v3.25.2
Segment Reporting
 6 Months Ended
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 combine 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 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 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 approximately 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.