Perdoceo Education Corporation Announces First Quarter 2025 Results

Perdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for the quarter ended March 31, 2025.

First Quarter 2025 Results as Compared to Prior Year Quarter

Operating income increased 11.8% to $51.7 million, while adjusted operating income increased 28.9% to $63.5 million,* supported by organic growth as well as the acquisition of the University of St. Augustine for Health Sciences (“USAHS”).
Earnings per diluted share were $0.65 as compared to $0.59, while adjusted earnings per diluted share were $0.70 as compared to $0.60.*
Revenue increased 26.6% to $213.0 million driven by the USAHS acquisition and total enrollment growth at CTU.
Total student enrollments at March 31, 2025, increased by 16.7%.
The quarter ended with $612.2 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments.

*See GAAP (U.S. generally accepted accounting principles) to non-GAAP reconciliation attached to this press release

"First quarter results exceeded our expectations as CTU and AIUS continued to operate at historically high levels of student retention and engagement, and experienced increased levels of prospective student interest, a trend we expect to continue this year,” said Todd Nelson, President and Chief Executive Officer. “Both academic institutions continued to experience robust participation in our corporate student programs and remain committed to investing in student resources and technology. At St. Augustine, we were pleased with our spring term performance as we remain focused on preparing health care professionals to serve and provide quality medical care to communities across the country."

REVENUE

For the quarter ended March 31, 2025, revenue of $213.0 million increased 26.6% compared to revenue of $168.3 million for the prior year quarter.


	For the Quarter Ended March 31,
Revenue ($ in thousands)	2025		2024		% Change
CTU	$	119,579	$	113,569		5.3	%
AIUS		54,059		54,505		-0.8	%
USAHS ⁽¹⁾		39,183		-	NM
Corporate and Other		183		190	NM
Total	$	213,004	$	168,264		26.6	%

(1) Perdoceo completed the acquisition of USAHS on December 2, 2024.

TOTAL STUDENT ENROLLMENTS

As of March 31, 2025, total student enrollments were 48,200, an increase of 16.7% as compared to 41,300 total student enrollments as of March 31, 2024.


	As of March 31,
Total Student Enrollments	2025		2024		% Change
CTU⁽¹⁾		33,400		30,200		10.6	%
AIUS⁽¹⁾		10,600		11,100		-4.5	%
USAHS ⁽²⁾		4,200		-	NM
Total		48,200		41,300		16.7	%

(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 March 31, 2025, operating income increased by 11.8% to $51.7 million as compared to the prior year quarter.


	For the Quarter Ended March 31,
Operating Income ($ in thousands)	2025			2024			% Change
CTU	$	46,097		$	42,156			9.3	%
AIUS		11,884			9,286			28.0	%
USAHS ⁽¹⁾		(330	)		-		NM
Corporate and Other		(5,924	)		(5,164	)		-14.7	%
Total	$	51,727		$	46,278			11.8	%

(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 may exclude certain non-cash items, as a means to understand the core 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 March 31, 2025, adjusted operating income of $63.5 million increased 28.9% as compared to adjusted operating income of $49.3 million for the prior year quarter.


	For the Quarter Ended March 31,
Adjusted Operating Income ($ in thousands)	2025			2024
Operating income	$	51,727		$	46,278
Depreciation and amortization		11,807			3,016
Adjusted Operating Income	$	63,534		$	49,294

Increase (Decrease)		*28.9*	%

NET INCOME AND EARNINGS PER DILUTED SHARE

For the quarter ended March 31, 2025, the Company recorded:

Net income of $43.7 million compared to $39.4 million for the prior year quarter.
Earnings per diluted share of $0.65 compared to $0.59 for the prior year quarter.
Adjusted earnings per diluted share of $0.70 compared to $0.60 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 Quarter Ended March 31,
	2025			2024

Reported Earnings Per Diluted Share	$	0.65		$	0.59

Pre-tax adjustments included in operating expenses:
Amortization for acquired intangible assets		0.06			0.02
Tax effect of adjustments ⁽¹⁾		(0.01	)		(0.01	)
Adjusted Earnings Per Diluted Share	$	0.70		$	0.60

(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 first quarter of 2025, the Company repurchased just under 1.0 million shares of our common stock for $25.2 million at an average price of $25.58 per share and made capital expenditures of $1.7 million. As of March 31, 2025, approximately $21.9 million was available under our authorized stock repurchase program, which is set to expire on September 30, 2025.

The board of directors declared a quarterly dividend of $0.13 per share, which will be paid on June 13, 2025 for holders of record of common stock as of June 1, 2025. 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 March 31, 2025, net cash provided by operating activities was $65.1 million, compared to net cash provided by operating activities of $54.5 million for the prior year quarter.
As of March 31, 2025 and December 31, 2024, cash, cash equivalents, restricted cash and available-for-sale short-term investments totaled $612.2 million and $591.5 million, respectively.


