| Segment Information |
Note
9 - Segment Information
We manage our business
in three segments based on geographic location for which operating managers are responsible to the Chief Executive Officer. These
segments included: (i) North America, (ii) United Kingdom, (iii) Other Foreign Markets. Operating results, as reported below, are
reviewed regularly by our Chief Executive Officer, or Chief Operating Decision Maker (“CODM”) and other members of
the executive team.
The
proportion of our total revenue attributable to each segment is as follows:
| |
|
Three Months Ended March 31, |
|
| |
|
2019 |
|
|
2018 |
|
| As a percentage of total revenue |
|
|
|
|
|
|
| North America |
|
|
61.0 |
% |
|
|
62.0 |
% |
| U.K. |
|
|
23.6 |
% |
|
|
20.4 |
% |
| Other foreign markets |
|
|
15.4 |
% |
|
|
17.6 |
% |
| Total consolidated revenue |
|
|
100 |
% |
|
|
100 |
% |
Operating
results for the segments are as follows:
| |
|
Three Months Ended March 31, |
|
| |
|
2019 |
|
|
2018 |
|
| Segment revenue |
|
(In thousands) |
|
| North America |
|
$ |
14,987 |
|
|
$ |
15,949 |
|
| U.K. |
|
|
5,804 |
|
|
|
5,265 |
|
| Other foreign markets |
|
|
3,785 |
|
|
|
4,541 |
|
| Total consolidated revenue |
|
$ |
24,576 |
|
|
$ |
25,755 |
|
| |
|
Three Months Ended March 31, |
|
| |
|
2019 |
|
|
2018 |
|
| Segment gross profit contribution * |
|
(In thousands) |
|
| North America |
|
$ |
4,295 |
|
|
$ |
3,856 |
|
| U.K. |
|
|
890 |
|
|
|
1,127 |
|
| Other foreign markets |
|
|
(488 |
) |
|
|
(570 |
) |
| Total consolidated gross profit |
|
$ |
4,697 |
|
|
$ |
4,413 |
|
| * |
Segment
gross profit is calculated as revenue less direct course expenses, advertising and sales expenses and royalty expense. |
| |
|
Three Months Ended March 31, |
|
| |
|
2019 |
|
|
2018 |
|
| Depreciation and amortization expenses |
|
(In thousands) |
|
| North America |
|
$ |
31 |
|
|
$ |
25 |
|
| U.K. |
|
|
10 |
|
|
|
4 |
|
| Other foreign markets |
|
|
1 |
|
|
|
— |
|
| Total consolidated depreciation and amortization expenses |
|
$ |
42 |
|
|
$ |
29 |
|
| |
|
March 31, |
|
|
December 31, |
|
| |
|
2019 |
|
|
2018 |
|
| Segment identifiable assets |
|
(In thousands) |
|
| North America |
|
$ |
13,258 |
|
|
$ |
11,566 |
|
| U.K. |
|
|
8,941 |
|
|
|
4,956 |
|
| Other foreign markets |
|
|
4,677 |
|
|
|
4,038 |
|
| Total consolidated identifiable assets |
|
$ |
26,876 |
|
|
$ |
20,560 |
|
|