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Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting

18. 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.

Our three reporting segments are described below.

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 December 31, 2024, students enrolled at CTU represented approximately 68% 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 December 31, 2024, students enrolled at AIUS represented approximately 23% of our total enrollments. Approximately 98% 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. USAHS offers graduate degrees in health sciences, primarily in physical therapy, occupational therapy, speech-language therapy and nursing, along with continuing education programs. Students pursue their degrees through network of campuses and through its online programs. As of December 31, 2024, students enrolled at USAHS represented approximately 9% of our total enrollments. Approximately 14% of USAHS students are enrolled in fully online programs.

 

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 and eliminations. 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 income, interest expense and other miscellaneous non-operating income (expense) 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):

 

 

Revenue

 

 

Operating Income (Loss)

 

 

Depreciation
and
Amortization

 

 

Capital Expenditures

 

 

Total Assets (1)

 

For the Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CTU (2)

 

$

456,899

 

 

$

171,260

 

 

$

8,513

 

 

$

134

 

 

$

189,663

 

AIUS (3)

 

 

213,547

 

 

 

36,182

 

 

 

3,291

 

 

 

134

 

 

 

150,437

 

USAHS (4)

 

 

10,041

 

 

 

(2,640

)

 

 

2,516

 

 

 

311

 

 

 

306,552

 

Corporate and Other

 

 

776

 

 

 

(30,549

)

 

 

325

 

 

 

4,046

 

 

 

590,382

 

Total

 

$

681,263

 

 

$

174,253

 

 

$

14,645

 

 

$

4,625

 

 

$

1,237,034

 

For the Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CTU (2)

 

$

468,926

 

 

$

144,008

 

 

$

11,561

 

 

$

546

 

 

$

202,728

 

AIUS (3)

 

 

240,300

 

 

 

45,283

 

 

 

4,992

 

 

 

299

 

 

 

161,336

 

USAHS (4)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Corporate and Other

 

 

778

 

 

 

(38,845

)

 

 

334

 

 

 

5,566

 

 

 

643,252

 

Total

 

$

710,004

 

 

$

150,446

 

 

$

16,887

 

 

$

6,411

 

 

$

1,007,316

 

For the Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CTU (2)

 

$

419,617

 

 

$

141,622

 

 

$

10,069

 

 

$

3,641

 

 

 

 

AIUS (3)

 

 

274,479

 

 

 

33,315

 

 

 

9,325

 

 

 

1,069

 

 

 

 

USAHS (4)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

Corporate and Other

 

 

1,112

 

 

 

(45,300

)

 

 

340

 

 

 

7,910

 

 

 

 

Total

 

$

695,208

 

 

$

129,637

 

 

$

19,734

 

 

$

12,620

 

 

 

 

__________________

(1)
Total assets are presented on a consolidated basis and do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.
(2)
CTU includes results of operations from Coding Dojo beginning on the acquisition date of December 1, 2022.
(3)
AIUS includes results of operations from CalSouthern beginning on the acquisition date of July 1, 2022.
(4)
USAHS includes results of operations starting from the acquisition date on December 2, 2024.

 

 

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

 

 

 

For the Year Ended December 31, 2024

 

Significant expense categories

 

CTU

 

 

AIUS

 

 

USAHS (1)

 

Academics and student related

 

$

64,747

 

 

$

40,488

 

 

$

5,343

 

Advertising and marketing

 

 

55,738

 

 

 

44,044

 

 

 

1,181

 

Admissions

 

 

47,969

 

 

 

33,290

 

 

 

524

 

Administrative (2)

 

 

84,412

 

 

 

36,310

 

 

 

1,476

 

Bad debt

 

 

20,386

 

 

 

13,133

 

 

 

201

 

Depreciation and amortization

 

 

8,513

 

 

 

3,291

 

 

 

2,516

 

All other expenses (3)

 

 

3,874

 

 

 

6,809

 

 

 

1,440

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2023

 

Significant expense categories

 

CTU

 

 

AIUS

 

 

USAHS (1)

 

Academics and student related

 

$

72,939

 

 

$

45,550

 

 

$

-

 

Advertising and marketing

 

 

64,286

 

 

 

38,302

 

 

 

-

 

Admissions

 

 

52,645

 

 

 

38,714

 

 

 

-

 

Administrative (2)

 

 

85,385

 

 

 

48,255

 

 

 

-

 

Bad debt

 

 

20,223

 

 

 

13,008

 

 

 

-

 

Depreciation and amortization

 

 

11,561

 

 

 

4,992

 

 

 

-

 

All other expenses (3)

 

 

17,879

 

 

 

6,196

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2022

 

Significant expense categories

 

CTU

 

 

AIUS

 

 

USAHS (1)

 

Academics and student related

 

$

53,817

 

 

$

44,211

 

 

$

-

 

Advertising and marketing

 

 

64,736

 

 

 

62,107

 

 

 

-

 

Admissions

 

 

48,629

 

 

 

45,181

 

 

 

-

 

Administrative (2)

 

 

70,893

 

 

 

50,241

 

 

 

-

 

Bad debt

 

 

21,640

 

 

 

19,971

 

 

 

-

 

Depreciation and amortization

 

 

10,069

 

 

 

9,325

 

 

 

-

 

All other expenses (3)

 

 

8,211

 

 

 

10,128

 

 

 

-

 

__________________

(1)
USAHS includes financial information starting from the acquisition date on December 2, 2024.
(2)
Administrative expense includes certain corporate overhead allocations.
(3)
All other expenses primarily include occupancy and asset impairment.