Perdoceo Education Corporation Reports Second Quarter and Year to Date 2025 Results

About this update from Perdoceo Education Corporation

Increased quarterly dividend by 15.4% to $0.15 per share and announces a new $75 million share buyback authorization SCHAUMBURG, Ill. --(BUSINESS WIRE)-- Perdoceo Education Corporation (NASDAQ: PRDO), a provider of postsecondary education programs, today reported operating and financial results for the quarter and year to date ended June 30, 2025 . “During the second quarter, our academic institutions continued to generate strong levels of prospective student interest, while student retention and engagement trended near multi-year highs,” said Todd Nelson , President and Chief Executive Officer. “University of St. Augustine is executing well against its long-term goals and we continue to invest in academic, student support and learning technologies across our academic institutions. Finally, in line with our capital allocation strategy the Board authorized a new $75 million share buyback plan and approved a 15.4% increase in the quarterly dividend, the second such increase since the dividend commenced in 2023.” Second Quarter 2025 Results as Compared to Prior Year Quarter Total student enrollments at June 30, 2025 increased by 17.4% supported by a 7.4% increase at CTU, a 7.1% increase at AIUS and the acquisition of St. Augustine . Revenue increased 25.7% to $209.6 million compared to $166.7 million in the prior year quarter. Operating income increased 11.7% to $51.4 million , while adjusted operating income increased 25.4% to $61.5 million .* Earnings per diluted share was $0.62 as compared to $0.57 , while adjusted earnings per diluted share was $0.67 as compared to $0.59 .* Ended the quarter with $659.6 million in cash, cash equivalents, restricted cash and available-for-sale-short-term investments. On July 31, 2025 the Board increased the per share quarterly dividend by 15.4% to $0.15 per share, marking a second increase since the first quarterly dividend payment of $0.11 per share in 2023. Year to Date 2025 Results as Compared to Prior Year to Date Revenue increased 26.1% to $422.6 million compared to $335.0 million in the prior year to date. Operating income increased 11.7% to $103.1 million , while adjusted operating income increased 27.2% to $125.1 million .* Earnings per diluted share was $1.27 as compared to $1.16 , while adjusted earnings per diluted share was $1.37 as compared to $1.19 .* The Company bought back 1.6 million shares for $46.1 million and the Board authorized a new $75.0 million share buyback program effective July 31, 2025 , which is set to expire in 18 months. * See GAAP ( U.S. generally accepted accounting principles) to non-GAAP reconciliation attached to this press release TOTAL STUDENT ENROLLMENTS As of June 30, 2025 , total student enrollments were 46,500, an increase of 17.4% as compared to 39,600 total student enrollments as of June 30, 2024 . As of June 30 , Total Student Enrollments 2025 2024 % Change CTU (1) 31,900 29,700 7.4 % AIUS (1) 10,600 9,900 7.1 % USAHS (2) 4,000 - NM Total 46,500 39,600 17.4 % REVENUE For the quarter ended June 30, 2025 , revenue increased 25.7% to $209.6 million compared to revenue of $166.7 million for the prior year quarter. For the year to date ended June 30, 2025 , revenue increased 26.1% to $422.6 million compared to revenue of $335.0 million for the prior year to date. For the Quarter Ended June 30 , For the Year to Date Ended June 30 , Revenue ($ in thousands) 2025 2024 % Change 2025 2024 % Change CTU $ 117,970 $ 112,828 4.6 % $ 237,549 $ 226,397 4.9 % AIUS 54,723 53,722 1.9 % 108,782 108,227 0.5 % USAHS (2) 36,697 - NM 75,880 - NM Corporate and Other 191 190 NM 374 380 NM Total $ 209,581 $ 166,740 25.7 % $ 422,585 $ 335,004 26.1 % (1) Total student enrollments do not include learners participating in: a) non-degree seeking and professional development programs, and b) degree seeking, non-Title IV, self-paced programs at our universities. (2) Perdoceo completed the acquisition of USAHS on December 2, 2024 . OPERATING INCOME For the quarter ended June 30, 2025 , operating income increased 11.7% to $51.4 million as compared to the prior year quarter. For the year to date ended June 30, 2025 , operating income increased by 11.7% to $103.1 million as compared to the prior year to date. For the Quarter Ended June 30 , For the Year to Date Ended June 30 , Operating Income ($ in thousands) 2025 2024 % Change 2025 2024 % Change CTU $ 46,262 $ 42,890 7.9 % $ 92,359 $ 85,046 8.6 % AIUS 12,080 12,926 -6.5 % 23,964 22,212 7.9 % USAHS (1) (1,694 ) - NM (2,024 ) - NM Corporate and Other (5,249 ) (9,810 ) NM (11,173 ) (14,974 ) NM Total $ 51,399 $ 46,006 11.7 % $ 103,126 $ 92,284 11.7 % (1) Perdoceo completed the acquisition of USAHS on December 2, 2024 . ADJUSTED OPERATING INCOME The Company believes it is useful to present non-GAAP financial measures, which exclude certain significant and non-cash items, as a means to understand the performance of its operations. