Perdoceo Education is a for-profit postsecondary education company operating three accredited universities that collectively serve roughly 44,400 students, about 91% of whom are enrolled fully online. Its two primary institutions — Colorado Technical University (CTU) and the American InterContinental University System (AIUS), which includes AIU, Trident University International, and California Southern University — target non-traditional adult learners, predominantly working adults over 30 and U.S. military personnel, offering career-oriented degree programs in business, IT, and health sciences. In December 2024, Perdoceo acquired the University of St. Augustine for Health Sciences (USAHS), a campus-based graduate health sciences institution offering doctoral programs in physical therapy, occupational therapy, and speech-language pathology. Perdoceo generates revenue from tuition and fees, driven by enrollment levels and tuition pricing. Most students fund their education through federal Title IV aid programs, making federal policy a key demand driver. A growing share of CTU and AIUS students enroll through employer tuition assistance programs, which carry lower revenue per student but also lower acquisition costs and stronger retention. The cost structure is largely fixed, so enrollment growth flows disproportionately to operating income. Perdoceo generates strong free cash flow relative to its modest capex needs, and returns capital through share repurchases and dividends while remaining acquisitive, as demonstrated by the USAHS deal.