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Segment Reporting | 6 Months Ended
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Jun. 30, 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 June 30, 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 c ombine campus-based and online education. As of June 30, 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 June 30, 2025, students enrolled at AIUS represented approxima tely 23% of our total enrollments. Approximately 98% o f 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 June 30, 2025, students enrolled at USAHS represented approximat ely 8% 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 June 30, |
|  | Revenue |  |  | Operating Income (Loss) |
|  | 2025 |  |  | % of Total |  |  | 2024 |  |  | % of Total |  |  | 2025 |  |  | 2024 |
CTU |  | $ | 117,970 |  |  |  | 56.3 | % |  | $ | 112,828 |  |  |  | 67.7 | % |  | $ | 46,262 |  |  | $ | 42,890 |
AIUS |  |  | 54,723 |  |  |  | 26.1 | % |  |  | 53,722 |  |  |  | 32.2 | % |  |  | 12,080 |  |  |  | 12,926 |
USAHS (1) |  |  | 36,697 |  |  |  | 17.5 | % |  |  | - |  |  |  | 0.0 | % |  |  | (1,694 | ) |  |  | - |
Corporate and Other |  |  | 191 |  |  |  | 0.1 | % |  |  | 190 |  |  |  | 0.1 | % |  |  | (5,249 | ) |  |  | (9,810 | )
Total |  | $ | 209,581 |  |  |  | 100.0 | % |  | $ | 166,740 |  |  |  | 100.0 | % |  | $ | 51,399 |  |  | $ | 46,006 |
|  | For the Year to Date Ended June 30, |
|  | Revenue |  |  | Operating Income (Loss) |
|  | 2025 |  |  | % of Total |  |  | 2024 |  |  | % of Total |  |  | 2025 |  |  | 2024 |
CTU |  | $ | 237,549 |  |  |  | 56.2 | % |  | $ | 226,397 |  |  |  | 67.6 | % |  | $ | 92,359 |  |  | $ | 85,046 |
AIUS |  |  | 108,782 |  |  |  | 25.7 | % |  |  | 108,227 |  |  |  | 32.3 | % |  |  | 23,964 |  |  |  | 22,212 |
USAHS (1) |  |  | 75,880 |  |  |  | 18.0 | % |  |  | - |  |  |  | 0.0 | % |  |  | (2,024 | ) |  |  | - |
Corporate and Other |  |  | 374 |  |  |  | 0.1 | % |  |  | 380 |  |  |  | 0.1 | % |  |  | (11,173 | ) |  |  | (14,974 | )
Total |  | $ | 422,585 |  |  |  | 100.0 | % |  | $ | 335,004 |  |  |  | 100.0 | % |  | $ | 103,126 |  |  | $ | 92,284 |
|  | Total Assets as of (2) |
|  | June 30, 2025 |  |  | December 31, 2024 |
CTU |  | $ | 197,529 |  |  | $ | 189,663 |
AIUS |  |  | 158,757 |  |  |  | 150,437 |
USAHS (1) |  |  | 345,030 |  |  |  | 306,552 |
Corporate and Other |  |  | 593,071 |  |  |  | 590,382 |
Total |  | $ | 1,294,387 |  |  | $ | 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 June 30, 2025 |  |  | For the Quarter Ended June 30, 2024 |
Significant expense categories |  | CTU |  |  | AIUS |  |  | USAHS (1) |  |  | CTU |  |  | AIUS |  |  | USAHS (1) |
Academics and student related |  | $ | 17,644 |  |  | $ | 10,318 |  |  | $ | 15,978 |  |  | $ | 15,481 |  |  | $ | 10,172 |  |  | $ | - |
Advertising and marketing |  |  | 13,513 |  |  |  | 9,729 |  |  |  | 3,798 |  |  |  | 12,863 |  |  |  | 10,269 |  |  |  | - |
Admissions |  |  | 12,627 |  |  |  | 8,393 |  |  |  | 1,330 |  |  |  | 11,807 |  |  |  | 8,157 |  |  |  | - |
Administrative (2) |  |  | 22,593 |  |  |  | 9,813 |  |  |  | 5,659 |  |  |  | 22,565 |  |  |  | 8,986 |  |  |  | - |
Bad debt |  |  | 2,545 |  |  |  | 2,635 |  |  |  | 279 |  |  |  | 5,000 |  |  |  | 1,073 |  |  |  | - |
Depreciation and amortization |  |  | 2,161 |  |  |  | 702 |  |  |  | 7,204 |  |  |  | 2,148 |  |  |  | 840 |  |  |  | - |
All other expenses (3) |  |  | 625 |  |  |  | 1,053 |  |  |  | 4,143 |  |  |  | 74 |  |  |  | 1,299 |  |  |  | - |
|  | For the Year to Date Ended June 30, 2025 |  |  | For the Year to Date Ended June 30, 2024 |
Significant expense categories |  | CTU |  |  | AIUS |  |  | USAHS (1) |  |  | CTU |  |  | AIUS |  |  | USAHS (1) |
Academics and student related |  | $ | 33,616 |  |  | $ | 20,618 |  |  | $ | 31,394 |  |  | $ | 32,722 |  |  | $ | 20,122 |  |  | $ | - |
Advertising and marketing |  |  | 27,036 |  |  |  | 20,185 |  |  |  | 7,776 |  |  |  | 26,073 |  |  |  | 21,298 |  |  |  | - |
Admissions |  |  | 25,159 |  |  |  | 16,940 |  |  |  | 2,717 |  |  |  | 23,985 |  |  |  | 16,869 |  |  |  | - |
Administrative (2) |  |  | 45,407 |  |  |  | 19,254 |  |  |  | 10,807 |  |  |  | 43,655 |  |  |  | 18,944 |  |  |  | - |
Bad debt |  |  | 8,419 |  |  |  | 4,259 |  |  |  | 340 |  |  |  | 8,028 |  |  |  | 4,601 |  |  |  | - |
Depreciation and amortization |  |  | 4,297 |  |  |  | 1,421 |  |  |  | 16,074 |  |  |  | 4,238 |  |  |  | 1,685 |  |  |  | - |
All other expenses (3) |  |  | 1,256 |  |  |  | 2,141 |  |  |  | 8,796 |  |  |  | 2,650 |  |  |  | 2,496 |  |  |  | - |
_________________________ (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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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