0000950170-23-058222.txt : 20231102 0000950170-23-058222.hdr.sgml : 20231102 20231102161513 ACCESSION NUMBER: 0000950170-23-058222 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20231102 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231102 DATE AS OF CHANGE: 20231102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PERDOCEO EDUCATION Corp CENTRAL INDEX KEY: 0001046568 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 363932190 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23245 FILM NUMBER: 231372474 BUSINESS ADDRESS: STREET 1: 1750 E. GOLF ROAD CITY: SCHAUMBURG STATE: IL ZIP: 60173 BUSINESS PHONE: 847-781-3600 MAIL ADDRESS: STREET 1: 1750 E. GOLF ROAD CITY: SCHAUMBURG STATE: IL ZIP: 60173 FORMER COMPANY: FORMER CONFORMED NAME: CAREER EDUCATION CORP DATE OF NAME CHANGE: 19970923 8-K 1 prdo-20231102.htm 8-K 8-K
false000104656800010465682023-11-022023-11-02

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): November 2, 2023

 

Perdoceo Education Corporation

(Exact Name of Registrant as Specified in Charter)

 

 

 

 

 

 

Delaware

0-23245

36-3932190

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

 

1750 E. Golf Road, Schaumburg, IL

60173

(Address of Principal Executive Offices)

(Zip Code)

 

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

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

 

 

 

Item 2.02. Results of Operations and Financial Condition.

On November 2, 2023, Perdoceo Education Corporation (the “Company”) issued a press release describing the Company’s financial results for the quarter and year ended September 30, 2023 and providing the Company’s 2023 outlook. A copy of the press release is being furnished as Exhibit 99.1, and the information contained therein is incorporated herein by reference. Following the issuance of the press release, the Company will host a conference call and webcast on which its financial results for the quarter and year to date ended September 30, 2023 and outlook will be discussed.

The information contained in Item 2.02 of this Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall the information be deemed incorporated by reference into any filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

 

The exhibits required by Item 601 of Regulation S-K are listed in the “Exhibit Index” which is contained in this Current Report on Form 8-K and are incorporated by reference herein.

 

 

Exhibit Index

Exhibit

Number

 

Description of Exhibits

 

 

 

99.1

 

Press release of the Company dated November 2, 2023 reporting the Company’s financial results for the quarter and year to date ended September 30, 2023.

 

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

 

 

 

 

 

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

PERDOCEO EDUCATION CORPORATION

 

 

By:

 /s/ Ashish R. Ghia

 

Ashish R. Ghia

 

Senior Vice President and Chief Financial Officer

 

Date: November 2, 2023

 

 

 

 

 EX-99.1 2 prdo-ex99_1.htm EX-99.1 EX-99.1

PRDO ANNOUNCES 3Q23 RESULTS …PG 1

 

 

Exhibit 99.1

img8661304_0.jpg 

 

PERDOCEO EDUCATION CORPORATION REPORTS THIRD QUARTER AND

YEAR TO DATE 2023 RESULTS

 

Schaumburg, Ill. (November 2, 2023) – Perdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for the quarter and year to date ended September 30, 2023.

 

 

Third Quarter 2023 Results as Compared to Prior Year Quarter

 

•
Revenue increased 6.8% to $179.9 million, driven by a 23.6% increase at CTU.
•
Operating income increased 46.9% to $43.1 million, while adjusted operating income increased 22.1% to $47.2 million.*
•
Earnings per diluted share were $0.62 as compared to $0.32, while adjusted earnings per diluted share were $0.64 as compared to $0.39.*
•
Total student enrollments at September 30, 2023 decreased by 12.7%. AIUS experienced a 34.2% decrease in total student enrollments while CTU remained relatively flat.
•
Ended the quarter with $603.7 million in cash, cash equivalents, restricted cash and available-for-sale-short-term investments.
•
Board of Directors declared a dividend for the third quarter of $0.11 per share payable on December 15, 2023.

 

 

Year to Date 2023 Results as Compared to Prior Year to Date

 

•
Revenue increased 8.3% to $562.1 million, driven by a 17.1% increase at CTU.
•
Operating income increased 25.7% to $134.5 million, while adjusted operating income increased 18.2% to $155.5 million.*
•
Earnings per diluted share were $1.92 as compared to $1.16, while adjusted earnings per diluted share were $1.83 as compared to $1.32.*

 

 

*See GAAP (U.S. generally accepted accounting principles) to non-GAAP reconciliation attached to this press release

 

"We performed well during the quarter, as we continued to see meaningful improvements in student retention and engagement,” said Andrew Hurst, Chief Executive Officer. “We remain committed to making targeted investments in our student-facing and support processes as well as selected technology enhancements that we believe will drive operational improvements and efficiencies while further enhancing academic outcomes and experiences.”