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.) For the quarter ended June 30, 2025 , adjusted operating income of $61.5 million increased 25.4% compared to adjusted operating income of $49.1 million for the prior year quarter. For the year to date ended June 30, 2025 , adjusted operating income of $125.1 million increased 27.2% compared to adjusted operating income of $98.4 million for the prior year to date. For the Quarter Ended June 30 , For the Year to Date Ended June 30 , Adjusted Operating Income ($ in thousands) 2025 2024 2025 2024 Operating income $ 51,399 $ 46,006 $ 103,126 $ 92,284 Depreciation and amortization 10,148 3,069 21,955 6,085 Adjusted Operating Income $ 61,547 $ 49,075 $ 125,081 $ 98,369 Increase (Decrease) 25.4 % 27.2 % NET INCOME AND EARNINGS PER DILUTED SHARE For the quarter ended June 30, 2025 , the Company recorded: Net income of $41.0 million compared to $38.4 million for the prior year quarter. Earnings per diluted share of $0.62 compared to $0.57 for the prior year quarter. Adjusted earnings per diluted share of $0.67 compared to $0.59 for the prior year quarter. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.) For the year to date ended June 30, 2025 , the Company recorded: Net income of $84.7 million compared to $77.9 million for the prior year to date. Earnings per diluted share of $1.27 compared to $1.16 for the prior year to date. Adjusted earnings per diluted share of $1.37 compared to $1.19 for the prior year to date. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.) For the Quarter Ended June 30 , For the Year to Date Ended June 30 , 2025 2024 2025 2024 Reported Earnings Per Diluted Share $ 0.62 $ 0.57 $ 1.27 $ 1.16 Pre-tax adjustments included in operating expenses: Amortization for acquired intangible assets 0.06 0.02 0.13 0.04 Tax effect of adjustments (1) (0.01 ) - (0.03 ) (0.01 ) Adjusted Earnings Per Diluted Share $ 0.67 $ 0.59 $ 1.37 $ 1.19 (1) The tax effect of adjustments was calculated by multiplying the pre-tax adjustments with a tax rate of 25.0%. This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments. CAPITAL ALLOCATION During the year to date ended June 30, 2025 , the Company repurchased 1.6 million shares of our common stock for $46.1 million at an average price of $28.19 per share and made capital expenditures of $2.8 million . On July 31, 2025 , the board of directors of the Company approved a new stock repurchase program for up to $75.0 million which will commence on July 31, 2025 and expires January 31, 2027 . The new stock repurchase program replaced the previous stock repurchase program. The other terms of the stock repurchase program are generally consistent with the Company’s previous stock repurchase program. On July 31, 2025 the board of directors declared a quarterly dividend of $0.15 per share, which will be paid on September 12, 2025 for holders of record of common stock as of September 2, 2025 . This marks a 15.4% increase in our quarterly dividend, the second such increase since dividends commenced in 2023. Any decision to pay future cash dividends, however, will be made by the board of directors and depend on the Company’s available retained earnings, financial condition and other relevant factors. The Company expects quarterly dividend payments to be an integral and growing part of its balanced capital allocation strategy that also prioritizes investments in student support and technology projects, while also evaluating acquisitions and share repurchases. BALANCE SHEET AND CASH FLOW For the quarter ended June 30, 2025 net cash provided by operating activities was $78.8 million , compared to net cash provided by operating activities of $38.5 million for the prior year quarter. For the year to date