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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission File Number: 0-23245

PERDOCEO EDUCATION CORPORATION

(Exact name of registrant as specified in its charter)


Delaware	36-3932190
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1750 E. Golf Road Schaumburg, Illinois	60173
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (847) 781-3600

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	PRDO	Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company, as defined in Rule 12b-2 of the Exchange Act. Yes ☐ No ☒

Number of shares of registrant’s common stock, par value $0.01, outstanding as of April 25, 2025: 65,536,259

PERDOCEO EDUCATION CORPORATION

FORM 10-Q

TABLE OF CONTENTS



		Page
PART I—FINANCIAL INFORMATION

Item 1.	Financial Statements

	Condensed Consolidated Balance Sheets	1

	Condensed Consolidated Statements of Income (Unaudited)	2

	Condensed Consolidated Statements of Comprehensive Income (Unaudited)	2
	Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)	3

	Condensed Consolidated Statements of Cash Flows (Unaudited)	4

	Notes to Unaudited Condensed Consolidated Financial Statements	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	26

Item 4.	Controls and Procedures	26

PART II—OTHER INFORMATION

Item 1.	Legal Proceedings	28

Item 1A.	Risk Factors	28

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28
Item 5.	Other Information	28
Item 6.	Exhibits	28

SIGNATURES		30

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


	March 31,			December 31,
(In Thousands, Except Share and Per Share Amounts)	2025			2024
ASSETS	(unaudited)
CURRENT ASSETS:
Cash and cash equivalents, unrestricted	$	132,055		$	109,130
Restricted cash		21,594			22,623
Total cash, cash equivalents and restricted cash		153,649			131,753
Short-term investments		458,527			459,795
Total cash and cash equivalents, restricted cash and short-term investments		612,176			591,548
Student receivables, gross		84,125			63,925
Allowance for credit losses		(38,453	)		(41,118	)
Student receivables, net		45,672			22,807
Receivables, other		9,986			5,330
Prepaid expenses		14,672			16,910
Inventories		3,251			3,388
Other current assets		247			171
Total current assets		686,004			640,154

NON-CURRENT ASSETS:
Property and equipment, net of accumulated depreciation of $73,688 and $67,492 as of March 31, 2025 and December 31, 2024, respectively		89,495			95,508
Right of use asset, net - operating		48,408			50,099
Right of use asset, net - finance		14,096			15,375
Goodwill		258,070			258,012
Intangible assets, net of amortization of $32,056 and $27,725 as of March 31, 2025 and December 31, 2024, respectively		90,675			95,006
Student receivables, gross		9,553			8,597
Allowance for credit losses		(4,413	)		(2,402	)
Student receivables, net		5,140			6,195
Deferred income tax assets, net		68,774			68,774
Other assets		7,882			7,911
TOTAL ASSETS	$	1,268,544		$	1,237,034
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Lease liability-operating	$	5,278		$	7,792
Lease liability-finance		5,095			5,466
Accounts payable		13,374			12,805
Accrued expenses:
Payroll and related benefits		27,158			35,059
Advertising and marketing costs		6,902			8,135
Income taxes		17,869			4,926
Other		15,437			21,239
Deferred revenue		62,847			36,740
Total current liabilities		153,960			132,162

NON-CURRENT LIABILITIES:
Lease liability-operating		50,375			50,224
Lease liability-finance		10,231			11,555
Sale lease-back financing		56,657			-
Construction financing		-			56,500
Other liabilities		27,066			27,057
Total non-current liabilities		144,329			145,336
Commitments and Contingencies (Note 9)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding		-			-
Common stock, $0.01 par value; 300,000,000 shares authorized; 91,973,921 and 91,023,660 shares issued, 65,536,259 and 65,719,224 shares outstanding as of March 31, 2025 and December 31, 2024, respectively		920			910
Additional paid-in capital		711,037			707,212
Accumulated other comprehensive income		673			166
Retained earnings		630,542			595,672
Treasury stock, at cost; 26,437,662 and 25,304,436 shares as of March 31, 2025 and December 31, 2024, respectively		(372,917	)		(344,424	)
Total stockholders' equity		970,255			959,536
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,268,544		$	1,237,034

The accompanying notes are an integral part of these condensed consolidated financial statements.

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)


	For the Quarter Ended March 31,
(In Thousands, Except Per Share Amounts)	2025			2024
REVENUE:
Tuition and fees, net	$	211,848		$	166,998
Other		1,156			1,266
Total revenue		213,004			168,264

OPERATING EXPENSES:
Educational services and facilities		48,542			29,858
General and administrative		100,928			87,482
Depreciation and amortization		11,807			3,016
Asset impairment		-			1,630
Total operating expenses		161,277			121,986
Operating income		51,727			46,278

OTHER INCOME:
Interest income		6,476			6,793
Interest expense		(1,682	)		(335	)
Miscellaneous (expense) income		(16	)		115
Total other income		4,778			6,573

PRETAX INCOME		56,505			52,851
Provision for income taxes		12,817			13,409
NET INCOME		43,688			39,442

NET INCOME PER SHARE - BASIC:	$	0.67		$	0.60

NET INCOME PER SHARE - DILUTED:	$	0.65		$	0.59

WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		65,680			65,555
Diluted		66,872			66,841

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


	For the Quarter Ended March 31,
(In Thousands)	2025		2024
NET INCOME	$	43,688	$	39,442
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
Foreign currency translation adjustments		-		(31	)
Unrealized gain (loss) on investments		507		(923	)
Total other comprehensive income (loss)		507		(954	)
COMPREHENSIVE INCOME	$	44,195	$	38,488

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)


