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Segment Reporting
 9 Months Ended
Sep. 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 September 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 combine campus-based and online education. As of September 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 September 30, 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 September 30, 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 income (expense) are not material by segment and are not reviewed by our CODM by segment.

During the third quarter of 2025, the oversight and management of the non-degree professional development and continuing education programs offered by Hippo Education (“Hippo”) were transitioned from the CTU segment to the AIUS segment. All prior periods have been recast to reflect this change for comparability, and the results of operations related to Hippo are now reported as part of the AIUS segment for all periods presented.

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

 

 

For the Quarter Ended September 30,

 

 

 

Revenue

 

 

Operating Income (Loss)

 

 

 

2025

 

 

% of Total

 

 

2024

 

 

% of Total

 

 

2025

 

 

2024

 

CTU (1)

 

$

117,069

 

 

 

55.3

%

 

$

112,275

 

 

 

66.1

%

 

$

47,762

 

 

$

44,742

 

AIUS (1)

 

 

56,667

 

 

 

26.7

%

 

 

57,354

 

 

 

33.8

%

 

 

9,257

 

 

 

8,520

 

USAHS (2)

 

 

37,971

 

 

 

17.9

%

 

 

-

 

 

 

0.0

%

 

 

66

 

 

 

-

 

Corporate and Other

 

 

165

 

 

 

0.1

%

 

 

199

 

 

 

0.1

%

 

 

(6,126

)

 

 

(8,468

)

Total

 

$

211,872

 

 

 

100.0

%

 

$

169,828

 

 

 

100.0

%

 

$

50,959

 

 

$

44,794

 

 

 

 

 

For the Year to Date Ended September 30,

 

 

 

Revenue

 

 

Operating Income (Loss)

 

 

 

2025

 

 

% of Total

 

 

2024

 

 

% of Total

 

 

2025

 

 

2024

 

CTU (1)

 

$

347,622

 

 

 

54.8

%

 

$

332,137

 

 

 

65.8

%

 

$

141,369

 

 

$

131,611

 

AIUS (1)

 

 

172,445

 

 

 

27.2

%

 

 

172,116

 

 

 

34.1

%

 

 

31,973

 

 

 

28,909

 

USAHS (2)

 

 

113,851

 

 

 

17.9

%

 

 

-

 

 

 

0.0

%

 

 

(1,958

)

 

 

-

 

Corporate and Other

 

 

539

 

 

 

0.1

%

 

 

579

 

 

 

0.1

%

 

 

(17,299

)

 

 

(23,442

)

Total

 

$

634,457

 

 

 

100.0

%

 

$

504,832

 

 

 

100.0

%

 

$

154,085

 

 

$

137,078

 

 

 

 

 

 

Total Assets as of  (3)

 

 

 

September 30, 2025

 

 

December 31, 2024

 

CTU (1)

 

$

177,093

 

 

$

175,115

 

AIUS (1)

 

 

161,480

 

 

 

164,985

 

USAHS (2)

 

 

329,872

 

 

 

306,552

 

Corporate and Other

 

 

630,939

 

 

 

590,382

 

Total

 

$

1,299,384

 

 

$

1,237,034

 

 

 

(1)
The prior period operating results for CTU and AIUS were recast to reflect the transition of the Hippo Education institution from CTU to AIUS.
(2)
USAHS includes results of operations starting from the acquisition date on December 2, 2024.
(3)
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 September 30, 2025

 

 

For the Quarter Ended September 30, 2024

 

Significant expense categories

 

CTU (1)

 

 

AIUS (1)

 

 

USAHS (2)

 

 

CTU (1)

 

 

AIUS (1)

 

 

USAHS (2)

 

Academics and student related

 

$

14,972

 

 

$

11,565

 

 

$

16,126

 

 

$

14,925

 

 

$

11,278

 

 

$

-

 

Advertising and marketing

 

 

14,502

 

 

 

11,160

 

 

 

3,923

 

 

 

14,854

 

 

 

11,953

 

 

 

-

 

Admissions

 

 

11,812

 

 

 

8,746

 

 

 

1,231

 

 

 

11,301

 

 

 

8,726

 

 

 

-

 

Administrative (3)

 

 

20,745

 

 

 

10,830

 

 

 

5,182

 

 

 

19,408

 

 

 

10,331

 

 

 

-

 

Bad debt

 

 

5,262

 

 

 

2,588

 

 

 

55

 

 

 

5,003

 

 

 

3,732

 

 

 

-

 

Depreciation and amortization

 

 

1,451

 

 

 

1,358

 

 

 

7,133

 

 

 

1,427

 

 

 

1,548

 

 

 

-

 

All other expenses (4)

 

 

563

 

 

 

1,163

 

 

 

4,255

 

 

 

615

 

 

 

1,266

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year to Date Ended September 30, 2025

 

 

For the Year to Date Ended September 30, 2024

 

Significant expense categories

 

CTU (1)

 

 

AIUS (1)

 

 

USAHS (2)

 

 

CTU (1)

 

 

AIUS (1)

 

 

USAHS (2)

 

Academics and student related

 

$

46,206

 

 

$

34,565

 

 

$

47,520

 

 

$

45,152

 

 

$

33,895

 

 

$

-

 

Advertising and marketing

 

 

41,002

 

 

 

31,881

 

 

 

11,699

 

 

 

40,389

 

 

 

33,789

 

 

 

-

 

Admissions

 

 

36,092

 

 

 

26,565

 

 

 

3,948

 

 

 

34,386

 

 

 

26,496

 

 

 

-

 

Administrative (3)

 

 

63,176

 

 

 

33,059

 

 

 

15,989

 

 

 

60,134

 

 

 

32,203

 

 

 

-

 

Bad debt

 

 

13,681

 

 

 

6,847

 

 

 

395

 

 

 

13,033

 

 

 

8,331

 

 

 

-

 

Depreciation and amortization

 

 

4,300

 

 

 

4,227

 

 

 

23,207

 

 

 

4,217

 

 

 

4,681

 

 

 

-

 

All other expenses (4)

 

 

1,796

 

 

 

3,328

 

 

 

13,051

 

 

 

3,215

 

 

 

3,812

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_________________________

(1)
The prior period operating results for CTU and AIUS were recast to reflect the transition of the Hippo Education institution from CTU to AIUS.
(2)
USAHS includes financial information starting from the acquisition date on December 2, 2024.
(3)
Administrative expense includes allocations from Corporate and Other.
(4)
All other expenses primarily include occupancy and asset impairment.