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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission File Number: 0-23245

PERDOCEO EDUCATION CORPORATION

(Exact name of registrant as specified in its charter)


Delaware	36-3932190
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1750 E. Golf Road Schaumburg, Illinois	60173
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (847) 781-3600

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	PRDO	Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company, as defined in Rule 12b-2 of the Exchange Act. Yes ☐ No ☒

Number of shares of registrant’s common stock, par value $0.01, outstanding as of July 25, 2025: 64,953,379

PERDOCEO EDUCATION CORPORATION

FORM 10-Q

TABLE OF CONTENTS



		Page
PART I—FINANCIAL INFORMATION

Item 1.	Financial Statements

	Condensed Consolidated Balance Sheets	1

	Condensed Consolidated Statements of Income (Unaudited)	2

	Condensed Consolidated Statements of Comprehensive Income (Unaudited)	2
	Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)	3

	Condensed Consolidated Statements of Cash Flows (Unaudited)	4

	Notes to Unaudited Condensed Consolidated Financial Statements	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	29

Item 4.	Controls and Procedures	30

PART II—OTHER INFORMATION

Item 1.	Legal Proceedings	31

Item 1A.	Risk Factors	31

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 5.	Other Information	31
Item 6.	Exhibits	32

SIGNATURES		34

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


	June 30,			December 31,
(In Thousands, Except Share and Per Share Amounts)	2025			2024
ASSETS	(unaudited)
CURRENT ASSETS:
Cash and cash equivalents, unrestricted	$	172,075		$	109,130
Restricted cash		21,602			22,623
Total cash, cash equivalents and restricted cash		193,677			131,753
Short-term investments		465,912			459,795
Total cash and cash equivalents, restricted cash and short-term investments		659,589			591,548
Student receivables, gross		71,322			63,925
Allowance for credit losses		(38,094	)		(41,118	)
Student receivables, net		33,228			22,807
Receivables, other		9,171			5,330
Prepaid expenses		16,384			16,910
Inventories		2,635			3,388
Other current assets		200			171
Total current assets		721,207			640,154

NON-CURRENT ASSETS:
Property and equipment, net of accumulated depreciation of $78,231 and $67,492 as of June 30, 2025 and December 31, 2024, respectively		87,708			95,508
Right of use asset, net - operating		46,786			50,099
Right of use asset, net - finance		12,817			15,375
Goodwill		258,191			258,012
Intangible assets, net of amortization of $36,354 and $27,725 as of June 30, 2025 and December 31, 2024, respectively		86,377			95,006
Student receivables, gross		9,062			8,597
Allowance for credit losses		(4,220	)		(2,402	)
Student receivables, net		4,842			6,195
Deferred income tax assets, net		68,774			68,774
Other assets		7,685			7,911
TOTAL ASSETS	$	1,294,387		$	1,237,034
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Lease liability-operating	$	5,442		$	7,792
Lease liability-finance		5,214			5,466
Accounts payable		16,644			12,805
Accrued expenses:
Payroll and related benefits		31,356			35,059
Advertising and marketing costs		6,689			8,135
Income taxes		5,970			4,926
Other		15,785			21,239
Deferred revenue		81,699			36,740
Total current liabilities		168,799			132,162

NON-CURRENT LIABILITIES:
Lease liability-operating		48,230			50,224
Lease liability-finance		8,886			11,555
Sale lease-back financing		56,766			-
Construction financing		-			56,500
Other liabilities		27,075			27,057
Total non-current liabilities		140,957			145,336
Commitments and Contingencies (Note 9)
STOCKHOLDERS' EQUITY:
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; 92,041,041 and 91,023,660 shares issued, 64,953,379 and 65,719,224 shares outstanding as of June 30, 2025 and December 31, 2024, respectively		920			910
Additional paid-in capital		713,940			707,212
Accumulated other comprehensive income		722			166
Retained earnings		662,856			595,672
Treasury stock, at cost; 27,087,662 and 25,304,436 shares as of June 30, 2025 and December 31, 2024, respectively		(393,807	)		(344,424	)
Total stockholders' equity		984,631			959,536
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,294,387		$	1,237,034

The accompanying notes are an integral part of these condensed consolidated financial statements.