	Common Stock				Treasury Stock
(In Thousands)	Issued Shares		$0.01 Par Value		Purchased Shares			Cost			Additional Paid-in Capital		Accumulated Other Comprehensive Income			Retained Earnings			Total
BALANCE, January 1, 2025		91,024	$	910		(25,304	)	$	(344,424	)	$	707,212	$	166		$	595,672		$	959,536
Net income		-		-		-			-			-		-			43,688			43,688
Unrealized gain on investments, net of tax		-		-		-			-			-		507			-			507
Dividends to shareholders, per share $0.13		-		-		-			-			-		-			(8,818	)		(8,818	)
Treasury stock purchased		-		-		(985	)		(25,192	)		-		-			-			(25,192	)
Earnout payments for business acquisition		-		-		158			4,243			-		-			-			4,243
Share-based compensation expense		-		-		-			-			2,857		-			-			2,857
Common stock issued		950		10		(307	)		(7,544	)		968		-			-			(6,566	)
BALANCE, March 31, 2025		91,974	$	920		(26,438	)	$	(372,917	)	$	711,037	$	673		$	630,542		$	970,255

	Common Stock				Treasury Stock
(In Thousands)	Issued Shares		$0.01 Par Value		Purchased Shares			Cost			Additional Paid-in Capital		Accumulated Other Comprehensive Loss			Retained Earnings			Total
BALANCE, January 1, 2024		90,270	$	903		(24,726	)	$	(334,220	)	$	694,798	$	(666	)	$	480,606		$	841,421
Net income		-		-		-			-			-		-			39,442			39,442
Foreign currency translation		-		-		-			-			-		(31	)		-			(31	)
Unrealized loss on investments, net of tax		-		-		-			-			-		(923	)		-			(923	)
Dividends to shareholders, per share $0.11		-		-		-			-			-		-			(7,426	)		(7,426	)
Treasury stock purchased		-		-		(385	)		(6,769	)		-		-			-			(6,769	)
Share-based compensation expense		-		-		-			-			2,307		-			-			2,307
Common stock issued		637		6		(193	)		(3,435	)		1,514		-			-			(1,915	)
BALANCE, March 31, 2024		90,907	$	909		(25,304	)	$	(344,424	)	$	698,619	$	(1,620	)	$	512,622		$	866,106

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	For the Quarter Ended March 31,
(In Thousands)	2025			2024

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	43,688		$	39,442
Adjustments to reconcile net income to net
cash provided by operating activities:
Asset impairment		-			1,630
Depreciation and amortization expense		11,807			3,016
Bad debt expense		7,558			6,556
Compensation expense related to share-based awards		2,857			2,307
Deferred income taxes		-			741
Changes in operating assets and liabilities		(783	)		800
Net cash provided by operating activities		65,127			54,492

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale investments		(100,367	)		(104,558	)
Sales of available-for-sale investments		103,286			74,955
Purchases of property and equipment		(1,737	)		(1,198	)
Net cash provided by (used in) investing activities		1,182			(30,801	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock		978			1,520
Purchase of treasury stock		(25,192	)		(6,769	)
Payments of employee tax associated with stock compensation		(7,544	)		(3,435	)
Payments of cash dividends and dividend equivalents		(9,202	)		(7,197	)
Earnout payments for business acquisition		(1,757	)		-
Principal payments for finance lease		(1,207	)		-
Principal payments for failed sale leaseback		(489	)		-
Net cash used in financing activities		(44,413	)		(15,881	)

NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		21,896			7,810
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period		131,753			119,021
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period	$	153,649		$	126,831

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. DESCRIPTION OF THE COMPANY

Perdoceo’s accredited academic institutions offer a quality postsecondary education to a diverse student population, with fully online, campus-based and hybrid learning programs. The Company’s academic institutions – Colorado Technical University (“CTU”), the American InterContinental University System (“AIUS” or “AIU System”) and University of St. Augustine for Health Sciences ("USAHS") – provide degree programs from the associate through doctoral level as well as non-degree seeking and professional development programs. Our academic institutions offer students industry-relevant and career-focused academic programs that are designed to meet the educational needs of today’s busy adults. CTU and AIUS continue to show innovation in higher education, advancing personalized learning technologies like their intellipath® learning platform and using data analytics and technology to serve and educate students while enhancing overall learning and academic experiences. USAHS is among the nation's reputable universities offering graduate health sciences degrees, primarily in physical therapy, occupational therapy, speech language therapy and nursing, as well as continuing education programs. Perdoceo's academic institutions are committed to providing quality education that closes the gap between learners who seek to advance their careers and employers needing a qualified workforce.

As used in this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” “the Company,” “Perdoceo” and “PEC” refer to Perdoceo Education Corporation and our wholly-owned subsidiaries.

2. BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for interim financial information and with the rules and regulations for reporting the Quarterly Report on Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated balance sheet at December 31, 2024 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. This report should be read in conjunction with our 2024 Form 10-K. In our opinion, these financial statements include all normal and recurring adjustments necessary for a fair presentation.

Operating results for the quarter ended March 31, 2025 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.

On December 2, 2024, the Company acquired the University of St. Augustine for Health Sciences (the "USAHS acquisition"). Results of operations related to the USAHS acquisition are included in the consolidated financial statements from the date of acquisition. See Note 3 "Business Acquisition" for further information.

The unaudited condensed consolidated financial statements presented herein include the accounts of Perdoceo Education Corporation and our wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.

Our reporting segments are determined in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280 – Segment Reporting and are based upon how the Company analyzes performance and makes decisions. Each segment represents a postsecondary education provider that offers a variety of academic programs. We organize our business across three reporting segments: CTU, AIUS and USAHS.

