Perdoceo Education Corporation (PRDO)

Perdoceo Education Corporation, which runs three accredited universities, agreed on 14 September 2026 to buy South University for $150 million in cash at closing 3.

South had unaudited revenue of about $291 million in 2025, and the company expects to finish the purchase as early as April 2027 3.

In the quarter ended 30 June 2026, revenue rose 1.8 percent to $213.4 million and operating income rose 6.8 percent to $54.9 million 2.

Operating income is what the schools earn after paying to run them, and the company also reports an adjusted version that adds depreciation and amortization back 2.

The company said it remains on track for full year adjusted operating income of $258 million to $263 million 3.

The company was once called Career Education Corporation, and its exhibit list shows an asset purchase agreement dated 8 March 2019 under that name for Trident University International 1.

An amendment effective 4 February 2020 carries the new name, Perdoceo Education Corporation 1.

Revenue slipped 4.0 percent in 2024, from $710.0 million to $681.3 million 1.

Both older schools shrank that year: Colorado Technical University revenue fell 2.8 percent and American InterContinental University System revenue fell 10.3 percent 1.

On 2 December 2024 the company bought the health sciences school USAHS for a purchase price of $137.0 million 1.

The deal added graduate programs in physical therapy, occupational therapy, speech-language pathology and nursing, which have a strong clinical component 1.

In 2025 revenue rose 24.2 percent, or $164.8 million, to $846.1 million, mostly because USAHS counted for a full year instead of one month 1.

Operating income grew 12.5 percent to $196.0 million as revenue growth met careful control of costs 1.

Total students reached about 44,400 at the end of 2025, up 7.3 percent, with all three schools growing 1.

Colorado Technical University

Colorado Technical University, known as CTU, teaches working adults and the military community in fields such as business, nursing and healthcare management 1.

It is the largest of the three schools, with revenue of $461.6 million in 2025 and 29,950 students at year end 1.

About 91 percent of students across the company study fully online 1.

By 30 June 2026 CTU had 32,110 students, up 0.6 percent, and the company said more graduations offset some of that growth 2.

American InterContinental University System

This system groups American InterContinental University, Trident University International and California Southern University, serving working adults in business, information technology, education and criminal justice 1.

It had 10,560 students at the end of 2025, and the 10-K says the recent government shutdown hit Trident University harder than the other schools 1.

University of St. Augustine for Health Sciences

USAHS trains clinicians, mainly in physical therapy, occupational therapy, speech-language therapy and nursing 1.

Its revenue for the latest year was $157.6 million, with operating income of $3.2 million after $30.3 million of depreciation and amortization on acquired assets 1.

At 30 June 2026 it had 4,210 students, up 6.0 percent, as nursing and speech-language programs grew 2.

People, campuses and problems

The company had 6,000 employees at the end of 2025, and its ground campuses are in Georgia, Texas, California, Florida and Colorado 1.

Nearly all space is leased, about 0.8 million square feet in all, except one building in Houston 1.

A False Claims Act suit, filed in 2021 by a former CTU employee's company over federal credit hour rules, continues after the Justice Department declined to join it in February 2023 2.

CTU's operating income fell 5.1 percent in the quarter ended 30 June 2026, which the company tied to higher legal fees for previously disclosed matters 2.

In 2025 Congress changed Title IV, the federal student aid program, by cutting federal loan availability for graduate programs and adding an earnings test for program eligibility 2.

The umbrella, in words

The company has three brands that each sell degrees: CTU, the American InterContinental University System and USAHS 1.

Its list of subsidiaries (Exhibit 21) names the schools and several holding companies, such as Colorado Technical University, Inc. and Trident University International, LLC 4.

As of 13 February 2026 the company had about 86 holders of record, a count that includes the Depository Trust Company, which holds shares for many owners 1.

The company expects to close the South University purchase as early as April 2027, once education regulators and antitrust waiting periods clear 3.

The price is $150 million at closing, plus $18 million in installments over 24 months 3.

Up to $56 million more depends on earnings targets for fiscal years 2027 to 2029, and the company expects to pay it all from cash on hand 3.

Either side can end the deal if it has not closed by 9 July 2027, and in some cases the company would owe a termination fee of up to $20 million 3.

For 2026 the company expects adjusted operating income of $258 million to $263 million, and higher than in 2025 32.

A $100.0 million share repurchase program, approved on 2 January 2026, runs through 30 June 2027 2.

No clue on file points to a new direction yet.