1

Spring 2021 Investor Presentation

NASDAQ:PRDO

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STRONG BALANCE

SHEET /

PROFITABILITY

• Capital allocation prioritizes high ROIC project: ROIC > Cost of Capital

• Growth in cash flow from operations in recent years

• Cash and investments balance of approximately $410 million as of

December 31, 2020

FAVORABLE

INDUSTRY TRENDS

• Demand for postsecondary education is expected to remain strong

• Online platform well accepted and growing

• Continued demand for skilled professionals

• Increasing participation from non-traditional students, adult learners

INNOVATIVE

TECHNOLOGY /

STUDENT FOCUS

• Utilize technology as an enabler and a differentiator: leveraging mobility

and predictive analytics to enhance student engagement

• Student first mind-set across our operations

• Innovative personalized learning technology, powered by intellipath®

SCALABLE SHARED

SERVICES

• Support organic growth at our Universities

• Key enabler for inorganic strategies

• Trident University International integrated into AIU System(1)

SUSTAINABLE

GROWTH

• Student first priorities and balanced approach to investments

• Continued execution against our core objective of sustainable and

responsible growth

• Organic and inorganic growth opportunities

Investment

Thesis

PERDOCEO: INVESTMENT THESIS

(1) Effective November 5, 2020, AIU implemented a university system model, the American InterContinental University System, which is comprised of American InterContinental University and Trident University International

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OUR GOALS AND GUIDING PRINCIPLES

Guiding principles and underlying objectives that govern our operating framework:

To be a leading provider of online postsecondary education

to non-traditional students

Compliance

with

Regulations

• Student first mindset

• Improve graduation rates

Academic

Outcomes

Academic

Quality

and

Integrity

Sustainable

and

Responsible

Growth

• Classroom experience and

course content and design

• Learner centric model

• Core philosophy across

our operations

• Balance financial progress

with student–serving

investments

4(1) Effective November 5, 2020, AIU implemented a university system model, the American InterContinental University System, which is comprised of American InterContinental University and Trident University International

(2) As of December 31, 2020

ACCREDITED INSTITUTIONS

Primarily an online institution

AIU System now includes

Trident University International(1)

2 campus locations

– Atlanta, GA

– Houston, TX

Total Enrollments – 18,100(2)

Primarily an online institution

2 campus locations

– Aurora, CO

– Colorado Springs, CO

Total Enrollments – 24,600(2)

SCALABLE

SHARED

SERVICES

American InterContinental University System(1)Colorado Technical University

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CTU AND AIUS(1)

BRANDS

HOW ARE

CTU and AIUS(1)

ALIKE and

DIFFERENT?

Accredited

Institutions

Scalable

shared services

Blended learning:

online and campus-

based

Non-traditional

students: Adult

learners

Shared best

practices

Variety of

Program offerings:

Diversity of populations

through Corporate

Partnerships

Education built for

the busy adult:

CTU Fast Track™

Modest growth

Engineering, Computer

Science, Nursing,

Doctoral level

Faster growth

High touch student

centric support model

Classroom built for

learning: easy

navigation, learner

centric curriculum

Trident University

International provides

additional program

offerings

(1) Effective November 5, 2020, AIU implemented a university system model, the American InterContinental University System, which is comprised of American InterContinental University and Trident University International

(2) Trident University International offers unique doctoral and master’s programs in education, health sciences and business.

(3) Refers to recent historical experiences

(2)

(3)(3)

AIU System (1)

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STUDENT DEMOGRAPHICS

Our students are primarily non-traditional adult learners

Total Student Enrollments as of December 31, 2020

BY DEGREE TYPE BY CORE CURRICULA

Business Studies

Information Technology

Health Education

Doctoral & Master's

Bachelor's

Associate

21% 13%

66%

11%

76%

13%

4%

34%

62%

Under 21

21 to 30

Over 30

BY AGE GROUP

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INDUSTRY OVERVIEW

ONLINE POSTSECONDARY EDUCATION – VALUE PROPOSITION

Growth in ‘blended

learning’ online platform

– well accepted

Need for non-traditional

classroom format –

flexibility for adult

learners

Greater use of

technology

Source: BMO Education Industry Overview 2020

Academic outcomes

enhance student

marketability

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PERDOCEO POSITIONING

PERDOCEO

WELL POSITIONED

WITHIN THE

POSTSECONDARY

EDUCATION

LANDSCAPE

• Well-established online educational platform (with ground and hybrid offerings as well)

• Mostly serving non-traditional, adult learners with opportunity

to further penetrate and expand student demographics

• Scholarships, grants and corporate partnerships

• Student first model with focus on student experiences,

retention and academic outcomes

• Supported by innovative technology (AI, intellipath® and Mobility)