ended June 30, 2025 , net cash provided by operating activities was $143.9 million , compared to net cash provided by operating activities of $93.0 million for the prior year to date. As of June 30, 2025 and December 31, 2024 , cash, cash equivalents, restricted cash and available-for-sale short-term investments totaled $659.6 million and $591.5 million , respectively. For the Quarter Ended June 30 , For the Year to Date Ended June 30 , Selected Cash Flow Items ($ in thousands) 2025 2024 % Change 2025 2024 % Change Net cash provided by operating activities $ 78,778 $ 38,525 104.5 % $ 143,905 $ 93,017 54.7 % Capital expenditures $ 2,752 $ 824 234.0 % $ 4,489 $ 2,022 122.0 % OUTLOOK The Company is providing the following third quarter outlook along with a full year outlook, subject to the key assumptions identified below. Please see the GAAP to non-GAAP reconciliation for adjusted operating income and adjusted earnings per diluted share attached to this press release for further details. Total Company Outlook For Quarter Ending September 30 , For the Year Ending December 31 , OUTLOOK ACTUAL OUTLOOK ACTUAL 2025 2024 2025 2024 Operating Income $46.8M - $48.8M $44.8M $187.8M - $193.8M $174.3M Depreciation and amortization $10.2M $3.0M $42.2M $14.6M Adjusted Operating Income $57.0M - $59.0M $47.8M $230.0M - $236.0M $188.9M Earnings Per Diluted Share $0.55 - $0.57 $0.57 $2.29 - $2.36 $2.19 Amortization of acquired intangible assets 0.06 0.02 0.26 0.09 Tax effect of adjustments (0.01) - (0.07) (0.02) Adjusted Earnings Per Diluted Share $0.60 - $0.62 $0.59 $2.48 - $2.55 $2.26 Operating income, which is the most directly comparable GAAP measure to adjusted operating income, and earnings per diluted share, which is the most directly comparable GAAP measure to adjusted earnings per diluted share, may not follow the same trends stated in the outlook above because of adjustments made for certain non-cash items. The operating income, adjusted operating income, earnings per share and adjusted earnings per share outlook provided above for 2025 are based on the following key assumptions and factors, among others: (i) prospective student interest in the Company’s programs and trends in student retention and engagement remain consistent with management’s recent experiences and future expectations, (ii) no significant impact from current or future federal budget reconciliation or other legislative processes on the availability of current levels of federal student aid or the conditions associated with participating in such aid programs, (iii) no significant impact from new or proposed regulations, or from updated interpretations of current regulation, administrative actions by or changes in the structure of federal agencies or other adverse changes in the legal or regulatory environment, which may require operational changes in the way the Company’s academic institutions attract, connect with, enroll, support and educate current and prospective students, among other impacts, (iv) no significant operating impacts from the settlement with the U.S. Federal Trade Commission or other legal or regulatory matters, (v) no material disruptions to the availability of the current levels of federal student aid whether due to the restructuring of federal agencies, staffing related changes or layoffs or changes to congressional funding priorities, (vi) earnings per diluted share outlook assumes an effective income tax rate of approximately 29.0% for the third quarter and approximately 26.5% for the full year, and (vii) excludes any future impact from the Company’s stock repurchase program. Although these estimates and assumptions are based upon management’s good faith beliefs regarding current and future circumstances and actions that may be undertaken, actual results could differ materially from these estimates. In addition, decisions the Company makes in the future as it continues to evaluate diverse strategies to enhance stockholder value may impact the outlook provided above. CONFERENCE CALL INFORMATION Perdoceo Education Corporation will host a conference call on Thursday, July 31, 2025 at 5:00 p.m. Eastern time to discuss second quarter 2025 results and 2025 outlook. Interested parties can access the live webcast of the conference call at www.perdoceoed.com in the Investor Relations section of the website. Participants can also listen to the conference call by dialing 1-800-715-9871 (domestic) or 1-646-307-1963 (international). Both dial-in numbers will use the access code 4671240. Viewers can also access the conference call by following this link https://events.q4inc.com/attendee/155080302 . Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. An archived version of the webcast will be accessible for 90 days at www.perdoceoed.com in the Investor Relations section of the website. ABOUT PERDOCEO EDUCATION CORPORATION Perdoceo’s accredited academic institutions offer a quality postsecondary education to a diverse student population, with fully online, campus-based and hybrid learning programs. The Company’s academic institutions – Colorado Technical University (“CTU”), the American InterContinental University System (“AIUS” or “AIU System”) and University of St. Augustine for Health Sciences ("USAHS") – provide degree programs from the associate through doctoral level as well as non-degree seeking and professional development programs. Our academic institutions offer students industry-relevant and career-focused academic programs that are designed to meet the educational needs of today’s busy adults. CTU and AIUS continue to show innovation in higher education, advancing personalized learning technologies like their intellipath® learning platform and using data analytics and technology to serve and educate students while enhancing overall learning and academic experiences. USAHS prepares medical professionals to provide quality medical care to communities across the country primarily through its graduate health sciences degree offerings in physical therapy, occupational therapy, speech language therapy and nursing, as well as continuing education programs. Perdoceo's academic institutions are committed to providing quality education that closes the gap between learners who seek to advance their careers and employers and communities needing a qualified workforce. For more information, please visit www.perdoceoed.com . Except for the historical and present factual information contained herein, the matters set forth in this release, including statements identified by words such as “believe,” “will,” “expect,” “continue,” “outlook,” “remain,” “focused on,” “should” and similar expressions, are forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on information currently available to us and are subject to various assumptions, risks, uncertainties and other factors that could cause our results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Except as expressly required by the federal securities laws, we undertake no obligation to update or revise such factors or any of the forward-looking statements contained herein to reflect future events, developments or changed circumstances, or for any other reason. These risks and uncertainties, the outcomes of which could materially and adversely affect our financial condition and operations, include, but are not limited to, the following: declines in enrollment or interest in our programs or our ability to attract and connect with prospective students; our continued compliance with and eligibility to participate in Title IV Programs under the Higher Education Act of 1965, as amended, and the regulations thereunder (including the new 90-10, gainful employment, financial responsibility and administrative capability standards prescribed by the U.S. Department of Education , the "Department"), as well as applicable accreditation standards and state regulatory requirements; the impact of various versions of “borrower defense to repayment” regulations; the final outcome of various legal challenges to the Department's loan discharge and forgiveness efforts; rulemaking or changing interpretations of existing regulations, guidance or historical practices by the Department, or any state or accreditor and increased focus by Congress and governmental agencies on, or increased negative publicity about, for-profit education institutions; the impact of any federal budget reconciliation or other legislative process on the availability of current levels of federal student aid or the conditions associated with participating in such aid programs; the success of our initiatives to improve student experiences, retention and academic outcomes; our continued ability to participate in educational assistance programs for key employers, veterans or other