Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

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	$	1,237,034

(1)USAHS includes results of operations starting from the acquisition date on December 2, 2024.

(2)Total assets are presented on a condensed consolidated basis and do not include intercompany receivable or payable activity between segments and corporate and other.

Significant expense category by reporting segment is as follows (dollars in thousands):

	For the Quarter Ended March 31, 2025
Significant expense categories	CTU		AIUS		USAHS (1)
Academics and student related	$	15,972	$	10,300	$	15,416
Advertising and marketing		13,523		10,456		3,978
Admissions		12,532		8,547		1,387
Administrative (2)		22,814		9,441		5,148
Bad debt		5,874		1,624		61
Depreciation and amortization		2,136		719		8,870
All other expenses (3)		631		1,088		4,653
	For the Quarter Ended March 31, 2024
Significant expense categories	CTU		AIUS		USAHS (1)
Academics and student related	$	17,241	$	9,950	$	-
Advertising and marketing		13,210		11,029		-
Admissions		12,178		8,712		-
Administrative (2)		21,090		9,958		-
Bad debt		3,028		3,528		-
Depreciation and amortization		2,090		845		-
All other expenses (3)		2,576		1,197		-

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(1)USAHS includes financial information starting from the acquisition date on December 2, 2024.

(2)Administrative expense includes allocations from Corporate and Other.

(3)All other expenses primarily include occupancy and asset impairment.