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)


	For the Quarter Ended June 30,						For the Year to Date Ended June 30,
(In Thousands, Except Per Share Amounts)	2025			2024			2025			2024
REVENUE:
Tuition and fees, net	$	208,375		$	165,404		$	420,223		$	332,402
Other		1,206			1,336			2,362			2,602
Total revenue		209,581			166,740			422,585			335,004

OPERATING EXPENSES:
Educational services and facilities		50,241			27,516			98,783			57,374
General and administrative		97,793			89,311			198,721			176,793
Depreciation and amortization		10,148			3,069			21,955			6,085
Asset impairment		-			838			-			2,468
Total operating expenses		158,182			120,734			319,459			242,720
Operating income		51,399			46,006			103,126			92,284

OTHER INCOME:
Interest income		6,460			7,190			12,936			13,983
Interest expense		(1,611	)		(112	)		(3,293	)		(447	)
Miscellaneous (expense) income		(10	)		(70	)		(26	)		45
Total other income		4,839			7,008			9,617			13,581

PRETAX INCOME		56,238			53,014			112,743			105,865
Provision for income taxes		15,210			14,585			28,027			27,994
NET INCOME		41,028			38,429			84,716			77,871

NET INCOME PER SHARE - BASIC:	$	0.63		$	0.59		$	1.29		$	1.19

NET INCOME PER SHARE - DILUTED:	$	0.62		$	0.57		$	1.27		$	1.16

WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		65,331			65,611			65,504			65,583
Diluted		66,582			67,077			66,722			66,956

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


	For the Quarter Ended June 30,					For the Year to Date Ended June 30,
(In Thousands)	2025		2024			2025		2024
NET INCOME	$	41,028	$	38,429		$	84,716	$	77,871
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
Foreign currency translation adjustments		-		(8	)		-		(39	)
Unrealized gain (loss) on investments		49		(93	)		556		(1,016	)
Total other comprehensive income (loss)		49		(101	)		556		(1,055	)
COMPREHENSIVE INCOME	$	41,077	$	38,328		$	85,272	$	76,816

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)


	Common Stock				Treasury Stock								Accumulated Other
(In Thousands)	Issued Shares		$0.01 Par Value		Purchased Shares			Cost			Additional Paid-in Capital		Comprehensive Income			Retained Earnings			Total
BALANCE, April 1, 2025		91,974	$	920		(26,438	)	$	(372,917	)	$	711,037	$	673		$	630,542		$	970,255
Net income		-		-		-			-			-		-			41,028			41,028
Unrealized gain on investments, net of tax		-		-		-			-			-		49			-			49
Dividends to shareholders, per share $0.13		-		-		-			-			-		-			(8,714	)		(8,714	)
Treasury stock purchased		-		-		(650	)		(20,890	)		-		-			-			(20,890	)
Share-based compensation expense		-		-		-			-			2,586		-			-			2,586
Common stock issued		67		-		-			-			317		-			-			317
BALANCE, June 30, 2025		92,041	$	920		(27,088	)	$	(393,807	)	$	713,940	$	722		$	662,856		$	984,631

	Common Stock				Treasury Stock								Accumulated Other
(In Thousands)	Issued Shares		$0.01 Par Value		Purchased Shares			Cost			Additional Paid-in Capital		Comprehensive Loss			Retained Earnings			Total
BALANCE, April 1, 2024		90,907	$	909		(25,304	)	$	(344,424	)	$	698,619	$	(1,620	)	$	512,622		$	866,106
Net income		-		-		-			-			-		-			38,429			38,429
Foreign currency translation		-		-		-			-			-		(8	)		-			(8	)
Unrealized loss on investments, net of tax		-		-		-			-			-		(93	)		-			(93	)
Dividends to shareholders, per share $0.11		-		-		-			-			-		-			(7,445	)		(7,445	)
Share-based compensation expense		-		-		-			-			2,250		-			-			2,250
Common stock issued		71		1		-			-			284		-			-			285
BALANCE, June 30, 2024		90,978	$	910		(25,304	)	$	(344,424	)	$	701,153	$	(1,721	)	$	543,606		$	899,524

