Increased quarterly dividend by 15.4% to $0.15 per share and announces a new $75 million share buyback authorization

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

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

PRDO@alpha-ir.com

Media:

Perdoceo Education Corporation

(847) 585-2600

media@perdoceoed.com

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