3. BUSINESS ACQUISITION

On December 2, 2024, the Company completed the acquisition of the University of St. Augustine for Health Sciences ("USAHS").

USAHS is among the nation’s reputable universities offering graduate health sciences degrees, primarily in physical therapy, occupational therapy, speech language therapy and nursing, as well as continuing education programs. Founded in 1979, USAHS educates students through its network of campuses in San Marcos, California; St. Augustine and Miami, Florida; and Austin and Dallas, Texas and through its online programs.

The preliminary purchase price of $137.0 million for USAHS was allocated to the preliminary fair values of acquired tangible and identifiable intangible assets of $268.4 million and assumed liabilities of $131.4 million as of December 2, 2024. The preliminary purchase price consisted of an initial cash payment made in December 2024, and an estimated working capital true up of $0.8 million, which was received in April 2025. Based on our preliminary purchase price allocation, we have recorded goodwill of $16.9 million. Goodwill reflects the inherent value of the acquired workforce as well as revenue growth opportunities following the acquisition. All of this goodwill balance will not be deductible for income tax reporting purposes. Management's purchase price allocation is

provisional as the fair value of deferred tax assets are still being finalized, primarily due to the timing of the acquisition which occurred in December 2024.

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of acquisition date (dollars in thousands):


	USAHS
	December 2, 2024
Assets:
Student and other receivables	$	1,771
Prepaid assets		4,727
Property, plant and equipment		78,800
ROU assets		53,271
Intangible assets
Trade name (indefinite-lived)		9,800
Customer relationships (2 year life)		14,000
Course curriculum (4 year life)		15,500
Accreditation rights (12 year life)		25,000
Deferred tax asset, net		47,626
Other assets		977
Goodwill		16,908
Total assets acquired	$	268,380
Liabilities:
Accounts payable and other accrued liabilities	$	9,148
Deferred revenue		10,137
Lease liabilities		55,625
Construction financing		56,500
Total liabilities assumed	$	131,410

Net assets acquired	$	136,970

4. RECENT ACCOUNTING PRONOUNCEMENTS

Recent accounting guidance adopted in 2025

In December 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU require that public business entities on an annual basis 1) disclose specific categories in the rate reconciliation, and 2) provide additional information for reconciling items that meet a quantitative threshold. The amendments require disclosure about income taxes paid by federal, state and foreign taxes, and by individual jurisdictions in which income taxes paid is equal or greater than 5 percent of total income taxes paid. The amendment also requires entities to disclose income or loss from continuing operations before income tax expense disaggregated between domestic and foreign and income tax expense or benefit from continuing operations disaggregated by federal, state and foreign. For all public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024; early adoption is permitted. We have evaluated and adopted this guidance. The adoption did not significantly impact the presentation of our financial condition, results of operations and disclosures.

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. For all public business entities, ASU 2022-03 is effective for annual periods and interim periods beginning after December 15, 2024; early adoption is permitted. We have evaluated and adopted this guidance. The adoption did not significantly impact the presentation of our financial condition, results of operations and disclosures.

5. FINANCIAL INSTRUMENTS

Investments consist of the following as of March 31, 2025 and December 31, 2024 (dollars in thousands):


	March 31, 2025
			Gross Unrealized
	Cost		Gain		(Loss)			Fair Value
Short-term investments (available-for-sale):
Non-governmental debt securities	$	242,291	$	588	$	(70	)	$	242,809
Treasury and federal agencies		215,396		382		(60	)		215,718
Total short-term investments (available-for-sale)	$	457,687	$	970	$	(130	)	$	458,527


	December 31, 2024
			Gross Unrealized
	Cost		Gain		(Loss)			Fair Value
Short-term investments (available-for-sale):
Non-governmental debt securities		246,070		466		(278	)		246,258
Treasury and federal agencies		213,394		258		(115	)		213,537
Total short-term investments (available-for-sale)	$	459,464	$	724	$	(393	)	$	459,795

In the table above, unrealized holding gains (losses) relate to short-term investments that have been in a continuous unrealized gain (loss) position for less than one year, which are recorded within accumulated other comprehensive income on our condensed consolidated balance sheets.

Our non-governmental debt securities primarily consist of corporate bonds, certificates of deposit and commercial paper. Our treasury and federal agencies primarily consist of U.S. Treasury bills and federal home loan debt securities.

There were no realized gains or losses from the sale of investments for the quarters ended March 31, 2025 and March 31, 2024.

Fair Value Measurements

FASB ASC Topic 820 – Fair Value Measurement establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

As of March 31, 2025, we held investments that are required to be measured at fair value on a recurring basis. These investments (available-for-sale) consist of non-governmental debt securities and treasury and federal agencies securities. Available-for-sale securities included in Level 2 are estimated based on observable inputs other than quoted prices in active markets for identical assets and liabilities, such as quoted prices for identical or similar assets or liabilities in inactive markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Financial instruments measured at fair value on a recurring basis subject to the disclosure requirements of FASB ASC Topic 820 - Fair Value Measurements at March 31, 2025 and December 31, 2024 were as follows (dollars in thousands):


	As of March 31, 2025
	Level 1		Level 2		Total
Cash and cash equivalents - money market funds	$	30,745	$	-	$	30,745
Short-term investments - non-governmental debt securities		-		242,809		242,809
Short-term investments - treasury and federal agencies		-		215,718		215,718
Totals	$	30,745	$	458,527	$	489,272

	As of December 31, 2024
	Level 1		Level 2		Total
Cash and cash equivalents - money market funds	$	30,189	$	-	$	30,189
Cash and cash equivalents - federal agency debt securities		-		13,078		13,078
Short-term investments - non-governmental debt securities		-		246,258		246,258
Short-term investments - treasury and federal agencies		-		213,537		213,537
Totals	$	30,189	$	472,873	$	503,062

