v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s Chief Executive Officer, as the chief operating decision maker, or the CODM, organizes the company, manages resource allocations, and measures performance among three operating and reportable segments: APUS, RU, and HCN. Corporate and Other includes unallocated corporate activity and eliminations to reconcile segment results to the Consolidated Financial Statements, and, prior to the GSUSA Sale Date, GSUSA revenue and expenses. GSUSA did not meet the quantitative thresholds to qualify as a reportable segment.

The CODM reviews information about each reportable segment’s revenue and categorized expenses, and allocates resources to, and measures the performance of, each reportable segment using reportable segment operating income (loss). The CODM does not evaluate reportable segment asset or liability information.
A summary of financial information by reportable segment is as follows (in thousands):

Year Ended December 31,
 202320242025
APUS Segment
Revenue303,303 317,049 319,842 
Instructional costs and services97,246 103,745 103,920 
Selling and promotional57,580 58,563 62,884 
General and administrative55,992 58,807 56,584 
Other (1)
8,059 6,512 5,629 
Income from operations before interest and income taxes84,426 89,422 90,825 
RU Segment
Revenue214,086 216,262 246,231 
Instructional costs and services140,861 133,448 139,421 
Selling and promotional66,571 58,682 64,045 
General and administrative25,401 30,324 29,876 
Other (2)
84,828 15,606 8,849 
(Loss) income from operations before interest and income taxes(103,575)(21,798)4,040 
HCN Segment
Revenue56,936 67,290 74,983 
Instructional costs and services38,582 43,795 46,623 
Selling and promotional4,312 6,923 7,773 
General and administrative14,182 15,989 19,285 
Other (3)
1,256 1,705 2,156 
Loss from operations before interest and income taxes(1,396)(1,122)(854)
Corporate and Other
Revenue26,220 23,958 7,806 
Instructional costs and services16,173 14,715 7,056 
Selling and promotional4,492 4,642 2,550 
General and administrative32,664 36,841 38,837 
Other (4)
652 1,196 5,439 
Loss from operations before interest and income taxes(27,761)(33,436)(46,076)
Total reportable segment revenue574,325 600,601 641,056 
Corporate and other revenue26,220 23,958 7,806 
Total consolidated revenue600,545 624,559 648,862 
Total reportable segment (loss) income from operations before interest and income taxes(20,545)66,502 94,011 
Corporate and other (loss) from operations before interest and income taxes(27,761)(33,436)(46,076)
Total consolidated (loss) income from operations before interest and income taxes(48,306)33,066 47,935 

(1) Includes loss on assets held for sale, loss on disposal of long lived assets and depreciation and amortization expense.
(2) Includes impairment of goodwill and intangible assets, loss on leases, loss on disposal of long lived assets and depreciation and amortization expense.
(3) Includes loss on disposal of long lived assets and depreciation and amortization expense.
(4) Includes loss on sale of subsidiary, loss on disposal of long lived assets, and depreciation and amortization expense.
Year Ended December 31,
 202320242025
Depreciation and amortization
APUS Segment5,284 4,828 3,957 
RU Segment20,627 11,577 8,523 
HCN Segment1,253 1,704 2,109 
Total reportable segment depreciation and amortization27,164 18,109 14,589 
Corporate and Other652 1,194 1,559 
Total consolidated depreciation and amortization 27,816 19,303 16,148 
Interest expense, net
APUS Segment1,882 1,563 1,303 
RU Segment11 (6)662 
HCN Segment95 216 306 
Total reportable segment interest expense, net1,988 1,773 2,271 
Corporate and Other(6,447)(3,900)(6,501)
Total consolidated interest expense, net(4,459)(2,127)(4,230)
Income tax (benefit) expense
APUS Segment23,530 24,577 24,311 
RU Segment(26,103)(5,519)341 
HCN Segment(211)(62)(197)
Total reportable segment income tax (benefit) expense(2,784)18,996 24,455 
Corporate and Other(7,931)(8,577)(12,307)
Total consolidated income tax (benefit) expense(10,715)10,419 12,148