUMENT

Segment Reporting (Tables)

9 Months Ended

Sep. 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 September 30,
		Revenue																Operating Income (Loss)
		2025				% of Total				2024				% of Total				2025				2024
CTU (1)		$	117,069				55.3	%		$	112,275				66.1	%		$	47,762			$	44,742
AIUS (1)			56,667				26.7	%			57,354				33.8	%			9,257				8,520
USAHS (2)			37,971				17.9	%			-				0.0	%			66				-
Corporate and Other			165				0.1	%			199				0.1	%			(6,126	)			(8,468	)
Total		$	211,872				100.0	%		$	169,828				100.0	%		$	50,959			$	44,794


		For the Year to Date Ended September 30,
		Revenue																Operating Income (Loss)
		2025				% of Total				2024				% of Total				2025				2024
CTU (1)		$	347,622				54.8	%		$	332,137				65.8	%		$	141,369			$	131,611
AIUS (1)			172,445				27.2	%			172,116				34.1	%			31,973				28,909
USAHS (2)			113,851				17.9	%			-				0.0	%			(1,958	)			-
Corporate and Other			539				0.1	%			579				0.1	%			(17,299	)			(23,442	)
Total		$	634,457				100.0	%		$	504,832				100.0	%		$	154,085			$	137,078


		Total Assets as of (3)
		September 30, 2025				December 31, 2024
CTU (1)		$	177,093			$	175,115
AIUS (1)			161,480				164,985
USAHS (2)			329,872				306,552
Corporate and Other			630,939				590,382
Total		$	1,299,384			$	1,237,034

(1)

The prior period operating results for CTU and AIUS were recast to reflect the transition of the Hippo Education institution from CTU to AIUS.

(2)

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

(3)

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 September 30, 2025												For the Quarter Ended September 30, 2024
Significant expense categories		CTU (1)				AIUS (1)				USAHS (2)				CTU (1)				AIUS (1)				USAHS (2)
Academics and student related		$	14,972			$	11,565			$	16,126			$	14,925			$	11,278			$	-
Advertising and marketing			14,502				11,160				3,923				14,854				11,953				-
Admissions			11,812				8,746				1,231				11,301				8,726				-
Administrative (3)			20,745				10,830				5,182				19,408				10,331				-
Bad debt			5,262				2,588				55				5,003				3,732				-
Depreciation and amortization			1,451				1,358				7,133				1,427				1,548				-
All other expenses (4)			563				1,163				4,255				615				1,266				-

		For the Year to Date Ended September 30, 2025												For the Year to Date Ended September 30, 2024
Significant expense categories		CTU (1)				AIUS (1)				USAHS (2)				CTU (1)				AIUS (1)				USAHS (2)
Academics and student related		$	46,206			$	34,565			$	47,520			$	45,152			$	33,895			$	-
Advertising and marketing			41,002				31,881				11,699				40,389				33,789				-
Admissions			36,092				26,565				3,948				34,386				26,496				-
Administrative (3)			63,176				33,059				15,989				60,134				32,203				-
Bad debt			13,681				6,847				395				13,033				8,331				-
Depreciation and amortization			4,300				4,227				23,207				4,217				4,681				-
All other expenses (4)			1,796				3,328				13,051				3,215				3,812				-

_________________________

(1)

The prior period operating results for CTU and AIUS were recast to reflect the transition of the Hippo Education institution from CTU to AIUS.

(2)

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

(3)

Administrative expense includes allocations from Corporate and Other.

(4)

All other expenses primarily include occupancy and asset impairment.