Equity Method Investment

We make periodic operating maintenance payments to an equity affiliate. The total fees recorded during the quarters ended March 31, 2025 and 2024 were as follows (dollars in thousands):


	Maintenance Fee Payments
For the quarter ended March 31, 2025	$	428
For the quarter ended March 31, 2024	$	444

6. REVENUE RECOGNITION

Disaggregation of Revenue

The following tables disaggregate our revenue by major source for the quarters ended March 31, 2025 and 2024 (dollars in thousands):


	For the Quarter Ended March 31, 2025										For the Quarter Ended March 31, 2024
	CTU		AIUS		USAHS (3)		Corporate and Other		Total		CTU		AIUS		USAHS (3)		Corporate and Other		Total
Tuition, net (1)	$	113,658	$	51,492	$	37,164	$	-	$	202,314	$	107,440	$	51,829	$	-	$	-	$	159,269
Technology and other fees		5,179		2,338		2,017		-		9,534		5,340		2,389		-		-		7,729
Total tuition and fees, net		118,837		53,830		39,181		-		211,848		112,780		54,218		-		-		166,998
Other revenue (2)		742		229		2		183		1,156		789		287		-		190		1,266
Total revenue	$	119,579	$	54,059	$	39,183	$	183	$	213,004	$	113,569	$	54,505	$	-	$	190	$	168,264

__________________

(1)

Tuition includes revenue earned for all degree-granting programs as well as revenue earned for non-degree and professional development programs.

(2)

Other revenue primarily includes contract training revenue and miscellaneous non-student related revenue.

(3)

USAHS includes revenue beginning on the acquisition date of December 2, 2024.

Performance Obligations

Our revenue, which is derived primarily from academic programs taught to students who attend our universities, is generally segregated into two categories: (1) tuition and fees, and (2) other. Tuition and fees represent costs to our students for educational services provided by our universities and are reflected net of scholarships and tuition discounts. Our universities charge tuition and fees at varying amounts and bill students a single charge that covers tuition, certain fees and required program materials, such as textbooks and supplies, which we treat as a single performance obligation. Generally, we bill student tuition at the beginning of each academic term for our degree programs and recognize the tuition as revenue on a straight-line basis over the academic term. As part of a student’s course of instruction, certain fees, such as technology fees and graduation fees, are billed separately to students. These fees are generally earned over the applicable term and are not considered separate performance obligations. We generally bill student tuition upon enrollment for our non-degree professional development programs and recognize the tuition as revenue on a straight-line basis over the length of the offering.

Other revenue, which primarily consists of contract training revenue and miscellaneous non-student related revenue, is billed and recognized as goods are delivered or services are performed.

Contract Assets

For each term, the portion of tuition and fee payments received from students but not yet earned is recorded as deferred revenue and reported as a current liability on our condensed consolidated balance sheets, as we expect to earn these revenues within the next year. A contract asset is recorded for each student for the current term for which they are enrolled for the amount charged for the current term that has not yet been received as payment and to which we do not have the unconditional right to receive payment because the student has not reached the point in the student’s current academic term at which the amount billed is no longer refundable to the student. On a student by student basis, the contract asset is offset against the deferred revenue balance for the current term and the net deferred revenue balance is reflected within current liabilities on our condensed consolidated balance sheets. For certain of our

institutions, students are billed as they enroll in courses, including courses related to future periods. Any billings for future periods would meet the definition of a contract asset as we do not have the unconditional right to receive payment as the course has not yet started. Contract assets related to future periods are offset against the respective deferred revenue associated with the future period.

Due to the short-term nature of our academic terms, the contract asset balance which exists at the beginning of each quarter will no longer be a contract asset at the end of that quarter, with the exception of the contract assets associated with future periods. The decrease in contract asset balances are a result of one of the following: it becomes a student receivable balance once a student reaches the point in a student’s academic term where the amount billed is no longer refundable to the student; a refund is made to withdrawn students for the portion entitled to be refunded under each institutions’ refund policy; we receive funds to apply against the contract asset balance; or a student makes a change to the number of classes they are enrolled in which may cause an adjustment to their previously billed amount. As of the end of each quarter, a new contract asset is determined on a student by student basis based on the most recently started term and a student’s progress within that term as compared to the date at which the student is no longer entitled to a refund under each institution’s refund policy. Contract assets associated with future periods remain as contract assets until the course begins and the student reaches the point in that course that they are no longer entitled to a refund.

The amount of deferred revenue balances which are being offset with contract assets balances as of March 31, 2025 and December 31, 2024 were as follows (dollars in thousands):


	As of
	March 31, 2025			December 31, 2024
Gross deferred revenue	$	141,491		$	61,291
Gross contract assets		(78,644	)		(24,551	)
Deferred revenue, net	$	62,847		$	36,740

Deferred Revenue

Changes in our deferred revenue balances for the quarters ended March 31, 2025 and 2024 were as follows (dollars in thousands):


	For the Quarter Ended March 31, 2025												For the Quarter Ended March 31, 2024
	CTU			AIUS			USAHS (2)			Total			CTU			AIUS			USAHS (2)		Total
Gross deferred revenue, January 1	$	40,082		$	19,641		$	1,568		$	61,291		$	42,531		$	21,439		$	-	$	63,970
Revenue earned from prior balances		(32,869	)		(16,691	)		(863	)		(50,423	)		(35,052	)		(17,695	)		-		(52,747	)
Billings during period(1)		178,628			62,472			52,387			293,487			152,877			69,777			-		222,654
Revenue earned for new billings during the period		(85,968	)		(37,139	)		(38,318	)		(161,425	)		(77,728	)		(36,523	)		-		(114,251	)
Other adjustments		(1,032	)		65			(472	)		(1,439	)		(308	)		(379	)		-		(687	)
Gross deferred revenue, March 31	$	98,841		$	28,348		$	14,302		$	141,491		$	82,320		$	36,619		$	-	$	118,939

______________

(1)

Billings during period includes adjustments for prior billings.