	Common Stock				Treasury Stock								Accumulated Other
(In Thousands)	Issued Shares		$0.01 Par Value		Purchased Shares			Cost			Additional Paid-in Capital		Comprehensive Income			Retained Earnings			Total
BALANCE, January 1, 2025		91,024	$	910		(25,304	)	$	(344,424	)	$	707,212	$	166		$	595,672		$	959,536
Net income		-		-		-			-			-		-			84,716			84,716
Unrealized gain on investments, net of tax		-		-		-			-			-		556			-			556
Dividends to shareholders, per share $0.26		-		-		-			-			-		-			(17,532	)		(17,532	)
Treasury stock purchased		-		-		(1,635	)		(46,082	)		-		-			-			(46,082	)
Earnout payments for business acquisition		-		-		158			4,243			-		-			-			4,243
Share-based compensation expense		-		-		-			-			5,443		-			-			5,443
Common stock issued		1,017		10		(307	)		(7,544	)		1,285		-			-			(6,249	)
BALANCE, June 30, 2025		92,041	$	920		(27,088	)	$	(393,807	)	$	713,940	$	722		$	662,856		$	984,631

	Common Stock				Treasury Stock								Accumulated Other
(In Thousands)	Issued Shares		$0.01 Par Value		Purchased Shares			Cost			Additional Paid-in Capital		Comprehensive Loss			Retained Earnings			Total
BALANCE, January 1, 2024		90,270	$	903		(24,726	)	$	(334,220	)	$	694,798	$	(666	)	$	480,606		$	841,421
Net income		-		-		-			-			-		-			77,871			77,871
Foreign currency translation		-		-		-			-			-		(39	)		-			(39	)
Unrealized loss on investments, net of tax		-		-		-			-			-		(1,016	)		-			(1,016	)
Dividends to shareholders, per share $0.22		-		-		-			-			-		-			(14,871	)		(14,871	)
Treasury stock purchased		-		-		(385	)		(6,769	)		-		-			-			(6,769	)
Share-based compensation expense		-		-	-				-			4,557		-			-			4,557
Common stock issued		708		7		(193	)		(3,435	)		1,798		-			-			(1,630	)
BALANCE, June 30, 2024		90,978	$	910		(25,304	)	$	(344,424	)	$	701,153	$	(1,721	)	$	543,606		$	899,524

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	For the Year to Date Ended June 30,
(In Thousands)	2025			2024

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	84,716		$	77,871
Adjustments to reconcile net income to net
cash provided by operating activities:
Asset impairment		-			2,468
Depreciation and amortization expense		21,955			6,085
Bad debt expense		13,015			12,631
Compensation expense related to share-based awards		5,443			4,557
Deferred income taxes		-			562
Changes in operating assets and liabilities		18,776			(11,157	)
Net cash provided by operating activities		143,905			93,017

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale investments		(192,891	)		(204,060	)
Sales of available-for-sale investments		189,272			145,945
Purchases of property and equipment		(4,489	)		(2,022	)
Business acquisition		854			-
Net cash used in investing activities		(7,254	)		(60,137	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock		1,295			1,805
Purchase of treasury stock		(46,082	)		(6,769	)
Payments of employee tax associated with stock compensation		(7,544	)		(3,435	)
Payments of cash dividends and dividend equivalents		(17,718	)		(14,613	)
Earnout payments for business acquisition		(1,757	)		-
Principal payments for finance lease		(2,432	)		-
Principal payments for failed sale leaseback		(489	)		-
Net cash used in financing activities		(74,727	)		(23,012	)

NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		61,924			9,868
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period		131,753			119,021
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period	$	193,677		$	128,889

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. DESCRIPTION OF THE COMPANY

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 prepares medical professionals to provide quality medical care to communities across the country primarily through its graduate health sciences degree offerings 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 and communities needing a qualified workforce.

As used in this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” “the Company,” “Perdoceo” and “PEC” refer to Perdoceo Education Corporation and our wholly-owned subsidiaries.

2. BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for interim financial information and with the rules and regulations for reporting the Quarterly Report on Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated balance sheet at December 31, 2024 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. This report should be read in conjunction with our 2024 Form 10-K. In our opinion, these financial statements include all normal and recurring adjustments necessary for a fair presentation.

Operating results for the quarter and year to date ended June 30, 2025 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.

On December 2, 2024, the Company acquired the University of St. Augustine for Health Sciences (the "USAHS acquisition"). Results of operations related to the USAHS acquisition are included in the consolidated financial statements from the date of acquisition. See Note 3 "Business Acquisition" for further information.

The unaudited condensed consolidated financial statements presented herein include the accounts of Perdoceo Education Corporation and our wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.

Our reporting segments are determined in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280 – Segment Reporting and are based upon how the Company analyzes performance and makes decisions. Each segment represents a postsecondary education provider that offers a variety of academic programs. We organize our business across three reporting segments: CTU, AIUS and USAHS.

3. BUSINESS ACQUISITION

On December 2, 2024, the Company completed the acquisition of the University of St. Augustine for Health Sciences ("USAHS").

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. Founded in 1979, USAHS educates students through its network of campuses in San Marcos, California; St. Augustine and Miami, Florida; and Austin and Dallas, Texas and through its online programs.

The purchase price of $137.0 million for USAHS was allocated to the preliminary fair values of acquired tangible and identifiable intangible assets of $268.5 million and assumed liabilities of $131.5 million as of December 2, 2024. The purchase price consisted of an initial cash payment made in December 2024, and a working capital true up of $0.8 million, which was received in April 2025. Based on our preliminary purchase price allocation, we have recorded goodwill of $17.0 million. Goodwill reflects the

inherent value of the acquired workforce as well as revenue growth opportunities following the acquisition. All of this goodwill balance will not be deductible for income tax reporting purposes. Management's purchase price allocation is provisional as the fair value of deferred tax assets are still being finalized, primarily due to the timing of the acquisition which occurred in December 2024.

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of acquisition date (dollars in thousands):


	USAHS
	December 2, 2024
Assets:
Student and other receivables	$	1,771
Prepaid assets		4,727
Property, plant and equipment		78,800
ROU assets		53,271
Intangible assets
Trade name (indefinite-lived)		9,800
Customer relationships (2 year life)		14,000
Course curriculum (4 year life)		15,500
Accreditation rights (12 year life)		25,000
Deferred tax asset, net		47,626
Other assets		977
Goodwill		17,029
Total assets acquired	$	268,501
Liabilities:
Accounts payable and other accrued liabilities	$	9,269
Deferred revenue		10,137
Lease liabilities		55,625
Construction financing		56,500
Total liabilities assumed	$	131,531

Net assets acquired	$	136,970

4. RECENT ACCOUNTING PRONOUNCEMENTS

Recent accounting guidance adopted in 2025

In December 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU require that public business entities on an annual basis 1) disclose specific categories in the rate reconciliation, and 2) provide additional information for reconciling items that meet a quantitative threshold. The amendments require disclosure about income taxes paid by federal, state and foreign taxes, and by individual jurisdictions in which income taxes paid is equal or greater than 5 percent of total income taxes paid. The amendment also requires entities to disclose income or loss from continuing operations before income tax expense disaggregated between domestic and foreign and income tax expense or benefit from continuing operations disaggregated by federal, state and foreign. For all public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024; early adoption is permitted. We have evaluated and adopted this guidance. The adoption did not significantly impact the presentation of our financial condition, results of operations and disclosures.

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. For all public business entities, ASU 2022-03 is effective for annual periods and interim periods beginning after December 15, 2024; early adoption is permitted. We have evaluated and adopted this guidance. The adoption did not significantly impact the presentation of our financial condition, results of operations and disclosures.