 

 

 

 

 

 

PRDO ANNOUNCES 3Q23 RESULTS …PG 2

 

 

 

REVENUE

•
For the quarter ended September 30, 2023, revenue of $179.9 million increased 6.8% compared to revenue of $168.4 million for the prior year quarter.
•
For the year to date ended September 30, 2023, revenue of $562.1 million increased 8.3% compared to revenue of $519.1 million for the prior year to date.

 

 

 

 

For the Quarter Ended September 30,

 

 

For the Year to Date Ended September 30,

 

Revenue ($ in thousands)

 

2023

 

 

2022

 

 

% Change

 

 

2023

 

 

2022

 

 

% Change

 

CTU

 

$

120,552

 

 

$

97,562

 

 

 

23.6

%

 

$

364,336

 

 

$

311,171

 

 

 

17.1

%

AIUS

 

 

59,226

 

 

 

70,582

 

 

 

-16.1

%

 

 

197,128

 

 

 

207,034

 

 

 

-4.8

%

Corporate and Other

 

 

145

 

 

 

276

 

 

NM

 

 

 

621

 

 

 

858

 

 

NM

 

Total

 

$

179,923

 

 

$

168,420

 

 

 

6.8

%

 

$

562,085

 

 

$

519,063

 

 

 

8.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL STUDENT ENROLLMENTS

 

•
As of September 30, 2023, CTU’s total student enrollments decreased 0.4%, while AIUS’ total student enrollments decreased 34.2% as compared to September 30, 2022.

 

 

 

At September 30,

 

Total Student Enrollments(1)

 

2023

 

 

2022

 

 

% Change

 

CTU

 

 

26,400

 

 

 

26,500

 

 

 

-0.4

%

AIUS

 

 

10,000

 

 

 

15,200

 

 

 

-34.2

%

Total

 

 

36,400

 

 

 

41,700

 

 

 

-12.7

%

 

 

 

 

 

 

 

 

 

 

 

(1)
Total student enrollments do not include learners participating in: a) non-degree seeking and professional development programs, and b) degree seeking, non-Title IV, self-paced programs at the Company's universities.

 

 

 

PRDO ANNOUNCES 3Q23 RESULTS …PG 3

 

 

OPERATING INCOME

 

•
For the quarter ended September 30, 2023, operating income increased by 46.9% to $43.1 million as compared to the prior year quarter.

 

•
For the year to date ended September 30, 2023, operating income increased by 25.7% to $134.5 million as compared to the prior year to date.

 

 

 

 

For the Quarter Ended September 30,

 

 

For the Year to Date Ended September 30,

 

Operating Income ($ in thousands)

 

2023

 

 

2022

 

 

% Change

 

 

2023

 

 

2022

 

 

% Change

 

CTU

 

$

34,491

 

 

$

31,506

 

 

 

9.5

%

 

$

118,632

 

 

$

107,540

 

 

 

10.3

%

AIUS

 

 

15,602

 

 

 

9,590

 

 

 

62.7

%

 

 

44,683

 

 

 

29,846

 

 

 

49.7

%

Corporate and Other

 

 

(7,020

)

 

 

(11,772

)

 

NM

 

 

 

(28,812

)

 

 

(30,423

)

 

NM

 

Total

 

$

43,073

 

 

$

29,324

 

 

 

46.9

%

 

$

134,503

 

 

$

106,963

 

 

 

25.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED OPERATING INCOME

The Company believes it is useful to present non-GAAP financial measures, which exclude certain significant and non-cash items, as a means to understand the performance of its operations. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.)

 

•
For the quarter ended September 30, 2023, adjusted operating income of $47.2 million increased 22.1% compared to adjusted operating income of $38.7 million for the prior year quarter.

 

•
For the year to date ended September 30, 2023, adjusted operating income of $155.5 million increased 18.2% compared to adjusted operating income of $131.5 million for the prior year to date.

 

 

 

 

For the Quarter Ended September 30,

 

 

For the Year to Date Ended September 30,

 

Adjusted Operating Income ($ in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Operating income

 

$

43,073

 

 

$

29,324

 

 

$

134,503

 

 

$

106,963

 

Depreciation and amortization (1)

 

 

3,914

 

 

 

5,065

 

 

 

13,438

 

 

 

14,856

 

Legal fee expense related to certain matters (2)

 

 

246

 

 

 

4,294

 

 

 

7,574

 

 

 

9,728

 

Adjusted Operating Income

 

$

47,233

 

 

$

38,683

 

 

$

155,515

 

 

$

131,547

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (Decrease)

 

 

22.1

%

 

 

 

 

 

18.2

%

 

 

 

 

(1)
Amortization relates to definite-lived intangible assets associated with acquisitions.