(2)

USAHS includes deferred revenue starting from the acquisition date on December 2, 2024.

Tuition Refunds

If a student withdraws from one of our academic institutions prior to the completion of the academic term, we refund the portion of tuition and fees already paid that, pursuant to our refund policy and applicable federal and state law and accrediting agency standards, we are not entitled to retain. Generally, the amount to be refunded to a student is calculated based upon the percent of the term attended and the amount of tuition and fees paid by the student as of their withdrawal date. In certain circumstances, we have recognized revenue for students who have withdrawn that we are not entitled to retain. We have estimated a reserve for these limited circumstances based on historical evidence in the amount of $2.2 million and $2.1 million as of March 31, 2025 and December 31, 2024, respectively. Students are typically entitled to a partial refund until approximately a little more than halfway through their term. Pursuant to each university’s policy, once a student reaches the point in the term where no refund is given, the student would not have a refund due if withdrawing from the university subsequent to that date.

7. STUDENT RECEIVABLES

Student receivables represent funds owed to us in exchange for the educational services provided to a student. Student receivables are reflected net of an allowance for credit losses at the end of the reporting period. Student receivables, net, are reflected on our condensed consolidated balance sheets as components of both current and non-current assets.

Our students pay for their costs through a variety of funding sources, including federal loan and grant programs, institutional payment plans, employer tuition assistance, Veterans’ Administration and other military funding and grants, private and institutional scholarships and cash payments, as well as private loans. Cash receipts from government related sources are typically received during the current academic term. We typically receive funds after the end of an academic term for students who receive employer tuition assistance. Students who have not applied for any type of financial aid or students whose financial aid may not fully cover the cost of their tuition and fees generally set up a payment plan with the institution and make payments on a monthly basis per the terms of the payment plan. For those balances that are not received during the academic term, the balance is typically due within the current academic year which is approximately 30 weeks in length. Generally, a student receivable balance is written off once a student has been out of school for greater than 90 days and has not made a payment.

Our standard student receivable allowance is based on an estimate of lifetime expected credit losses for student receivables. Our estimation methodology considers a number of quantitative and qualitative factors that, based on our collection experience, we believe have an impact on our repayment risk and ability to collect student receivables. Changes in the trends in any of these factors may impact our estimate of the allowance for credit losses. These factors include, but are not limited to: internal repayment history, changes in the current economic, legislative or regulatory environments, internal cash collection forecasts and the ability to complete the federal financial aid process with the student. These factors are monitored and assessed on a regular basis. Overall, our allowance estimation process for student receivables is validated by trend analysis of our collections and write-off experience as well as monitoring any emerging factors that we believe impact the ability to collect our student receivables.

We have an immaterial amount of student receivables that are due greater than 12 months from the date of our condensed consolidated balance sheets. As of March 31, 2025 and December 31, 2024, the amount of non-current student receivables under payment plans that are longer than 12 months in duration, net of allowance for credit losses, was $5.1 million and $6.2 million, respectively.

Allowance for Credit Losses

We define student receivables as a portfolio segment under ASC Topic 326 – Financial Instruments – Credit Losses. Changes in our current and non-current allowance for credit losses related to our student receivable portfolio in accordance with the guidance under ASU 2016-13 for the quarters ended March 31, 2025 and 2024 were as follows (dollars in thousands):


	For the Quarter Ended March 31,
	2025			2024
Balance, beginning of period	$	43,520		$	37,782
Provision for credit losses		7,558			6,556
Amounts written-off		(8,651	)		(6,232	)
Recoveries		439			448
Balance, end of period	$	42,866		$	38,554

Fair Value Measurements

The carrying amount reported in our consolidated balance sheets for the current portion of student receivables approximates fair value because of the nature of these financial instruments as they generally have short maturity periods. It is not practicable to estimate the fair value of the non-current portion of student receivables, since observable market data is not readily available, and no reasonable estimation methodology exists.

8. LEASES

We lease most of our administrative and educational facilities under non-cancelable operating or finance leases expiring at various dates through 2050. In most cases, we are required to make additional payments under facility leases for taxes, insurance and other operating expenses incurred during the lease period, which are typically variable in nature.

We determine if a contract contains a lease when the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Upon identification and commencement of a lease, we establish a right of use (“ROU”) asset and a lease liability.

Quantitative information related to leases for the quarters ended March 31, 2025 and 2024 is presented in the following table (dollars in thousands):


	For the Quarter Ended March 31, 2025			For the Quarter Ended March 31, 2024
Lease expenses (1)
Operating fixed lease expenses	$	2,613		$	1,444
Finance lease and failed sale leaseback amortization expense		1,573			-
Finance lease and failed sale leaseback interest expense		1,572			-
Variable lease expenses		1,118			58
Sublease income (2)		(77	)		-
Total lease expenses	$	6,799		$	1,502

Other information
Gross operating cash flows for operating leases (3)	$	(3,913	)	$	(2,466	)
Gross operating cash flows for finance leases and failed sale leasebacks		(1,415	)		-
Gross financing cash flows for finance leases		(1,207	)		-
Gross financing cash flows for failed sale leaseback		(489	)
Operating cash flows from subleases (3)		77			-
	As of March 31, 2025			As of March 31, 2024
Weighted average remaining lease term (in months) – operating leases		90			53
Weighted average remaining lease term (in months) – finance leases		34			-

Weighted average discount rate – operating leases		6.2	%		4.9	%
Weighted average discount rate– finance leases		5.9	%		-

__________________

(1)

Lease expense and sublease income represent the amount recorded within our consolidated statements of income. Variable lease amounts represent expenses recognized as incurred which are not included in the lease liability.

