v3.26.1
SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2026
SEGMENT REPORTING [Abstract]  
SEGMENT REPORTING
10.
SEGMENT REPORTING
 
The Company manages its business, evaluates performance and allocates resources based on two reportable business segments, Campus Operations and Transitional.
 
Campus Operations – The Campus Operations segment includes campuses that are continuing in operation and contribute to the Company’s core operations and performance. All of our campuses continuing in operation are classified in this segment. All of our campuses offer programs across various areas of study.
 
Transitional – The Transitional segment refers to campuses that are marked for closure and are currently being taught out, in addition to campuses that are held-for-sale. As of March 31, 2026, none of our campuses were classified in the Transitional segment.
 
The individual operating segments have been aggregated into the two main reportable segments based on the method by which our Chief Operating Decision Maker (“CODM”) 1) evaluates performance and allocates resources and 2) as a result of the Company’s judgment, that the reporting units have similar products, production processes, types of customers, methods of distribution, regulatory environment, and economic characteristics. The Company’s CODM is comprised of a team of executives deemed the “Executive Committee,” which is made up of the following individuals:
 
1. Scott M. Shaw – Chief Executive Officer and Director
2. Brian Meyers – Executive Vice President, Chief Financial Officer, and Treasurer
 
The CODM assesses segment financial performance by reviewing segment revenue and segment operating income, which includes certain Corporate overhead allocations relating directly to the segments disclosed. Some of the allocated costs include the centralization of the Company’s financial aid process, national sales and receivables, and default costs. The CODM will make decisions to allocate resources based on the review of monthly, quarterly, and annual financial information categorized by segment. The financial information is presented to the CODM using actual-to-actual results and budget-to-actual results.
 
We evaluate performance based on operating results. Adjustments to reconcile segment results with consolidated results are included in the caption “Corporate,” which primarily includes unallocated corporate activity.
 
Summary financial information by reporting segment is as follows:
 
                                                 
    Three Months Ended March 31,  
    Consolidated     Campus Operations     Corporate  
    2026     2025     2026     2025     2026     2025  
REVENUE
  $ 143,957     $ 117,506     $ 143,957     $ 117,506     $ -       $ -    
COSTS AND EXPENSES:
                                               
Instructional
    27,624       23,015       27,624       23,015         -           -    
Books and tools
    9,830       7,709       9,830       7,709         -           -    
Facilities
    13,438       13,085       13,438       13,085         -           -    
Depreciation and amortization
    7,500       3,600       7,500       3,600         -           -    
Educational services and facilities
    58,392       47,409       58,392       47,409         -           -    
                                                 
Sales and marketing
    23,898       19,701       23,898       19,701         -           -    
Student services
    7,356       6,237       7,356       6,237         -           -    
Provision for credit losses
    13,683       11,835       13,701       11,799       (18 )      36  
Administrative
    34,083       28,969       12,873       10,943       21,210       18,026  
Depreciation and amortization
    132       162         -           -         132       162  
Selling, general and administrative
    79,152       66,904       57,828       48,680       21,324       18,224  
Loss (gain) on sale of assets
    6       (220 )      6       (254 )        -         34  
Total costs and expenses
    137,550       114,093       116,226       95,835       21,324       18,258  
OPERATING INCOME (LOSS)
  $ 6,407     $ 3,413     $ 27,731     $ 21,671     $ (21,324 )    $ (18,258 )