military personnel; our ability to pay dividends on our common stock and execute our stock repurchase program; increased competition; the impact of management changes; and changes in the overall U.S. economy. Further information about these and other relevant risks and uncertainties may be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and its subsequent filings with the Securities and Exchange Commission . PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) June 30 , December 31 , 2025 2024 (unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents, unrestricted $ 172,075 $ 109,130 Restricted cash 21,602 22,623 Short-term investments 465,912 459,795 Total cash and cash equivalents, restricted cash and short-term investments 659,589 591,548 Student receivables, net 33,228 22,807 Receivables, other 9,171 5,330 Prepaid expenses 16,384 16,910 Inventories 2,635 3,388 Other current assets 200 171 Total current assets 721,207 640,154 NON-CURRENT ASSETS: Property and equipment, net 87,708 95,508 Right of use assets, net - operating 46,786 50,099 Right of use assets, net - finance 12,817 15,375 Goodwill 258,191 258,012 Intangible assets, net 86,377 95,006 Student receivables, net 4,842 6,195 Deferred income tax assets, net 68,774 68,774 Other assets 7,685 7,911 TOTAL ASSETS $ 1,294,387 $ 1,237,034 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Lease liability - operating $ 5,442 $ 7,792 Lease liabilities - finance 5,214 5,466 Accounts payable 16,644 12,805 Accrued expenses: Payroll and related benefits 31,356 35,059 Advertising and marketing costs 6,689 8,135 Income taxes 5,970 4,926 Other 15,785 21,239 Deferred revenue 81,699 36,740 Total current liabilities 168,799 132,162 NON-CURRENT LIABILITIES: Lease liability - operating 48,230 50,224 Lease liabilities - finance 8,886 11,555 Sale lease-back financing 56,766 - Construction financing - 56,500 Other liabilities 27,075 27,057 Total non-current liabilities 140,957 145,336 STOCKHOLDERS' EQUITY: Preferred stock - - Common stock 920 910 Additional paid-in capital 713,940 707,212 Accumulated other comprehensive income 722 166 Retained earnings 662,856 595,672 Treasury stock (393,807 ) (344,424 ) Total stockholders' equity 984,631 959,536 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,294,387 $ 1,237,034 PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts and percentages) For the Quarter Ended June 30 , 2025 % of Total Revenue 2024 % of Total Revenue REVENUE: Tuition and fees, net $ 208,375 99.4 % $ 165,404 99.2 % Other 1,206 0.6 % 1,336 0.8 % Total revenue 209,581 166,740 OPERATING EXPENSES: Educational services and facilities 50,241 24.0 % 27,516 16.5 % General and administrative 97,793 46.7 % 89,311 53.6 % Depreciation and amortization 10,148 4.8 % 3,069 1.8 % Asset impairment - 0.0 % 838 0.5 % Total operating expenses 158,182 75.5 % 120,734 72.4 % Operating income 51,399 24.5 % 46,006 27.6 % OTHER INCOME: Interest income 6,460 3.1 % 7,190 4.3 % Interest expense (1,611 ) -0.8 % (112 ) -0.1 % Miscellaneous expense (10 ) 0.0 % (70 ) 0.0 % Total other income 4,839 2.3 % 7,008 4.2 % PRETAX INCOME 56,238 26.8 % 53,014 31.8 % Provision for income taxes 15,210 7.3 % 14,585 8.7 % NET INCOME 41,028 19.6 % 38,429 23.0 % NET INCOME PER SHARE - BASIC: $ 0.63 $ 0.59 NET INCOME PER SHARE -DILUTED: $ 0.62 $ 0.57 WEIGHTED AVERAGE SHARES OUTSTANDING: Basic 65,331 65,611 Diluted 66,582 67,077 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Quarter Ended June 30 , (In Thousands) 2025 2024 NET INCOME $ 41,028 $ 38,429 OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Foreign currency translation adjustments - (8 ) Unrealized gain (loss) on investments 49 (93 ) Total other comprehensive income (loss) 49 (101 ) COMPREHENSIVE INCOME $ 41,077 $ 38,328 PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts and percentages) For the Year to Date Ended June 30 , 2025 % of Total Revenue 2024 % of Total Revenue REVENUE: Tuition and fees, net $ 420,223 99.4 % $ 332,402 99.2 % Other 2,362 0.6 % 2,602 0.8 % Total revenue 422,585 335,004 OPERATING EXPENSES: Educational services and facilities 98,783 23.4 % 57,374 17.1 % General and administrative 198,721 47.0 % 176,793 52.8 % Depreciation and amortization 21,955 5.2 % 6,085 1.8 % Asset impairment - 0.0 % 2,468 0.7 % Total operating expenses 319,459 75.6 % 242,720 72.5 % Operating income 103,126 24.4 % 92,284 27.5 % OTHER