(2)

For certain of our leased locations, we have vacated the facility and have fully or partially subleased the space.

(3)

Cash flows are presented on a consolidated basis and represent cash payments for fixed and variable lease costs.

Failed Sale-Leaseback

Upon construction commencement of the new St. Augustine campus in April 2023, the Company determined that it was the deemed owner for accounting purposes during the construction period under a build to suit (“BTS”) arrangement due to the extent of the Company’s involvement in the project. Accordingly, the Company had recognized all cash and non-cash assets contributed by the landlord to the project as of December 31, 2024 as a component of construction in progress with a corresponding construction financing liability. As of December 31, 2024, the Company had recognized $56.5 million in construction contributions made by the landlord as construction financing on the consolidated balance sheet. Lease commencement began in January 2025 upon substantial completion of the BTS arrangement with a stated lease term of 25 years from commencement date.

Upon lease commencement, the Company determined that it did not meet the criteria under ASC 606-10-25-30 to derecognize the asset as the Company retained control of the asset and the risks and rewards of ownership did not transfer to the landlord. As such the transaction is considered a failed sale leaseback and the Company will retain the asset on its condensed consolidated balance sheet and depreciate the asset over its useful life. A financing obligation liability was recognized in the amount of the net proceeds received in the amount of $56.5 million. The Company will not recognize rent expense related to the leased asset. Instead, monthly rent payments under the lease agreement will be recorded as interest expense and a reduction of the outstanding liability.

Future minimum lease payments for sale-leaseback financing transactions as of March 31, 2025 are as follows:


	Sale Leaseback Payments


2025 (1)	$	3,708
2026		5,043
2027		5,143
2028		5,246
2029		5,351
2030 and thereafter		133,284
Total minimum lease payments	$	157,775

Less – Amount representing interest		(114,900	)
Present value of minimum lease payments		42,875
Plus - liability remaining at term end representing residual value of asset		13,782
Failed sale leaseback liability		56,657

__________________

(1)

Liabilities remaining for the year ending December 31, 2025.

9. CONTINGENCIES

An accrual for estimated legal fees and settlements of $1.3 million and $1.2 million at March 31, 2025 and December 31, 2024, respectively, is presented within other current liabilities on our condensed consolidated balance sheets.

We record a liability when we believe that it is both probable that a loss will be incurred and the amount of loss can be reasonably estimated. We evaluate, at least quarterly, developments in our legal matters that could affect the amount of liability that was previously accrued and make adjustments as further information develops, circumstances change or contingencies are resolved. Significant judgment is required to determine both probability and the estimated amount. We may be unable to estimate a possible loss or range of possible loss due to various reasons, including, among others: (1) if the damages sought are indeterminate; (2) if the proceedings are in early stages; (3) if there is uncertainty as to the outcome of pending appeals, motions or settlements; (4) if there are significant factual issues to be determined or resolved; and (5) if there are novel or unsettled legal theories presented. In such instances, there is considerable uncertainty regarding the ultimate resolution of such matters, including a possible eventual loss, if any.

United States of America, ex rel. Fiorisce LLC v. Perdoceo Education Corporation, Colorado Technical University, Inc. and American InterContinental University, Inc. On July 19, 2023, we became aware of an amended complaint filed in the U.S. District Court for the District of Colorado on May 19, 2023. The original complaint was filed under seal on February 25, 2021 by a former employee of Colorado Technical University through a limited liability company, on behalf of herself, any other interested parties affiliated with the LLC and the federal government. On July 18, 2023, the district court ordered the complaint unsealed and we were notified that the U.S. Department of Justice ("DOJ") had declined to intervene in the action on February 3, 2023. The company had previously received a Civil Investigative Demand ("CID") on April 8, 2022 from the DOJ and had been cooperating with the DOJ in its review. After the federal government declined to intervene in this case, the relator elected to pursue the litigation on behalf of the federal government. If she is successful, she would receive a portion of the federal government’s recovery. The amended complaint alleges violations of the False Claims Act related to the company’s compliance with federal financial aid credit hour requirements in connection with its use of its learning management system. Relator claims that defendants’ conduct caused the government to make payments of federal funds to defendants which the government would not have made if not for defendants’ alleged violation of the law. Relator seeks treble damages plus civil penalties and attorneys’ fees. On January 4, 2024, the Court granted a motion to dismiss with respect to Perdoceo Education Corporation and American InterContinental University, Inc. which removes them as defendants in the case. The Court’s dismissal was “without prejudice”, which allows the relator in the case the opportunity to amend and refile a further amended complaint with respect to those two parties. The Relator has filed a motion, which is pending before the Court, that seeks permission to file a further amended complaint with respect to only Perdoceo Education Corporation.

On September 7, 2024, the Company received a new CID from the DOJ pursuant to the False Claims Act. The CID requests information and documentation from CTU regarding its compensation practices for its admissions staff as well as information about how CTU has discussed its Fast Track credit program with prospective students. The information sought covers the time period from November 13, 2017 to the present. The Company is cooperating with the DOJ with a view towards resolving this inquiry as promptly as possible.

