PERDOCEO EDUCATION CorpPRDO

PERDOCEO EDUCATION Corp Segments Disclosure

10-KFiled Feb 19, 20265 min read

17. 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.

Our three reporting segments are described below.

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 December 31, 2025, students enrolled at CTU represented approximately 67% 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 December 31, 2025, students enrolled at AIUS represented approximately 24% 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 December 31, 2025, 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 income (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):

 

 

Revenue

 

 

Operating Income (Loss)

 

 

Depreciation
and
Amortization

 

 

Capital Expenditures

 

 

Total Assets (1)

 

For the Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CTU (2)

 

$

461,602

 

 

$

180,597

 

 

$

5,563

 

 

$

5

 

 

$

172,405

 

AIUS (2)

 

 

226,220

 

 

 

35,950

 

 

 

5,466

 

 

 

148

 

 

 

170,825

 

USAHS (3)

 

 

157,576

 

 

 

3,211

 

 

 

30,316

 

 

 

5,514

 

 

 

287,985

 

Corporate and Other

 

 

698

 

 

 

(23,758

)

 

 

282

 

 

 

2,909

 

 

 

616,502

 

Total

 

$

846,096

 

 

$

196,000

 

 

$

41,627

 

 

$

8,576

 

 

$

1,247,717

 

For the Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CTU (2)

 

$

443,374

 

 

$

174,686

 

 

$

5,618

 

 

$

125

 

 

$

175,115

 

AIUS (2)

 

 

227,072

 

 

 

32,756

 

 

 

6,186

 

 

 

143

 

 

 

164,985

 

USAHS (3)

 

 

10,041

 

 

 

(2,640

)

 

 

2,516

 

 

 

311

 

 

 

306,552

 

Corporate and Other

 

 

776

 

 

 

(30,549

)

 

 

325

 

 

 

4,046

 

 

 

590,382

 

Total

 

$

681,263

 

 

$

174,253

 

 

$

14,645

 

 

$

4,625

 

 

$

1,237,034

 

For the Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CTU (2)

 

$

456,169

 

 

$

150,699

 

 

$

8,404

 

 

$

141

 

 

 

 

AIUS (2)

 

 

253,057

 

 

 

38,592

 

 

 

8,149

 

 

 

704

 

 

 

 

USAHS (3)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

Corporate and Other

 

 

778

 

 

 

(38,845

)

 

 

334

 

 

 

5,566

 

 

 

 

Total

 

$

710,004

 

 

$

150,446

 

 

$

16,887

 

 

$

6,411

 

 

 

 

__________________

(1)
Total assets are presented on a consolidated basis and do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.
(2)
The prior period operating results for CTU and AIUS were recast to reflect the transition of Hippo Education from CTU to AIUS.
(3)
USAHS includes results of operations starting from the acquisition date on December 2, 2024.

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

 

 

 

For the Year Ended December 31, 2025

 

Significant expense categories

 

CTU (1)

 

 

AIUS (1)

 

 

USAHS (2)

 

Academics and student related

 

$

61,323

 

 

$

45,639

 

 

$

64,465

 

Advertising and marketing

 

 

54,771

 

 

 

42,904

 

 

 

15,183

 

Admissions

 

 

48,092

 

 

 

35,541

 

 

 

5,324

 

Administrative (3)

 

 

89,458

 

 

 

46,555

 

 

 

21,405

 

Bad debt

 

 

19,441

 

 

 

9,607

 

 

 

442

 

Depreciation and amortization

 

 

5,563

 

 

 

5,466

 

 

 

30,316

 

All other expenses (4)

 

 

2,357

 

 

 

4,558

 

 

 

17,230

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2024

 

Significant expense categories

 

CTU (1)

 

 

AIUS (1)

 

 

USAHS (2)

 

Academics and student related

 

$

59,904

 

 

$

45,331

 

 

$

5,343

 

Advertising and marketing

 

 

54,662

 

 

 

45,120

 

 

 

1,181

 

Admissions

 

 

46,118

 

 

 

35,141

 

 

 

524

 

Administrative (3)

 

 

78,701

 

 

 

42,021

 

 

 

1,476

 

Bad debt

 

 

19,907

 

 

 

13,612

 

 

 

201

 

Depreciation and amortization

 

 

5,618

 

 

 

6,186

 

 

 

2,516

 

All other expenses (4)

 

 

3,778

 

 

 

6,905

 

 

 

1,440

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2023

 

Significant expense categories

 

CTU (1)

 

 

AIUS (1)

 

 

USAHS (2)

 

Academics and student related

 

$

67,016

 

 

$

51,473

 

 

$

-

 

Advertising and marketing

 

 

63,198

 

 

 

39,390

 

 

 

-

 

Admissions

 

 

50,157

 

 

 

41,202

 

 

 

-

 

Administrative (3)

 

 

79,249

 

 

 

54,391

 

 

 

-

 

Bad debt

 

 

20,203

 

 

 

13,028

 

 

 

-

 

Depreciation and amortization

 

 

8,404

 

 

 

8,149

 

 

 

-

 

All other expenses (4)

 

 

17,243

 

 

 

6,832

 

 

 

-

 

__________________

(1)
The prior period operating results for CTU and AIUS were recast to reflect the transition of Hippo Education from CTU to AIUS.
(2)
USAHS includes financial information starting from the acquisition date on December 2, 2024.
(3)
Administrative expense includes allocations from Corporate and Other.
(4)
All other expenses primarily include occupancy and asset impairment.

Historical Timeline

Fiscal YearFiled
2025Feb 19, 2026Showing above
2024Feb 18, 2025
2023Feb 21, 2024
2022Feb 23, 2023
2021Feb 24, 2022
2020Feb 24, 2021
2019Feb 19, 2020
2018Feb 20, 2019
2017Feb 21, 2018
2016Feb 23, 2017
2015Feb 29, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

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