INCOME: Interest income 12,936 3.1 % 13,983 4.2 % Interest expense (3,293 ) -0.8 % (447 ) -0.1 % Miscellaneous (expense) income (26 ) 0.0 % 45 0.0 % Total other income 9,617 2.3 % 13,581 4.1 % PRETAX INCOME 112,743 26.7 % 105,865 31.6 % Provision for income taxes 28,027 6.6 % 27,994 8.4 % NET INCOME 84,716 20.0 % 77,871 23.2 % NET INCOME PER SHARE - BASIC: $ 1.29 $ 1.19 NET INCOME PER SHARE -DILUTED: $ 1.27 $ 1.16 WEIGHTED AVERAGE SHARES OUTSTANDING: Basic 65,504 65,583 Diluted 66,722 66,956 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Year to Date Ended June 30 , (In Thousands) 2025 2024 NET INCOME $ 84,716 $ 77,871 OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Foreign currency translation adjustments - (39 ) Unrealized gain (loss) on investments 556 (1,016 ) Total other comprehensive income (loss) 556 (1,055 ) COMPREHENSIVE INCOME $ 85,272 $ 76,816 PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Year to Date Ended June 30 , 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 84,716 $ 77,871 Adjustments to reconcile net income to net cash provided by operating activities: Asset impairment - 2,468 Depreciation and amortization expense 21,955 6,085 Bad debt expense 13,015 12,631 Compensation expense related to share-based awards 5,443 4,557 Deferred income taxes - 562 Changes in operating assets and liabilities 18,776 (11,157 ) Net cash provided by operating activities 143,905 93,017 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of available-for-sale investments (192,891 ) (204,060 ) Sales of available-for-sale investments 189,272 145,945 Purchases of property and equipment (4,489 ) (2,022 ) Business acquisition 854 - Net cash used in investing activities (7,254 ) (60,137 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of common stock 1,295 1,805 Purchase of treasury stock (46,082 ) (6,769 ) Payments of employee tax associated with stock compensation (7,544 ) (3,435 ) Payments of cash dividends and dividend equivalents (17,718 ) (14,613 ) Earnout payments for business acquisition (1,757 ) - Principal payments for finance lease (2,432 ) - Principal payments for failed sale leaseback (489 ) - Net cash used in financing activities (74,727 ) (23,012 ) NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 61,924 9,868 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period 131,753 119,021 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period $ 193,677 $ 128,889 PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES UNAUDITED SELECTED SEGMENT INFORMATION (In thousands, except percentages) For the Quarter Ended June 30 , 2025 2024 REVENUE: CTU $ 117,970 $ 112,828 AIUS 54,723 53,722 USAHS (1) 36,697 - Corporate and Other 191 190 Total $ 209,581 $ 166,740 OPERATING INCOME (LOSS): CTU $ 46,262 $ 42,890 AIUS 12,080 12,926 USAHS (1) (1,694 ) - Corporate and Other (5,249 ) (9,810 ) Total $ 51,399 $ 46,006 OPERATING MARGIN (LOSS): CTU 39.2 % 38.0 % AIUS 22.1 % 24.1 % USAHS (1) NM NM Corporate and Other NM NM Total 24.5 % 27.6 % (1) Perdoceo completed the acquisition of USAHS on December 2, 2024 . PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES UNAUDITED SELECTED SEGMENT INFORMATION (In thousands, except percentages) For the Year to Date Ended June 30 , 2025 2024 REVENUE: CTU $ 237,549 $ 226,397 AIUS 108,782 108,227 USAHS (1) 75,880 - Corporate and Other 374 380 Total $ 422,585 $ 335,004 OPERATING INCOME (LOSS): CTU $ 92,359 $ 85,046 AIUS 23,964 22,212 USAHS (1) (2,024 ) - Corporate and Other (11,173 ) (14,974 ) Total $ 103,126 $ 92,284 OPERATING MARGIN (LOSS): CTU 38.9 % 37.6 % AIUS 22.0 % 20.5 % USAHS (1) NM NM Corporate and Other NM NM Total 24.4 % 27.5 % (1) Perdoceo completed the acquisition of USAHS on December 2, 2024 . PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1) (In thousands, unless otherwise noted) For the Quarter Ended June 30 , For the Year to Date Ended June 30 , ACTUAL ACTUAL Adjusted Operating Income 2025 2024 2025 2024 Operating income $ 51,399 $ 46,006 $ 103,126 $ 92,284 Depreciation and amortization (2) 10,148 3,069 21,955 6,085 Adjusted Operating Income $ 61,547 $ 49,075 $ 125,081 $ 98,369 For the Quarter Ending September 30 , For the Year Ending December 31 , OUTLOOK ACTUAL OUTLOOK ACTUAL 2025 2024 2025 2024 Operating income $46.8M - $48.8M $ 44,794 $187.8M - $193.8M $ 174,253 Depreciation and amortization (2) $10.2M 3,053 $42.2M 14,645 Adjusted Operating