Because of the many questions of fact and law that may arise, the outcome of this legal proceeding is uncertain at this point. Based on information available to us at present, we cannot reasonably estimate a range of potential loss, if any, for this action. Accordingly, we have not recognized any liability associated with this action.

We receive from time-to-time requests from state attorneys general, federal and state government agencies and accreditors relating to our institutions, to specific complaints they have received from students or former students or to student loan forgiveness claims which seek information about students, our programs, and other matters relating to our activities. These requests can be broad and time consuming to respond to, and there is a risk that they could expand and/or lead to a formal action or claims of non-compliance. We are subject to a variety of other claims, lawsuits, arbitrations and investigations that arise from time to time out of the conduct of our business, including, but not limited to, matters involving prospective students, students or former students, alleged violations of the Telephone Consumer Protection Act, both individually and on behalf of a putative class, and employment matters. Periodically matters arise that we consider outside the scope of ordinary routine litigation incidental to our business. While we currently believe that these matters, individually or in aggregate, will not have a material adverse impact on our financial position, cash flows or results of operations, these matters are subject to inherent uncertainties, and management’s view of these matters may change in the future. Were an unfavorable outcome to occur in any one or more of these matters, there exists the possibility of a material adverse impact on our business, reputation, financial position and cash flows.

10. INCOME TAXES

The determination of the annual effective tax is based upon a number of significant estimates and judgments, including the estimated annual pretax income in each tax jurisdiction in which we operate and the ongoing development of tax planning strategies during the year. In addition, our provision for income taxes can be impacted by changes in tax rates or laws, the finalization of tax audits and reviews, as well as other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions.

The following is a summary of our provision for income taxes and effective tax rate:


	For the Quarter Ended March 31,
(Dollars in Thousands)	2025			2024
Pretax income	$	56,505		$	52,851
Provision for income taxes	$	12,817		$	13,409
Effective rate		22.7	%		25.4	%

The effective tax rate for the quarter ended March 31, 2025 was benefitted by the tax effect of stock-based compensation and the release of previously recorded tax reserves, which reduced the effective tax rate by 5.5% and 1.3%, respectively. The effective tax rate for the quarter ended March 31, 2024 was impacted by the tax effect of stock-based compensation and the release of previously recorded tax reserves, which reduced the effective tax rate by 1.2% and 1.3%, respectively. As of March 31, 2025, a valuation allowance of $12.0 million was maintained with respect to our equity investment and state net operating losses.

The income tax rate for the quarter ended March 31, 2025 does not take into account the possible future reduction of the liability for unrecognized tax benefits. The impact of a reduction to the liability will be treated as a discrete item in the period the reduction occurs. We recognize interest and penalties related to unrecognized tax benefits in tax expense. As of March 31, 2025, we had accrued $4.6 million as an estimate for reasonably possible interest and accrued penalties.

Our tax returns are routinely examined by federal, state and local tax authorities and these audits are at various stages of completion at any given time. The Company’s federal income tax filings are open to examinations for the tax years ended December 31, 2021 and forward.

11. SHARE-BASED COMPENSATION

Overview

The Perdoceo Education Corporation Amended and Restated 2016 Incentive Compensation Plan (the “2016 Plan”) became effective (as the Career Education Corporation 2016 Incentive Compensation Plan) on May 24, 2016, and the amendment and restatement of the 2016 Plan became effective on June 3, 2021, upon its approval by the Company’s stockholders. Under the 2016 Plan, Perdoceo may grant to eligible participants awards of stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock, performance units, annual incentive awards, and substitute awards, which generally may be settled in cash or shares of our common stock. The vesting of all types of awards is subject to possible acceleration in certain circumstances. If a plan

participant terminates employment for any reason other than by death or disability during the vesting period, the right to unvested awards is generally forfeited.

Restricted Stock Units

For each of the quarters ended March 31, 2025 and 2024, the Company granted approximately 0.2 million restricted stock units, which are not "performance-based," with a grant-date fair value of approximately $5.2 million and $4.3 million, respectively.

Additionally, for each of the quarters ended March 31, 2025 and 2024, the Company granted approximately 0.2 million “performance-based" restricted stock units, with a grant-date fair value of approximately $3.8 million and $3.5 million, respectively. The performance-based restricted stock units are subject to performance conditions which are determined at the time of grant and typically cover a three-year performance period. These performance conditions may result in all units being forfeited even if the requisite service period is met.

All restricted stock units granted in 2025 and 2024 are to be settled in shares of our common stock.

Stock Options

There were no stock options granted during each of the quarters ended March 31, 2025 and 2024.

Share-Based Compensation Expense

Total share-based compensation expense for the quarters ended March 31, 2025 and 2024, was $2.9 million and $2.3 million, respectively.

As of March 31, 2025, we estimate that total compensation expense of approximately $22.2 million will be recognized over the next four years for all unvested share-based awards that have been granted to participants. This amount excludes any estimates of forfeitures.

12. STOCK REPURCHASE PROGRAM

On February 20, 2024, the Board of Directors of the Company approved a stock repurchase program for up to $50.0 million which commenced March 1, 2024 and expires September 30, 2025. The stock repurchase program replaced the previous stock repurchase program. The other terms of the stock repurchase program are consistent with the Company’s previous stock repurchase program.

The timing of purchases and the number of shares repurchased under the program is determined by the Company’s management and will depend on a variety of factors including stock price, trading volume and other general market and economic conditions, its assessment of alternative uses of capital, regulatory requirements and other factors. Repurchases will be made in open market transactions, including block purchases, conducted in accordance with Rule 10b-18 under the Exchange Act as well as may be made pursuant to trading plans established under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The stock repurchase program does not obligate the Company to purchase shares and the Company may, in its discretion, begin, suspend or terminate repurchases at any time, without any prior notice.