 

(2)
Legal fee expense associated with (i) responses to the Department of Education (the “Department”) relating to borrower defense to repayment applications from former students, and (ii) acquisition efforts.

 

 

 

 

 

PRDO ANNOUNCES 3Q23 RESULTS …PG 4

 

 

 

NET INCOME AND EARNINGS PER DILUTED SHARE

For the quarter ended September 30, 2023, the Company recorded:

•
Net income of $41.3 million compared to $22.1 million for the prior year quarter.
•
Earnings per diluted share of $0.62 compared to $0.32 for the prior year quarter.
•
Adjusted earnings per diluted share of $0.64 compared to $0.39 for the prior year quarter. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.)

For the year to date ended September 30, 2023, the Company recorded:

•
Net income of $130.5 million compared to $79.9 million for the prior year to date.
•
Earnings per diluted share of $1.92 compared to $1.16 for the prior year to date.
•
Adjusted earnings per diluted share of $1.83 compared to $1.32 for the prior year to date. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.)

 

 

 

 

For the Quarter Ended September 30,

 

 

For the Year to Date Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported Earnings Per Diluted Share

 

$

0.62

 

 

$

0.32

 

 

$

1.92

 

 

$

1.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax adjustments included in operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization for acquired intangible assets (1)

 

 

0.03

 

 

 

0.03

 

 

 

0.09

 

 

 

0.08

 

Legal fee expense related to certain matters (2)

 

 

-

 

 

 

0.06

 

 

 

0.11

 

 

 

0.14

 

Gain on sale of intangible asset (3)

 

 

-

 

 

 

-

 

 

 

(0.32

)

 

 

-

 

Tax effect of adjustments (4)

 

 

(0.01

)

 

 

(0.02

)

 

 

0.03

 

 

 

(0.06

)

Adjusted Earnings Per Diluted Share

 

$

0.64

 

 

$

0.39

 

 

$

1.83

 

 

$

1.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
Amortization relates to definite-lived intangible assets associated with acquisitions.

 

(2)
Legal fee expense associated with (i) responses to the Department relating to borrower defense to repayment applications from former students, and (ii) acquisition efforts.

 

(3)
Non-cash gain associated with the sale of the LCB tradename in exchange for outstanding shares of Perdoceo's stock.

 

(4)
The tax effect of adjustments was calculated by multiplying the pre-tax adjustments with a tax rate of 25.0%. This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments.

 

 

 

 

 

PRDO ANNOUNCES 3Q23 RESULTS …PG 5

 

 

DIVIDEND PAYMENT

 

The board of directors declared a quarterly dividend as part of the Company’s dividend policy of $0.11 per share, which will be paid on December 15, 2023 for holders of record of common stock as of December 1, 2023. Any decision to pay future cash dividends, however, will be made by the board of directors and depend on the Company’s available retained earnings, financial condition and other relevant factors. The Company expects quarterly dividend payments to be an integral part of its balanced capital allocation strategy while also prioritizing investments in organic projects, in particularly technology-related initiatives designed to benefit students and maintaining a strong balance sheet.

 

BALANCE SHEET AND CASH FLOW

•
For the quarter ended September 30, 2023, net cash provided by operating activities was $32.6 million, compared to net cash provided by operating activities of $52.9 million for the prior year quarter.
•
For the year to date ended September 30, 2023, net cash provided by operating activities was $98.8 million, compared to net cash provided by operating activities of $107.6 million in the prior year to date.
•
As of September 30, 2023 and December 31, 2022, cash, cash equivalents, restricted cash and available-for-sale short-term investments totaled $603.7 million and $518.2 million, respectively.

 

 

 

 

 

For the Quarter Ended September 30,

 

 

For the Year to Date Ended September 30,

 

Selected Cash Flow Items ($ in thousands)

 

2023

 

 

2022

 

 

% Change

 

 

2023

 

 

2022

 

 

% Change

 

Net cash provided by operating activities

 

$

32,613

 

 

$

52,861

 

 

 

-38.3

%

 

$

98,833

 

 

$

107,640

 

 

 

-8.2

%

Capital expenditures

 

$

1,189

 

 

$

2,340

 

 

 

-49.2

%

 

$

4,801

 

 

$

9,105

 

 

 

-47.3

%

 

 

 

 

 

PRDO ANNOUNCES 3Q23 RESULTS …PG 6

 

 

OUTLOOK

The Company has increased its full year outlook and is also providing the following fourth quarter outlook, subject to the key assumptions identified below. Please see the GAAP to non-GAAP reconciliation for adjusted operating income and adjusted earnings per diluted share attached to this press release for further details.