Income $57.0M - $59.0M $ 47,847 $230.0M - $236.0M $ 188,898 PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1) (cont’d) For the Quarter Ended June 30 , For the Year to Date Ended June 30 , ACTUAL ACTUAL 2025 2024 2025 2024 Reported Earnings Per Diluted Share $ 0.62 $ 0.57 $ 1.27 $ 1.16 Pre-tax adjustments included in operating expenses: Amortization for acquired intangible assets (2) 0.06 0.02 0.13 0.04 Total pre-tax adjustments $ 0.06 $ 0.02 $ 0.13 $ 0.04 Tax effect of adjustments (3) (0.01 ) - (0.03 ) (0.01 ) Total adjustments after tax 0.05 0.02 0.10 0.03 Adjusted Earnings Per Diluted Share $ 0.67 $ 0.59 $ 1.37 $ 1.19 For the Quarter Ending September 30 , For the Year to Date Ending December 31 , OUTLOOK ACTUAL OUTLOOK ACTUAL 2025 2024 2025 2024 Reported Earnings Per Diluted Share $0.55 - $0.57 $ 0.57 $2.29 - $2.36 $ 2.19 Pre-tax adjustments included in operating expenses: Amortization for acquired intangible assets (2) 0.06 0.02 0.26 0.09 Total pre-tax adjustments 0.06 $ 0.02 0.26 0.09 Tax effect of adjustments (3) (0.01) - (0.07) (0.02) Total adjustments after tax 0.05 0.02 0.19 0.07 Adjusted Earnings Per Diluted Share $0.60 - $0.62 $ 0.59 $2.48 - $2.55 $ 2.26 PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1) (cont’d) (1) The Company believes it is useful to present non-GAAP financial measures which may exclude certain non-cash items as a means to understand the core performance of its operations. As a general matter, the Company uses non-GAAP financial measures in conjunction with results presented in accordance with GAAP to help analyze the performance of its operations, assist with preparing the annual operating plan, and measure performance for some forms of compensation. In addition, the Company believes that non-GAAP financial information is used by analysts and others in the investment community to analyze the Company’s historical results and to provide estimates of future performance. The Company believes adjusted operating income and adjusted earnings per diluted share allow it to analyze and assess its operations and compare current operating results with the operational performance of other companies in its industry because it does not give effect to potential differences caused by items it does not consider reflective of underlying operating performance, such as depreciation and amortization. The Company believes the items it is adjusting for are not normal operating expenses necessary to run its business. In evaluating adjusted operating income and adjusted earnings per diluted share, investors should be aware that in the future the Company may incur expenses similar to the adjustments presented above. The presentation of adjusted operating income and adjusted earnings per diluted share should not be construed as an inference that the Company's future results will be unaffected by expenses that are unusual, non-routine or non-recurring. Adjusted operating income and adjusted earnings per diluted share have limitations as an analytical tool, and should not be considered in isolation, or as a substitute for net income, operating income, earnings per diluted share, or any other performance measure derived in accordance with and reported under GAAP or as an alternative to cash flow from operating activities or as a measure of liquidity. Non-GAAP financial measures, when viewed in a reconciliation to corresponding GAAP financial measures, provide an additional way of viewing the Company’s results of operations and the factors and trends affecting the Company’s business. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding financial results presented in accordance with GAAP. Results of operations include the USAHS acquisition as of December 2, 2024 . (2) Amortization for acquired intangible assets relate to definite-lived intangible assets associated with acquisitions. (3) The tax effect of adjustments was calculated by multiplying the pre-tax adjustments with a tax rate of 25.0%. This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments. View source version on businesswire.com : https://www.businesswire.com/news/home/20250731641816/en/ Investors: Alpha IR Group Nick Nelson or Michael Perry (312) 445-2870 [email protected] or Media: Perdoceo Education Corporation (847) 585-2600 [email protected] Source: Perdoceo Education Corporation

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