PERDOCEO EDUCATION Corp

Listed Company

PRDOCIK 0001046568NasdaqLarge AcceleratedServices-Educational ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$846.10M

Net Income

$159.91M

Total Assets

$1.25B

Equity

$972.41M

Shares Out

62.48M

Op. Cash Flow

$225.24M

Business

PERDOCEO EDUCATION Corp provides postsecondary education through accredited institutions, focusing on industry-relevant, career-oriented programs delivered via online, campus-based and hybrid modalities. It offers degree programs from associate through doctoral levels, as well as non-degree and professional development courses, personalized learning technologies, student support services and clinical training in health sciences. The company operates through three reporting segments corresponding to its institutions: Colorado Technical University (CTU), the American InterContinental University System (AIUS) and the University of St. Augustine for Health Sciences (USAHS). Its students are primarily U.S.-based and served through fully online platforms, physical campuses, employer partnerships and military and veterans education benefit channels.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	846	681	710	695	693
Educational services and facilities	198	121	130	117	109
General and administrative	411	367	398	426	419
Depreciation and amortization	42	15	17	20	17
Asset impairment	0	4	14	3	—
Total operating expenses	650	507	560	566	544
Operating income	196	174	150	130	149
Interest income	26	29	20	7	930,000
Interest expense	−6	−613,000	−404,000	−400,000	—
Miscellaneous income (expense)	991,000	−1	22	−2	41,000
Total other income	21	27	42	5	51,000
PRETAX INCOME	217	201	192	134	149
Provision for income taxes	57	54	44	38	39
NET INCOME	160	148	148	96	110
NET INCOME PER SHARE - BASIC:	2.47	2.25	2.22	1.41	1.57
NET INCOME PER SHARE - DILUTED:	2.42	2.19	2.18	1.39	1.55
Basic	65	66	66	68	70
Diluted	66	67	68	69	71

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents, unrestricted	111	109	118	109	320
Restricted cash	21	23	1	9	5
Total cash, cash equivalents and restricted cash	132	132	119	119	325
Short-term investments	511	460	485	399	174
Total cash and cash equivalents, restricted cash and short-term investments	643	592	604	518	499
Student receivables, gross	68	64	64	81	79
Allowance for credit losses	−41	−41	−35	−39	−36
Student receivables, net	27	23	29	43	43
Receivables, other	5	5	5	3	2
Prepaid expenses	17	17	12	8	7
Inventories	4	3	5	2	904,000
Other current assets	208,000	171,000	155,000	597,000	3
Total current assets	697	640	655	575	554
Property and equipment, net of accumulated depreciation of $86,908 and $67,492 as of December 31, 2025 and 2024, respectively	83	96	21	26	28
Right of use assets, net - operating	43	50	19	26	37
Right of use assets, net - finance	10	15	—	—	—
Goodwill	266	258	241	244	163
Intangible assets, net of amortization of $44,786 and $27,725 as of December 31, 2025 and 2024, respectively	78	95	36	54	32
Student receivables, gross	9	9	7	6	4
Allowance for credit losses	−4	−2	−3	−4	−3
Student receivables, net	5	6	4	2	1
Deferred income tax assets, net	57	69	24	25	25
Other assets	8	8	7	6	7
TOTAL ASSETS	1,248	1,237	1,007	957	847
Lease liabilities - operating	6	8	6	7	9
Lease liabilities - finance	5	5	—	—	—
Accounts payable	14	13	11	14	11
Payroll and related benefits	44	35	33	40	25
Advertising and marketing costs	8	8	7	9	9
Income taxes	6	5	4	8	211,000
Other	16	21	14	15	15
Deferred revenue	38	37	37	72	71
Total current liabilities	138	132	111	163	140
Lease liabilities - operating	44	50	21	27	36
Lease liabilities - finance	6	12	—	—	—
Sale lease-back financing	57	—	—	—	—
Construction financing	—	57	—	—	—
Other liabilities	31	27	34	41	22
Total non-current liabilities	137	145	55	68	57
Commitments and Contingencies (Note 11)	—	—	—	—	—
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding	—	—	—	—	—
Common stock, $0.01 par value; 300,000,000 shares authorized; 92,072,703 and 91,023,660 shares issued, 62,478,373 and 65,719,224 shares outstanding as of December 31, 2025 and 2024, respectively	921,000	910,000	903,000	894,000	887,000
Additional paid-in capital	721	707	695	684	674
Accumulated other comprehensive income	1	166,000	−666,000	−5	−96,000
Retained earnings	718	596	481	348	252
Treasury stock, at cost, 29,594,330 and 25,304,436 shares as of December 31, 2025 and 2024, respectively	−469	−344	−334	−302	−277
Total stockholders' equity	972	960	841	726	650
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	1,248	1,237	1,007	957	847

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Gain on sale of asset	—	—	−22	—	—
Depreciation and amortization expense	42	15	17	20	17
Bad debt expense	29	34	33	42	—
Compensation expense related to share-based awards	12	10	8	9	15
Deferred income taxes	4	3	4	−720,000	15
Student receivables, gross	−5	−4,000	16	6	7
Allowance for credit losses	−28	−28	−39	−39	−47
Receivables, other	−2	−8	−4	−2	5
Inventories, prepaid expenses, and other current assets	3	4	−3	3	3
Other non-current assets	−383,000	692,000	478,000	843,000	72,000
Accounts payable	1	−727,000	−5	2	−3
Accrued expenses and other non-current liabilities	10	−6	−19	22	−3
Deferred revenue	1	−11	−34	−12	31
Right of use asset and lease liability - operating leases	−1	−4	−2	−2	—
Net cash provided by operating activities	225	162	112	148	191
Purchases of available-for-sale investments	−393	−413	−314	−492	−270
Sales of available-for-sale investments	346	448	238	262	392
Purchases of property and equipment	−9	−5	−6	−13	−10
Business acquisitions, net of cash acquired	854,000	−138	—	−84	−57
Sale of equity method investment	1	—	—	—	—
Earnout payment related to business acquisition	—	—	−6	—	—
Net cash used in investing activities	−54	−108	−89	−327	54
Purchase of treasury stock	−121	−7	−8	−23	−25
Issuance of common stock	2	2	3	1	861,000
Payments of employee tax associated with stock compensation	−8	−3	−2	−2	−6
Payments of cash dividends and dividend equivalents	−37	−32	−14	—	—
Release of cash held in escrow	−300,000	−276,000	−1	−4	—
Earnout payments for business acquisition	−2	—	—	—	—
Principal payments for finance leases	−5	−398,000	—	—	—
Principal payments for failed sale leaseback	−489,000	−735,000	—	—	—
Net cash used in financing activities	−171	−41	−23	−28	−30
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	527,000	13	137,000	−206	215
Income taxes paid	49	47	42	29	23
Interest paid on finance leases and failed sale-leaseback	6	81,000	—	—	—
Non-cash additions to property and equipment	383,000	247,000	329,000	−2	2
Right of use assets obtained in exchange for lease liabilities	—	3	—	—	727,000

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