	For the Quarter Ended March 31,
Selected Cash Flow Items ($ in thousands)	2025		2024		% Change
Net cash provided by operating activities	$	65,127	$	54,492		19.5	%
Capital expenditures	$	1,737	$	1,198		45.0	%

OUTLOOK

The Company is updating its full year outlook and providing its second quarter 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 June 30,		For the Year Ending December 31,
	OUTLOOK	ACTUAL	OUTLOOK	ACTUAL
	2025	2024	2025	2024
Operating Income	$48.8M - $50.8M	$46.0M	$178.0M - $193.0M	$174.3M
Depreciation and amortization	$10.2M	$3.1M	$42.0M	$14.6M
Adjusted Operating Income	$59.0M-$61.0M	$49.1M	$220.0M-$235.0M	$188.9M

Earnings Per Diluted Share	$0.59-$0.61	$0.57	$2.21-$2.37	$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	$0.64-$0.66	$0.59	$2.40-$2.56	$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 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, (iii) no significant operating impacts from the settlement with the U.S. Federal Trade Commission or other legal or regulatory matters, (iv) the positive impact on total enrollments from various student loan initiatives implemented by the prior administration remains consistent with management's estimates, (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 26.5% for the second quarter and approximately 26.0% 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, May 1, 2025 at 5:00 p.m. Eastern time to discuss first 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/777625730. 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 is among the nation's reputable universities offering graduate health sciences degrees, primarily 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 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)

	March 31,			December 31,
	2025			2024
	(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents, unrestricted	$	132,055		$	109,130
Restricted cash		21,594			22,623
Short-term investments		458,527			459,795
Total cash and cash equivalents, restricted cash and short-term investments		612,176			591,548

Student receivables, net		45,672			22,807
Receivables, other		9,986			5,330
Prepaid expenses		14,672			16,910
Inventories		3,251			3,388
Other current assets		247			171
Total current assets		686,004			640,154

NON-CURRENT ASSETS:
Property and equipment, net		89,495			95,508
Right of use assets, net - operating		48,408			50,099
Right of use assets, net - finance		14,096			15,375
Goodwill		258,070			258,012
Intangible assets, net		90,675			95,006
Student receivables, net		5,140			6,195
Deferred income tax assets, net		68,774			68,774
Other assets		7,882			7,911
TOTAL ASSETS	$	1,268,544		$	1,237,034

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Lease liability - operating	$	5,278		$	7,792
Lease liabilities - finance		5,095			5,466
Accounts payable		13,374			12,805
Accrued expenses:
Payroll and related benefits		27,158			35,059
Advertising and marketing costs		6,902			8,135
Income taxes		17,869			4,926
Other		15,437			21,239
Deferred revenue		62,847			36,740
Total current liabilities		153,960			132,162

NON-CURRENT LIABILITIES:
Lease liability - operating		50,375			50,224
Lease liabilities - finance		10,231			11,555
Sale lease-back financing		56,657			-
Construction financing		-			56,500
Other liabilities		27,066			27,057
Total non-current liabilities		144,329			145,336

STOCKHOLDERS' EQUITY:
Preferred stock		-			-
Common stock		920			910
Additional paid-in capital		711,037			707,212
Accumulated other comprehensive income		673			166
Retained earnings		630,542			595,672
Treasury stock		(372,917	)		(344,424	)
Total stockholders' equity		970,255			959,536
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,268,544		$	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 March 31,
	2025			% of Total Revenue			2024			% of Total Revenue
REVENUE:
Tuition and fees, net	$	211,848			99.5	%	$	166,998			99.2	%
Other		1,156			0.5	%		1,266			0.8	%
Total revenue		213,004						168,264
OPERATING EXPENSES:
Educational services and facilities		48,542			22.8	%		29,858			17.7	%
General and administrative		100,928			47.4	%		87,482			52.0	%
Depreciation and amortization		11,807			5.5	%		3,016			1.8	%
Asset impairment		-			0.0	%		1,630			1.0	%
Total operating expenses		161,277			75.7	%		121,986			72.5	%
Operating income		51,727			24.3	%		46,278			27.5	%
OTHER INCOME:
Interest income		6,476			3.0	%		6,793			4.0	%
Interest expense		(1,682	)		-0.8	%		(335	)		-0.2	%
Miscellaneous (expense) income		(16	)		0.0	%		115			0.1	%
Total other income		4,778			2.2	%		6,573			3.9	%
PRETAX INCOME		56,505			26.5	%		52,851			31.4	%
Provision for income taxes		12,817			6.0	%		13,409			8.0	%

NET INCOME		43,688			20.5	%		39,442			23.4	%

NET INCOME PER SHARE - BASIC:	$	0.67					$	0.60

NET INCOME PER SHARE -DILUTED:	$	0.65					$	0.59

WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		65,680						65,555
Diluted		66,872						66,841

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
	For the Quarter Ended March 31,
(In Thousands)	2025						2024
NET INCOME	$	43,688					$	39,442
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
Foreign currency translation adjustments		-						(31	)
Unrealized gain (loss) on investments		507						(923	)
Total other comprehensive income (loss)		507						(954	)
COMPREHENSIVE INCOME	$	44,195					$	38,488


PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

	For the Quarter Ended March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	43,688		$	39,442
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairment		-			1,630
Depreciation and amortization expense		11,807			3,016
Bad debt expense		7,558			6,556
Compensation expense related to share-based awards		2,857			2,307
Deferred income taxes		-			741
Changes in operating assets and liabilities		(783	)		800
Net cash provided by operating activities		65,127			54,492

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale investments		(100,367	)		(104,558	)
Sales of available-for-sale investments		103,286			74,955
Purchases of property and equipment		(1,737	)		(1,198	)
Net cash provided by (used in) investing activities		1,182			(30,801	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock		978			1,520
Purchase of treasury stock		(25,192	)		(6,769	)
Payments of employee tax associated with stock compensation		(7,544	)		(3,435	)
Payments of cash dividends and dividend equivalents		(9,202	)		(7,197	)
Earnout payments related to business acquisition		(1,757	)		-
Principal payments for finance lease		(1,207	)		-
Principal payments for failed sale leaseback		(489	)		-
Net cash used in financing activities		(44,413	)		(15,881	)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		21,896			7,810
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period		131,753			119,021
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period	$	153,649		$	126,831


PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED SELECTED SEGMENT INFORMATION
(In thousands, except percentages)

	For the Quarter Ended March 31,
	2025			2024
REVENUE:
CTU	$	119,579		$	113,569
AIUS		54,059			54,505
USAHS ⁽¹⁾		39,183			-
Corporate and Other		183			190
Total	$	213,004		$	168,264

OPERATING INCOME (LOSS):
CTU	$	46,097		$	42,156
AIUS		11,884			9,286
USAHS ⁽¹⁾		(330	)		-
Corporate and Other		(5,924	)		(5,164	)
Total	$	51,727		$	46,278

OPERATING MARGIN (LOSS):
CTU		38.5	%		37.1	%
AIUS		22.0	%		17.0	%
USAHS ⁽¹⁾	NM			NM
Corporate and Other	NM			NM
Total		24.3	%		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 March 31,
	ACTUAL
Adjusted Operating Income	2025		2024
Operating income	$	51,727	$	46,278
Depreciation and amortization⁽²⁾		11,807		3,016
Adjusted Operating Income	$	63,534	$	49,294

	For the Quarter Ending June 30,
	OUTLOOK		ACTUAL
	2025		2024
Operating income	$48.8M - $50.8M		$	46,006
Depreciation and amortization⁽²⁾	10.2M			3,069
Adjusted Operating Income	$59.0M - $61.0M		$	49,075

	For the Year Ending December 31,
	OUTLOOK		ACTUAL
	2025		2024
Operating income	$178.0M - $193.0M		$	174,253
Depreciation and amortization⁽²⁾	42.0M			14,645
Adjusted Operating Income	$220.0M - $235.0M		$	188,898

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS ⁽¹⁾ (cont’d)

	For the Quarter Ended March 31,
	ACTUAL
	2025			2024
Reported Earnings Per Diluted Share	$	0.65		$	0.59

Pre-tax adjustments included in operating expenses:
Amortization for acquired intangible assets ⁽²⁾		0.06			0.02
Total pre-tax adjustments	$	0.06		$	0.02
Tax effect of adjustments ⁽³⁾		(0.01	)		(0.01	)
Total adjustments after tax		0.05			0.01
Adjusted Earnings Per Diluted Share	$	0.70		$	0.60


	For the Quarter Ending June 30,
	OUTLOOK			ACTUAL
	2025			2024
Reported Earnings Per Diluted Share	$0.59 - $0.61			$	0.57

Pre-tax adjustments included in operating expenses:
Amortization for acquired intangible assets ⁽²⁾	0.06				0.02
Total pre-tax adjustments	0.06			$	0.02
Tax effect of adjustments ⁽³⁾	(0.01		)		-
Total adjustments after tax		0.05			0.02
Adjusted Earnings Per Diluted Share	$0.64 - $0.66			$	0.59

	For the Year Ending December 31,
	OUTLOOK			ACTUAL
	2025			2024
Reported Earnings Per Diluted Share	$2.21 - $2.37			$	2.19

Pre-tax adjustments included in operating expenses:
Amortization for acquired intangible assets ⁽²⁾	0.26				0.09
Total pre-tax adjustments	0.26			$	0.09
Tax effect of adjustments ⁽³⁾	(0.07		)		(0.02	)
Total adjustments after tax		0.19			0.07
Adjusted Earnings Per Diluted Share	$2.40 - $2.56			$	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/20250501072403/en/

Contacts

Investors:

Alpha IR Group

Stephen Poe or Nick Nelson

(312) 445-2870

PRDO@alpha-ir.com

Or

Media:

Perdoceo Education Corporation

(847) 585-2600

media@perdoceoed.com