5. FINANCIAL INSTRUMENTS

Investments consist of the following as of June 30, 2025 and December 31, 2024 (dollars in thousands):


	June 30, 2025
			Gross Unrealized
	Cost		Gain		(Loss)			Fair Value
Short-term investments (available-for-sale):
Non-governmental debt securities	$	294,361	$	738	$	(90	)	$	295,009
Treasury and federal agencies		170,661		305		(63	)		170,903
Total short-term investments (available-for-sale)	$	465,022	$	1,043	$	(153	)	$	465,912


	December 31, 2024
			Gross Unrealized
	Cost		Gain		(Loss)			Fair Value
Short-term investments (available-for-sale):
Non-governmental debt securities	$	246,070	$	466	$	(278	)	$	246,258
Treasury and federal agencies		213,394		258		(115	)		213,537
Total short-term investments (available-for-sale)	$	459,464	$	724	$	(393	)	$	459,795

In the table above, unrealized holding gains (losses) relate to short-term investments that have been in a continuous unrealized gain (loss) position for less than one year, which are recorded within accumulated other comprehensive income on our condensed consolidated balance sheets.

Our non-governmental debt securities primarily consist of corporate bonds, certificates of deposit and commercial paper. Our treasury and federal agencies primarily consist of U.S. Treasury bills and federal home loan debt securities.

There were no realized gains or losses from the sale of investments for the quarters and years to date ended June 30, 2025 and June 30, 2024.

Fair Value Measurements

FASB ASC Topic 820 – Fair Value Measurement establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

As of June 30, 2025, we held investments that are required to be measured at fair value on a recurring basis. These investments (available-for-sale) consist of non-governmental debt securities and treasury and federal agencies securities. Available-for-sale securities included in Level 2 are estimated based on observable inputs other than quoted prices in active markets for identical assets and liabilities, such as quoted prices for identical or similar assets or liabilities in inactive markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Financial instruments measured at fair value on a recurring basis subject to the disclosure requirements of FASB ASC Topic 820 - Fair Value Measurements at June 30, 2025 and December 31, 2024 were as follows (dollars in thousands):


	As of June 30, 2025
	Level 1		Level 2		Total
Cash and cash equivalents - money market funds	$	33,814	$	-	$	33,814
Cash and cash equivalents - commercial paper		-		4,988		4,988
Short-term investments - non-governmental debt securities		-		295,009		295,009
Short-term investments - treasury and federal agencies		-		170,903		170,903
Totals	$	33,814	$	470,900	$	504,714

	As of December 31, 2024
	Level 1		Level 2		Total
Cash and cash equivalents - money market funds	$	30,189	$	-	$	30,189
Cash and cash equivalents - federal agency debt securities		-		13,078		13,078
Short-term investments - non-governmental debt securities		-		246,258		246,258
Short-term investments - treasury and federal agencies		-		213,537		213,537
Totals	$	30,189	$	472,873	$	503,062

Equity Method Investment

We make periodic operating maintenance payments to an equity affiliate. The total fees recorded during the quarters and years to date ended June 30, 2025 and 2024 were as follows (dollars in thousands):


	Maintenance Fee Payments
For the quarter ended June 30, 2025	$	452
For the quarter ended June 30, 2024	$	423
For the year to date ended June 30, 2025	$	880
For the year to date ended June 30, 2024	$	867

6. REVENUE RECOGNITION

Disaggregation of Revenue

The following tables disaggregate our revenue by major source for the quarters and years to date ended June 30, 2025 and 2024 (dollars in thousands):


	For the Quarter Ended June 30, 2025										For the Quarter Ended June 30, 2024
	CTU		AIUS		USAHS (3)		Corporate and Other		Total		CTU		AIUS		USAHS (3)		Corporate and Other		Total
Tuition and fees, net (1)	$	117,188	$	54,492	$	36,695	$	-	$	208,375	$	111,976	$	53,428	$	-	$	-	$	165,404
Other revenue (2)		782		231		2		191		1,206		852		294		-		190		1,336
Total revenue	$	117,970	$	54,723	$	36,697	$	191	$	209,581	$	112,828	$	53,722	$	-	$	190	$	166,740

	For the Year to Date Ended June 30, 2025										For the Year to Date Ended June 30, 2024
	CTU		AIUS		USAHS (3)		Corporate and Other		Total		CTU		AIUS		USAHS (3)		Corporate and Other		Total
Tuition and fees, net (1)	$	236,025	$	108,322	$	75,876	$	-	$	420,223	$	224,756	$	107,646	$	-	$	-	$	332,402
Other revenue (2)		1,524		460		4		374		2,362		1,641		581		-		380		2,602
Total revenue	$	237,549	$	108,782	$	75,880	$	374	$	422,585	$	226,397	$	108,227	$	-	$	380	$	335,004

__________________

(1)

Tuition and fees, net, includes revenue earned for all degree-granting programs as well as revenue earned for non-degree and professional development programs.