• Scalable shared services for student support and general

corporate functions

• Focus on quality academic outcomes

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STRATEGIC PRIORITIES

QUALITY

ACADEMIC

OUTCOMES

INCREASE

SHAREHOLDER

VALUE

Enroll Educate

Graduate

• Enhance Enrollment Processes

• Enhance Student Experiences & Retention

• Leverage Scalable Shared Services

• Use Technology as a Differentiator

• Invest in High ROI Projects

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• Branding

• Creative services

• Digital marketing

• Data analytics

• Legal

• Compliance

• HR and Recruiting

• Executive Office

• Board of Directors

• Treasury and Audit

• Accounting and Reporting

• Tax, Risk and Real Estate

• Corporate Finance

• Software and Licenses

• Network and Infrastructure

• New Software

Development and Support

• Financial Aid

• Library Resources

• Course Development

SHARED SERVICES – PROCESS RE-ENGINEERING

EFFICIENT, EFFECTIVE AND SCALABLE SHARED SERVICES

STUDENT / TECHNOLOGY SERVICES

Student

Support

Information

Technology

CORPORATE SERVICES

Finance

Real Estate

Legal

Regulatory

HR

Public

Company

Expense

Marketing

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FINANCIAL HIGHLIGHTS

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THREE YEAR QUARTERLY OPERATING PERFORMANCE

PERFORMANCE REFLECTS EXECUTION AGAINST OBJECTIVE OF

SUSTAINABLE AND RESPONSIBLE GROWTH

$143.1$145.5

$158.5

$171.2

Total Revenue

$10.7

$20.2

$32.0

$36.2

Operating Income($, in millions) ($, in millions)

(1) Beginning in Q1’20, figures include Trident University International results commencing on the March 2, 2020 date of acquisition

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KEY METRICS FOR 2020 FULL YEAR

ENROLLMENT GROWTH REFLECTS INVESTMENTS IN

TECHNOLOGY AND STUDENT-SERVING PROCESSES

(1) Total student enrollments are as of December 31, 2020 / Revenue provided is for 2020 full year results

(2) The AIU System total student enrollments and revenue figures include results from both American InterContinental University as well as Trident University International commencing on the March 2, 2020 date of acquisition

(3) 2020 and 2019 total student enrollments are as of December 31

• Technology and analytics

• Graduation teams

INVESTMENTS IN:

• Employee training and development

• Trident University integration

Total Student Enrollments

by Segment

AIUS CTU

24,600

58%

18,100

42%Revenue

$405.5M

59%

Revenue

$281.4M

41%

2020

Full Year

2019

Full Year

2020 FY

vs 2019 FY

Total Student Enrollments: 42,700 36,600 +16.7%

University Revenue: $686.9M $627.6M +9.4%

PRDO Operating Income: $142.9M $86.5M +65.3%

(3) (3)

(1)

(2)

(2)

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BALANCED CAPITAL ALLOCATION STRATEGY

Organic Investments

• Student-serving operations

• Curriculum and course content

• Marketing and technology

Cash & Investment Balances

Inorganic Investments

• Evaluate additional

M&A opportunities

Maintain Strong

Balance Sheet

and Adequate

Liquidity

Return of

Capital to

Stockholders

Our goal is to deploy resources in a way that drives long term shareholder

value while supporting and enhancing the academic value of our institutions

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STRONG BALANCE

SHEET /

PROFITABILITY

• Capital allocation prioritizes high ROIC project: ROIC > Cost of Capital

• Growth in cash flow from operations in recent years

• Cash and investments balance of approximately $410 million as of

December 31, 2020

FAVORABLE

INDUSTRY TRENDS

• Demand for postsecondary education is expected to remain strong

• Online platform well accepted and growing

• Continued demand for skilled professionals

• Increasing participation from non-traditional students, adult learners

INNOVATIVE

TECHNOLOGY /

STUDENT FOCUS

• Utilize technology as an enabler and a differentiator: leveraging mobility

and predictive analytics to enhance student engagement

• Student first mind-set across our operations

• Innovative personalized learning technology, powered by intellipath®

SCALABLE SHARED

SERVICES

• Support organic growth at our Universities

• Key enabler for inorganic strategies

• Trident University International integrated into AIU System(1)

SUSTAINABLE

GROWTH

• Student first priorities and balanced approach to investments

• Continued execution against our core objective of sustainable and

responsible growth

• Organic and inorganic growth opportunities

Investment

Thesis

PERDOCEO: INVESTMENT THESIS

(1) Effective November 5, 2020, AIU implemented a university system model, the American InterContinental University System, which is comprised of American InterContinental University and Trident University International