Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.19.2
Segment Information
6 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
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, (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
June 30,
    Six Months Ended
June 30,
 
As a percentage of total revenue   2019     2018     2019     2018  
North America     59.0 %     52.5 %     60.0 %     57.3 %
U.K.     20.7 %     23.6 %     22.2 %     22.0 %
Other foreign markets     20.3 %     23.9 %     17.8 %     20.7 %
Total consolidated revenue     100 %     100 %     100 %     100 %

 

Operating results for the segments are as follows:

 

    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
Segment revenue   2019     2018     2019     2018  
    (In thousands)     (In thousands)  
North America   $ 13,980     $ 13,237     $ 28,967     $ 29,186  
U.K.     4,898       5,944       10,702       11,209  
Other foreign markets     4,820       6,041       8,605       10,582  
Total consolidated revenue   $ 23,698     $ 25,222     $ 48,274     $ 50,977  

 

    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
Segment gross profit contribution *   2019     2018     2019     2018  
  (In thousands)     (In thousands)  
North America   $ 3,472     $ (459 )   $ 7,767     $ 3,397  
U.K.     565       1,719       1,455       2,846  
Other foreign markets     451       914       (37 )     344  
Total consolidated gross profit   $ 4,488     $ 2,174     $ 9,185     $ 6,587  

 

* Segment gross profit is calculated as revenue less direct course expenses, advertising and sales expenses and royalty expenses.

 

    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
Depreciation and amortization expenses   2019     2018     2019     2018  
  (In thousands)     (In thousands)  
North America   $ 41     $ 28     $ 72     $ 53  
U.K.     18       10       28       14  
Other foreign markets     1       3       2       3  
Total consolidated depreciation and amortization expenses   $ 60     $ 41     $ 102     $ 70  

 

    June 30,     December 31,  
Segment identifiable assets   2019     2018  
  (In thousands)  
North America   $ 15,399     $ 11,566  
U.K.     8,547       4,956  
Other foreign markets     3,589       4,038  
Total consolidated identifiable assets   $ 27,535     $ 20,560