v3.26.1
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 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 the 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 June 30, 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 K. 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 makes 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 June 30,  
 

 Consolidated  

  Campus Operations     
Corporate
 
    
2026
    
2025
    
2026
    
2025
    
2026
    
2025
 
REVENUE
  $142,560   $116,474   $142,560   $116,474   $   -    $ -  
COSTS AND EXPENSES:
                               
Instructional
   28,153    23,544    28,153    23,544       -      -  
Books and tools
   10,380    6,769    10,380    6,769       -      -  
Facilities
   13,444    11,933    13,444    11,933       -      -  
Depreciation and amortization
   7,655    4,545    7,655    4,545       -      -  
Educational services and facilities
   59,632    46,791    59,632    46,791       -      -  
                                
Sales and marketing
   24,745    18,872    24,745    18,872       -      -  
Student services
   7,903    6,363    7,903    6,363       -      -  
Provision for credit losses
   16,035    13,177    16,035    13,177       -      -  
Administrative
   30,832    28,484    12,707    12,218     18,125    16,266 
Depreciation and amortization   134    165    -    -     134    165 
Selling, general and administrative
   79,649    67,061    61,390    50,630     18,259    16,431 
Gain on sale of assets
   (33)    (256)    (10)    (256)     (23)     -  
Total costs and expenses
   139,248    113,596    121,012    97,165     18,236    16,431 
OPERATING INCOME (LOSS)
  $3,312   $2,878   $21,548   $19,309     (18,236)   $(16,431) 
                         
 
 
 Six Months Ended June 30,  
 

 Consolidated  
 Campus Operations
  
Corporate
 
    
2026
    
2025
    
2026
    
2025
    
2026
    
2025
 
REVENUE
  $286,518   $233,980   $286,518   $233,980   $ -    $ -  
COSTS AND EXPENSES:
                               
Instructional
   55,776    46,559    55,776    46,559       -      -  
Books and tools
   20,211    14,477    20,211    14,477       -      -  
Facilities
   26,883    25,018    26,883    25,018       -      -  
Depreciation and amortization
   15,155    8,145    15,155    8,145       -      -  
Educational services and facilities
   118,025    94,199    118,025    94,199       -      -  
                                
Sales and marketing
   48,642    38,573    48,642    38,573       -      -  
Student services
   15,259    12,601    15,259    12,601       -      -  
Provision for credit losses
   29,717    25,012    29,717    24,975       -     37 
Administrative
   64,917    57,452    25,582    23,160     39,335    34,292 
Depreciation and amortization
   266    327     -      -      266    327 
Selling, general and administrative
   158,801    133,965    119,200    99,309     39,601    34,656 
(Gain) loss on sale of assets
   (27)    (476)    (4)    (510)     (23)    34 
Total costs and expenses
   276,799    227,688    237,221    192,998     39,578    34,690 
OPERATING INCOME (LOSS)
  $9,719   $6,292   $49,297   $40,982     (39,578)   $(34,690)