v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting

13. 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, 2026, 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, 2026, students enrolled at CTU represented approximately 70% 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, 2026, students enrolled at AIUS represented approximately 21% 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, 2026, 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 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)

 

 

 

2026

 

 

% of Total

 

 

2025

 

 

% of Total

 

 

2026

 

 

2025

 

CTU

 

$

120,756

 

 

 

54.5

%

 

$

116,074

 

 

 

54.5

%

 

$

50,543

 

 

$

46,760

 

AIUS

 

 

57,816

 

 

 

26.1

%

 

 

57,564

 

 

 

27.0

%

 

 

12,564

 

 

 

11,221

 

USAHS

 

 

43,008

 

 

 

19.4

%

 

 

39,183

 

 

 

18.4

%

 

 

6,307

 

 

 

(330

)

Corporate and Other

 

 

163

 

 

 

0.0

%

 

 

183

 

 

 

0.1

%

 

 

(6,292

)

 

 

(5,924

)

Total

 

$

221,743

 

 

 

100.0

%

 

$

213,004

 

 

 

100.0

%

 

$

63,122

 

 

$

51,727

 

 

 

 

 

 

 

 

Total Assets as of  (1)

 

 

 

March 31, 2026

 

 

December 31, 2025

 

CTU

 

$

186,925

 

 

$

172,405

 

AIUS

 

 

160,733

 

 

 

170,825

 

USAHS

 

 

302,759

 

 

 

287,985

 

Corporate and Other

 

 

638,356

 

 

 

616,502

 

Total

 

$

1,288,773

 

 

$

1,247,717

 

 

(1)
Total assets are presented on a condensed consolidated basis and do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.

 

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

 

 

 

 

For the Quarter Ended March 31,

 

 

Significant expense categories

 

CTU

 

 

AIUS

 

 

USAHS

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

Academics and student related

 

$

15,174

 

 

$

14,761

 

 

$

11,224

 

 

$

11,510

 

 

$

14,196

 

 

$

15,416

 

 

Advertising and marketing

 

 

13,687

 

 

 

13,251

 

 

 

10,864

 

 

 

10,729

 

 

 

3,765

 

 

 

3,978

 

 

Admissions

 

 

12,235

 

 

 

12,135

 

 

 

8,960

 

 

 

8,944

 

 

 

1,287

 

 

 

1,387

 

 

Administrative (1)

 

 

22,832

 

 

 

21,270

 

 

 

10,991

 

 

 

10,985

 

 

 

6,016

 

 

 

5,148

 

 

Bad debt

 

 

4,618

 

 

 

5,874

 

 

 

929

 

 

 

1,624

 

 

 

199

 

 

 

61

 

 

Depreciation and amortization

 

 

1,081

 

 

 

1,411

 

 

 

1,183

 

 

 

1,444

 

 

 

7,040

 

 

 

8,870

 

 

All other expenses (2)

 

 

586

 

 

 

612

 

 

 

1,101

 

 

 

1,107

 

 

 

4,198

 

 

 

4,653

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_________________________

(1)
Administrative expense includes allocations from Corporate and Other.
(2)
All other expenses include occupancy cost.