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