| 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 include: (i) North America, (ii) United Kingdom, and (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
September 30, |
|
|
Nine Months Ended
September 30, |
|
| As a percentage of total revenue |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| North America |
|
|
55.7 |
% |
|
|
56.1 |
% |
|
|
58.5 |
% |
|
|
56.9 |
% |
| U.K. |
|
|
18.6 |
% |
|
|
23.0 |
% |
|
|
20.9 |
% |
|
|
22.3 |
% |
| Other foreign markets |
|
|
25.7 |
% |
|
|
20.9 |
% |
|
|
20.6 |
% |
|
|
20.8 |
% |
| Total consolidated revenue |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
Operating
results for the segments are as follows:
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| Segment revenue |
|
(In thousands) |
|
|
(In thousands) |
|
| North America |
|
$ |
14,452 |
|
|
$ |
12,662 |
|
|
$ |
43,419 |
|
|
$ |
41,848 |
|
| U.K. |
|
|
4,816 |
|
|
|
5,191 |
|
|
|
15,518 |
|
|
|
16,400 |
|
| Other foreign markets |
|
|
6,668 |
|
|
|
4,704 |
|
|
|
15,273 |
|
|
|
15,286 |
|
| Total consolidated revenue |
|
$ |
25,936 |
|
|
$ |
22,557 |
|
|
$ |
74,210 |
|
|
$ |
73,534 |
|
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| Segment gross profit contribution * |
|
(In thousands) |
|
|
(In thousands) |
|
| North America |
|
$ |
2,559 |
|
|
$ |
1,621 |
|
|
$ |
10,326 |
|
|
$ |
5,018 |
|
| U.K. |
|
|
378 |
|
|
|
845 |
|
|
|
1,833 |
|
|
|
3,691 |
|
| Other foreign markets |
|
|
2,611 |
|
|
|
299 |
|
|
|
2,574 |
|
|
|
643 |
|
| Total consolidated gross profit |
|
$ |
5,548 |
|
|
$ |
2,765 |
|
|
$ |
14,733 |
|
|
$ |
9,352 |
|
|
* |
Segment
gross profit is calculated as revenue less direct course expenses, advertising and sales
expenses and royalty expenses. |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| Depreciation and amortization expenses |
|
(In thousands) |
|
|
(In thousands) |
|
| North America |
|
$ |
24 |
|
|
$ |
26 |
|
|
$ |
96 |
|
|
$ |
79 |
|
| U.K. |
|
|
13 |
|
|
|
11 |
|
|
|
41 |
|
|
|
25 |
|
| Other foreign markets |
|
|
1 |
|
|
|
1 |
|
|
|
3 |
|
|
|
4 |
|
| Total consolidated depreciation and amortization expenses |
|
$ |
38 |
|
|
$ |
38 |
|
|
$ |
140 |
|
|
$ |
108 |
|
| |
|
September 30, |
|
|
December 31, |
|
| |
|
2019 |
|
|
2018 |
|
| Segment identifiable assets |
|
(In thousands) |
|
| North America |
|
$ |
16,433 |
|
|
$ |
11,566 |
|
| U.K. |
|
|
9,106 |
|
|
|
4,956 |
|
| Other foreign markets |
|
|
4,271 |
|
|
|
4,038 |
|
| Total consolidated identifiable assets |
|
$ |
29,810 |
|
|
$ |
20,560 |
|
|