PERDOCEO EDUCATION Corp Q3 FY2024 earnings call

• High levels of student retention and engagement at CTU and AIUS, with retention at multiyear highs. • Faculty and student support teams dedicated to education and serving students, with federal student aid initiatives positively impacting retention. • Marketing expenditures higher than prior year as AIUS reverted to normalized levels. • Leveraging data analytics for marketing strategies to identify prospective students and comply with federal agency expectations. • Technology investment as priority for enhancing academic experiences and student support services. • Pending acquisition of University of St. Augustine, marking foray into health sciences, expected to be accretive to adjusted operating income from 2025 and will be a separate segment for external reporting.

For CTU: Third quarter revenue decreased by 4% to $115.7 million. Operating income increased to $44.2 million from $34.5 million in the prior year. For AIU System: Third quarter revenue was $53.9 million or 9% lower than the prior year quarter. Operating income was $9.1 million versus $15.6 million in the prior year quarter. For Corporate and Other: Operating loss for the third quarter was $8.5 million as compared to $7 million in the prior year quarter. Revenue contribution: CTU contributed $115.7 million out of $169.8 million total revenue (approx 68.1%), AIU System contributed $53.9 million (approx 31.7%), and Corporate and Other had a negative contribution.

• Full year 2024 adjusted operating income expected to range between $188 million and $191 million, up from previously provided range of $175 million to $190 million and 2023 adjusted operating income of $174.9 million. • Adjusted earnings per diluted share expected to range between $2.25 and $2.28 versus $2.10 in 2023. • Fourth quarter 2024 expected to have double-digit revenue growth for the company, with both academic institutions contributing due to organic total enrollment growth. • AIU System expected to experience revenue and enrollment growth in the fourth quarter. • Full year revenue at CTU expected to be lower than 2023 due to simplification of professional development offerings, but excluding this impact, revenue would be higher. • AIU System full year revenue expected to be below 2023 levels due to lag impact of lower beginning total enrollments, but revenue and total student enrollments expected to grow in fourth quarter.

• The Department of Education's ongoing negotiated rule-making processes and updated guidance could require further operational changes, which could impact the outlook. • Any necessary operational changes to ensure compliance with department rules and interpretations could affect the financial performance and outlook as presented.