| Tabulation of Business Segment Information Based on Current Segmentation |
Summary financial information by reportable segment is as follows (in thousands): | | | | | | | | | | | | Year Ended June 30, | | | 2026 | | 2025 | | 2024 | Revenue: | | | | | | | | | | Chamberlain | | $ | 750,212 | | $ | 725,774 | | $ | 633,522 | Walden | | | 804,933 | | | 693,430 | | | 595,332 | Medical and Veterinary | | | 398,940 | | | 369,086 | | | 355,798 | Consolidated | | $ | 1,954,085 | | $ | 1,788,290 | | $ | 1,584,652 | Cost of educational services: | | | | | | | | | | Chamberlain | | $ | 345,263 | | $ | 321,769 | | $ | 277,215 | Walden | | | 270,957 | | | 240,084 | | | 221,110 | Medical and Veterinary | | | 217,440 | | | 209,577 | | | 200,223 | Other segment expenses(1): | | | | | | | | | | Chamberlain | | $ | 261,307 | | $ | 250,638 | | $ | 218,507 | Walden | | | 294,253 | | | 269,765 | | | 243,675 | Medical and Veterinary | | | 101,535 | | | 90,257 | | | 84,068 | Adjusted operating income: | | | | | | | | | | Chamberlain | | $ | 143,642 | | $ | 153,367 | | $ | 137,800 | Walden | | | 239,723 | | | 183,581 | | | 130,547 | Medical and Veterinary | | | 79,965 | | | 69,252 | | | 71,507 | Total segment adjusted operating income | | | 463,330 | | | 406,200 | | | 339,854 | Reconciliation to Consolidated Financial Statements: | | | | | | | | | | Home Office expense | | | (43,843) | | | (36,030) | | | (31,076) | Restructuring expense | | | (6,329) | | | (3,314) | | | (1,870) | Business integration expense | | | — | | | — | | | (34,215) | Amortization of acquired intangible assets | | | (11,220) | | | (11,220) | | | (35,644) | Litigation reserve | | | — | | | 5,550 | | | (18,500) | Asset impairments | | | — | | | (6,442) | | | — | Strategic advisory costs | | | (18,562) | | | (12,000) | | | — | Loss on assets held for sale | | | — | | | (490) | | | (647) | Debt modification costs | | | — | | | (712) | | | (848) | Consolidated operating income | | | 383,376 | | | 341,542 | | | 217,054 | Interest expense | | | (45,435) | | | (52,318) | | | (63,659) | Other income, net | | | 7,178 | | | 9,290 | | | 10,542 | Consolidated income from continuing operations before income taxes | | $ | 345,119 | | $ | 298,514 | | $ | 163,937 | Depreciation: | | | | | | | | | | Chamberlain | | $ | 23,073 | | $ | 21,687 | | $ | 18,752 | Walden | | | 8,103 | | | 7,421 | | | 7,389 | Medical and Veterinary | | | 12,016 | | | 10,853 | | | 11,983 | Home Office | | | 658 | | | 741 | | | 1,552 | Consolidated | | $ | 43,850 | | $ | 40,702 | | $ | 39,676 | Amortization of acquired intangible assets: | | | | | | | | | | Walden | | $ | 11,220 | | $ | 11,220 | | $ | 35,644 | Consolidated | | $ | 11,220 | | $ | 11,220 | | $ | 35,644 |
| (1) | Other segment expenses for each reportable segment include student services and administrative related expenses. |
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| Revenues and long-lived assets by geographic area |
Revenue and long-lived assets by geographic area are as follows (in thousands): | | | | | | | | | | | | Year Ended June 30, | | | 2026 | | 2025 | | 2024 | Revenue by geographic area: | | | | | | | | | | Domestic operations | | $ | 1,555,145 | | $ | 1,419,204 | | $ | 1,228,854 | Barbados, St. Kitts, St. Maarten, and the U.K. | | | 398,940 | | | 369,086 | | | 355,798 | Consolidated | | $ | 1,954,085 | | $ | 1,788,290 | | $ | 1,584,652 |
| | | | | | | | | June 30, | | | 2026 | | 2025 | Long-lived assets by geographic area: | | | | | | | Domestic operations | | $ | 374,707 | | $ | 308,190 | Barbados, St. Kitts, St. Maarten, and the U.K. | | | 132,306 | | | 139,135 | Consolidated | | $ | 507,013 | | $ | 447,325 |
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