v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
 
The Company’s Chief Executive Officer, as the CODM, organizes the company, manages resource allocations, and measures performance among the Company’s reportable segments. In connection with the planned Combination, the Company now has two reportable segments: Military+ and Health+. The Company has recast its historical results to reflect this change. For additional details, please refer to “Note 1. Nature of the Business” to the accompanying Consolidated Financial Statements.

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, included 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):

Three Months Ended March 31,
 20262025
 (In thousands)
Military+ Segment
Revenue$89,443 $83,946 
Instructional costs and services26,207 27,311 
Selling and promotional16,936 15,701 
General and administrative14,391 14,234 
Other (1)
1,191 2,574 
Income from operations before interest and income taxes$30,718 $24,126 
Health+ Segment
Revenue$85,356 $76,927 
Instructional costs and services48,446 44,453 
Selling and promotional20,732 18,399 
General and administrative12,927 12,050 
Other (2)
2,734 2,843 
Income (loss) from operations before interest and income taxes$517 $(818)
Corporate and Other
Revenue (4)
$(61)$3,678 
Instructional costs and services(23)3,179 
Selling and promotional199 1,105 
General and administrative8,972 10,123 
Other (3)
383 333 
Loss from operations before interest and income taxes$(9,592)$(11,062)
Total reportable segment revenue$174,799 $160,873 
Corporate and Other revenue (4)
(61)3,678 
Total consolidated revenue$174,738 $164,551 
Total reportable segment income from operations before interest and income taxes$31,235 $23,308 
Corporate and Other (loss) from operations before interest and income taxes(9,592)(11,062)
Total consolidated income from operations before interest and income taxes$21,643 $12,246 

(1) Includes loss on assets held for sale, loss on disposal of long-lived assets, and depreciation and amortization expense.
(2) Includes loss on disposal of long-lived assets, loss on leases, and depreciation and amortization expense.
(3) Includes depreciation and amortization expense.
(4) Includes the elimination of intersegment revenue for courses taken by employees of one reportable segment at another reportable segment.


Three Months Ended March 31,
 20262025
 (In thousands)
Depreciation and amortization
Military+ Segment$1,055 $1,029 
Health+ Segment2,716 2,630 
Total reportable segment depreciation and amortization$3,771 $3,659 
Corporate and Other383 333 
Total consolidated depreciation and amortization $4,154 $3,992 
Interest expense, net
Military+ Segment$423 $319 
Health+ Segment151 466 
Total reportable segment interest expense, net$574 $785 
Corporate and Other(1,299)(1,672)
Total consolidated interest expense, net$(725)$(887)
Income tax expense (benefit)
Military+ Segment$7,758 $7,734 
Health+ Segment166 (421)
Total reportable segment income tax expense$7,924 $7,313 
Corporate and Other(6,409)(4,847)
Total consolidated income tax expense$1,515 $2,466