PERDOCEO EDUCATION Corp Q2 FY2025 earnings call

• Academic institutions focus on changing lives and preparing learners for job market skills. CTU and AIUS offer career-focused programs, St. Augustine prepares medical professionals. - Second quarter operating performance exceeded expectations with net income $41 million or $0.62 per diluted share, adjusted earnings per diluted share $0.67. - Total enrollment growth 17% vs prior year quarter, supported by CTU, AIUS growth and St. Augustine acquisition. CTU has 7 consecutive quarters of enrollment growth, AIUS has highest enrollments in over a year. - Invest in marketing, admissions, technology for students. Corporate student programs at CTU and AIUS growing. St. Augustine summer term new enrollments increased, fall term expected to grow. - Capital allocation: Board approved new $75 million share repurchase authorization, increased quarterly dividend from $0.13 to $0.15 per share. - Encouraged by legislative and regulatory actions seen as providing opportunities for responsible growth.

For the second quarter, revenue at CTU was $118 million (4.6% higher than prior year quarter) with operating income increasing 7.9% to $46.3 million. At AIU System, second quarter revenue increased 1.9% to $54.7 million; excluding a nonrecurring expense benefit, current quarter operating income would have shown an increase. St. Augustine recorded revenue of $36.7 million, with adjusted operating income from St. Augustine being $5.5 million for the quarter. Operating losses for Corporate and Other were $5.2 million in the quarter, an improvement from $9.8 million in the prior year quarter.

• Raised full year 2025 adjusted operating income outlook to range between $230 million and $236 million. - Adjusted earnings per diluted share expected to range between $2.48 and $2.55. - Third quarter 2025 adjusted operating income expected to be in the range of $57 million to $59 million, adjusted earnings per diluted share to range between $0.60 and $0.62 per diluted share. - Full year revenue higher than 2024 due to St. Augustine acquisition, CTU and AIU System expected to have growth, AIU has additional academic session in December 2025 contributing to enrollment growth.

Forward-looking statements involve risks and uncertainties including those identified in Perdoceo's most recent annual report on Form 10-K and subsequent filings with the SEC. Non-GAAP financial measures are to supplement but not substitute for GAAP measures.