| 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 March 31, |
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Revenue |
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Operating Income (Loss) |
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2026 |
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% of Total |
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2025 |
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% of Total |
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2026 |
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2025 |
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CTU |
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$ |
120,756 |
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54.5 |
% |
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$ |
116,074 |
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54.5 |
% |
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$ |
50,543 |
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$ |
46,760 |
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AIUS |
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57,816 |
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26.1 |
% |
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57,564 |
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27.0 |
% |
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12,564 |
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11,221 |
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USAHS |
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43,008 |
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19.4 |
% |
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39,183 |
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18.4 |
% |
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6,307 |
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(330 |
) |
Corporate and Other |
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163 |
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0.0 |
% |
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183 |
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0.1 |
% |
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(6,292 |
) |
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(5,924 |
) |
Total |
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$ |
221,743 |
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100.0 |
% |
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$ |
213,004 |
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100.0 |
% |
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$ |
63,122 |
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$ |
51,727 |
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Total Assets as of (1) |
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March 31, 2026 |
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December 31, 2025 |
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CTU |
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$ |
186,925 |
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$ |
172,405 |
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AIUS |
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160,733 |
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170,825 |
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USAHS |
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302,759 |
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287,985 |
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Corporate and Other |
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638,356 |
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616,502 |
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Total |
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$ |
1,288,773 |
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$ |
1,247,717 |
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(1)Total assets are presented on a condensed consolidated basis and do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries. Significant expense category by reporting segment is as follows (dollars in thousands):
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For the Quarter Ended March 31, |
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Significant expense categories |
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CTU |
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AIUS |
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USAHS |
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2026 |
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2025 |
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2026 |
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2025 |
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2026 |
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2025 |
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Academics and student related |
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$ |
15,174 |
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$ |
14,761 |
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$ |
11,224 |
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$ |
11,510 |
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$ |
14,196 |
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$ |
15,416 |
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Advertising and marketing |
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13,687 |
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13,251 |
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10,864 |
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10,729 |
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3,765 |
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3,978 |
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Admissions |
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12,235 |
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12,135 |
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8,960 |
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8,944 |
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1,287 |
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1,387 |
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Administrative (1) |
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22,832 |
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21,270 |
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10,991 |
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10,985 |
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6,016 |
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5,148 |
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Bad debt |
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4,618 |
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5,874 |
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929 |
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1,624 |
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199 |
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61 |
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Depreciation and amortization |
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1,081 |
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1,411 |
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1,183 |
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1,444 |
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7,040 |
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8,870 |
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All other expenses (2) |
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586 |
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612 |
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1,101 |
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1,107 |
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4,198 |
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4,653 |
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_________________________ (1)Administrative expense includes allocations from Corporate and Other. (2)All other expenses include occupancy cost.
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