During the quarter ended March 31, 2025, we repurchased approximately 1.0 million shares of our common stock for approximately $25.2 million at an average price of $25.58 per share. During the quarter ended March 31, 2024, the Company repurchased approximately 0.4 million shares of our common stock for approximately $6.8 million at an average price of $17.60 per share, including approximately 0.2 million shares of our common stock purchased for approximately $3.9 million under the previous stock repurchase program.

As of March 31, 2025, approximately $21.9 million was available under our authorized stock repurchase program to repurchase outstanding shares of our common stock. Shares of stock repurchased under the program are held as treasury shares. These repurchased shares reduced the weighted average number of shares of common stock outstanding for basic and diluted earnings per share calculations.

13. WEIGHTED AVERAGE COMMON SHARES

Basic net income per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares assuming dilution. Dilutive common shares outstanding is computed using the Treasury Stock Method and reflects the additional shares that

would be outstanding if dilutive stock options were exercised and restricted stock units were settled for common shares during the period.

The weighted average number of common shares used to compute basic and diluted net income per share for the quarters ended March 31, 2025 and 2024 were as follows (shares in thousands):


	For the Quarter Ended March 31,
	2025		2024
Basic common shares outstanding		65,680		65,555
Common stock equivalents		1,192		1,286
Diluted common shares outstanding		66,872		66,841

Certain unexercised stock option awards are excluded from our computations of diluted earnings per share, as these shares were out-of-the-money and their effect would have been anti-dilutive. There were no anti-dilutive options for the quarter ended March 31, 2025. For the quarter ended March 31, 2024, less than 0.1 million anti-dilutive options were excluded from our diluted earnings per share calculations.

14. SEGMENT REPORTING

Our segments are determined in accordance with FASB ASC Topic 280—Segment Reporting and are based on how the Company's chief operating decision maker ("CODM") evaluates performance and allocates resources. Perdoceo's CODM as defined under ASC Topic 280 is its President and Chief Executive Officer. Each segment is comprised of an accredited postsecondary education institution that offers a variety of academic programs.

As of March 31, 2025, our three reporting segments are:

•

Colorado Technical University (CTU) is committed to providing industry-relevant higher education to a diverse student population, including non-traditional adult learners seeking career advancement and the military community. CTU utilizes innovative technology and experienced faculty, enabling the pursuit of academic and professional goals for learners. CTU offers academic programs in the career-oriented disciplines of business and management, nursing, healthcare management, computer science, engineering, information systems and technology, project management, cybersecurity and criminal justice. Students pursue their degrees through fully-online programs, local campuses and blended formats, which combine campus-based and online education. As of March 31, 2025, students enrolled at CTU represented approximately 69% of our total enrollments. Approximately 98% of CTU’s students are enrolled in programs offered fully online. Students at CTU's ground-based campuses take both in-person and virtual classes.

•

The American InterContinental University System (AIUS or AIU System) is committed to providing industry-relevant higher education opportunities for a diverse student population, including non-traditional adult learners and the military community. AIUS places emphasis on the educational, professional and academic growth of each student. AIUS offers academic programs in the career-oriented disciplines of business studies, information technologies, education, behavioral sciences and criminal justice. Students pursue their degrees through fully-online programs, local campuses and blended formats, which combine campus-based and online education. As of March 31, 2025, students enrolled at AIUS represented approximately 22% of our total enrollments. Approximately 97% of AIUS’ students are enrolled in programs offered fully online. Students at AIUS' ground-based campus take both in-person and virtual classes.

•

University of St. Augustine for Health Sciences (USAHS) is dedicated to offering graduate education opportunities in health sciences to a diverse range of students. USAHS focuses on developing professional healthcare practitioners through innovative and personalized classroom, clinical, and distance education opportunities. USAHS offers graduate degrees in health sciences, primarily in physical therapy, occupational therapy, speech-language therapy and nursing, along with continuing education programs and prepares professionals to serve and provide quality medical care to communities across the country. Students pursue their degrees through a network of campuses and through its online programs. As of March 31, 2025, students enrolled at USAHS represented approximately 9% of our total enrollments.

We evaluate segment performance based on operating results, specifically our CODM analyzes segment revenue and operating expenses which are directly attributable to the cost to serve and educate prospective students, when making decisions to allocate resources based on segment performance. Adjustments to reconcile segment results to consolidated results are included under the caption “Corporate and Other,” which primarily includes unallocated corporate activity. Substantially all revenue earned by our reporting segments are generated in the United States of America (“U.S.”) and segment and total assets are substantially held in the

U.S. Additionally, interest, net and other miscellaneous (expense) income are not material by segment and are not reviewed by our CODM by segment.

Summary financial information by reporting segment is as follows (dollars in thousands):


	For the Quarter Ended March 31,
	Revenue										Operating Income (Loss)
	2025		% of Total			2024		% of Total			2025			2024
CTU	$	119,579		56.1	%	$	113,569		67.5	%	$	46,097		$	42,156
AIUS		54,059		25.4	%		54,505		32.4	%		11,884			9,286
USAHS (1)		39,183		18.4	%		-		0.0	%		(330	)		-
Corporate and Other		183		0.1	%		190		0.1	%		(5,924	)		(5,164	)
Total	$	213,004		100.0	%	$	168,264		100.0	%	$	51,727		$	46,278


	Total Assets as of (2)
	March 31, 2025		December 31, 2024
CTU	$	210,909	$	189,663
AIUS		155,782		150,437
USAHS (1)		334,636		306,552
Corporate and Other		567,217		590,382
Total	$	1,268,544

PERDOCEO EDUCATION Corp 10-Q