(2)

Other revenue primarily includes contract training revenue and miscellaneous non-student related revenue.

(3)

USAHS includes revenue beginning on the acquisition date of December 2, 2024.

Performance Obligations

Our revenue, which is derived primarily from academic programs taught to students who attend our universities, is generally segregated into two categories: (1) tuition and fees, and (2) other. Tuition and fees represent costs to our students for educational services provided by our universities and are reflected net of scholarships and tuition discounts. Our universities charge tuition and fees at varying amounts and bill students a single charge that covers tuition, certain fees and required program materials, such as textbooks and supplies, which we treat as a single performance obligation. Generally, we bill student tuition at the beginning of each academic term for our degree programs and recognize the tuition as revenue on a straight-line basis over the academic term. As part of a student’s course of instruction, certain fees, such as technology fees and graduation fees, are billed separately to students. These fees are generally earned over the applicable term and are not considered separate performance obligations. We generally bill student tuition upon enrollment for our non-degree professional development programs and recognize the tuition as revenue on a straight-line basis over the length of the offering.

Other revenue, which primarily consists of contract training revenue and miscellaneous non-student related revenue, is billed and recognized as goods are delivered or services are performed.

Contract Assets

For each term, the portion of tuition and fee payments received from students but not yet earned is recorded as deferred revenue and reported as a current liability on our condensed consolidated balance sheets, as we expect to earn these revenues within the next year. A contract asset is recorded for each student for the current term for which they are enrolled for the amount charged for the current term that has not yet been received as payment and to which we do not have the unconditional right to receive payment because the student has not reached the point in the student’s current academic term at which the amount billed is no longer refundable to the student. On a student by student basis, the contract asset is offset against the deferred revenue balance for the current term and the net deferred revenue balance is reflected within current liabilities on our condensed consolidated balance sheets. For certain of our institutions, students are billed as they enroll in courses, including courses related to future periods. Any billings for future periods would meet the definition of a contract asset as we do not have the unconditional right to receive payment as the course has not yet started. Contract assets related to future periods are offset against the respective deferred revenue associated with the future period.

Due to the short-term nature of our academic terms, the contract asset balance which exists at the beginning of each quarter will no longer be a contract asset at the end of that quarter, with the exception of the contract assets associated with future periods. The decrease in contract asset balances are a result of one of the following: it becomes a student receivable balance once a student reaches the point in a student’s academic term where the amount billed is no longer refundable to the student; a refund is made to withdrawn students for the portion entitled to be refunded under each institutions’ refund policy; we receive funds to apply against the contract asset balance; or a student makes a change to the number of classes they are enrolled in which may cause an adjustment to their previously billed amount. As of the end of each quarter, a new contract asset is determined on a student by student basis based on the most recently started term and a student’s progress within that term as compared to the date at which the student is no longer entitled to a refund under each institution’s refund policy. Contract assets associated with future periods remain as contract assets until the course begins and the student reaches the point in that course that they are no longer entitled to a refund.

The amount of deferred revenue balances which are being offset with contract assets balances as of June 30, 2025 and December 31, 2024 were as follows (dollars in thousands):


	As of
	June 30, 2025			December 31, 2024
Gross deferred revenue	$	113,585		$	61,291
Gross contract assets		(31,886	)		(24,551	)
Deferred revenue, net	$	81,699		$	36,740

Deferred Revenue

Changes in our deferred revenue balances for the quarters and years to date ended June 30, 2025 and 2024 were as follows (dollars in thousands):


	For the Quarter Ended June 30, 2025								For the Quarter Ended June 30, 2024
	CTU		AIUS		USAHS (2)		Total		CTU	AIUS	USAHS (2)	Total
Gross deferred revenue, April 1	$	98,841	$	28,348	$	14,302	$	141,491

PERDOCEO EDUCATION Corp 10-Q