 

 

 

Total Company Outlook

 

For Quarter Ending December 31,

 

For the Year Ending December 31,

 

OUTLOOK

ACTUAL

 

OUTLOOK

ACTUAL

 

2023

2022

 

2023

2022

Operating Income

$11.6M - $14.6M

$22,674

 

$146.1M - $149.1M

$129,637

Depreciation and amortization

$3.5M

$4,878

 

$16.9M

19,734

Legal fee expense related to certain matters (1)

$0.4M

$4,869

 

$8.0M

14,597

Adjusted Operating Income

$15.5M - $18.5M

$32,421

 

$171.0M - $174.0M

$163,968

 

 

 

 

 

 

Earnings Per Diluted Share

$0.19 - $0.22

$0.23

 

$2.10 - $2.13

$1.39

Amortization of acquired intangible assets

$0.02

$0.03

 

$0.11

$0.11

Legal fee expense related to certain matters (1)

$0.01

$0.07

 

$0.12

$0.21

Gain on sale of intangible asset

-

-

 

($0.32)

-

Tax effect of adjustments

($0.01)

($0.02)

 

$0.02

($0.08)

Adjusted Earnings Per Diluted Share

$0.21 - $0.24

$0.31

 

$2.03 - $2.06

$1.63

 

 

 

 

 

 

 

(1)
Legal fee expense associated with (i) responses to the Department relating to borrower defense to repayment applications from former students, and (ii) acquisition efforts.

 

 

Operating income, which is the most directly comparable GAAP measure to adjusted operating income, and earnings per diluted share, which is the most directly comparable GAAP measure to adjusted earnings per diluted share, may not follow the same trends stated in the outlook above because of adjustments made for certain significant and non-cash items. The operating income, adjusted operating income, earnings per share and adjusted earnings per share outlook provided above for 2023 are based on the following key assumptions and factors, among others: (i) prospective student interest in the Company’s programs and trends in student retention and engagement remain consistent with management’s estimates, (ii) no significant impact of new or proposed regulations, including recent Department negotiated rulemaking initiatives, or other adverse changes in the legal or regulatory environment, which may require further operational changes in the way the Company’s academic institutions enroll, support and educate current and prospective students, among other impacts, (iii) no significant operating impacts from the settlements with the U.S. Federal Trade Commission and state attorneys general or other legal or regulatory matters, (iv) the impact from federal student aid initiatives implemented by the current administration remains consistent with management's estimates, (v) earnings per diluted share outlook assumes an effective income tax rate of approximately 23% for both the fourth quarter and full year, and (vi) excludes any future impact from the Company’s stock repurchase program. Although these estimates and assumptions are based upon management’s good faith beliefs regarding current and future circumstances and actions that may be undertaken, actual results could differ materially from these estimates. In addition, decisions the Company makes in the future as it continues to evaluate diverse strategies to enhance stockholder value may impact the outlook provided above.

 

 

 

PRDO ANNOUNCES 3Q23 RESULTS …PG 7

 

 

 

CONFERENCE CALL INFORMATION

 

Perdoceo Education Corporation will host a conference call on Thursday, November 2, 2023 at 5:30 p.m. Eastern time to discuss third quarter and year to date 2023 results and outlook. Interested parties can access the live webcast of the conference call at www.perdoceoed.com in the Investor Relations section of the website. Participants can also listen to the conference call by dialing 1-888-210-4659 (domestic) or 1-646-960-0383 (international). Both dial-in numbers will use the access code 3224322. Viewers can also access the conference call by following this link https://events.q4inc.com/attendee/857528249. Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. An archived version of the webcast will be accessible for 90 days at www.perdoceoed.com in the Investor Relations section of the website.

ABOUT PERDOCEO EDUCATION CORPORATION

Perdoceo’s accredited academic institutions offer a quality postsecondary education primarily online to a diverse student population, along with campus-based and blended learning programs. The Company’s academic institutions – Colorado Technical University (“CTU”) and the American InterContinental University System (“AIUS” or “AIU System”) – provide degree programs from the associate through doctoral level as well as non-degree seeking and professional development programs. Perdoceo’s 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. Perdoceo is committed to providing quality education that closes the gap between learners who seek to advance their careers and employers needing a qualified workforce. For more information, please visit www.perdoceoed.com.

Except for the historical and present factual information contained herein, the matters set forth in this release, including statements identified by words such as “believe,” “will,” “expect,” “continue,” “outlook,” “remain,” “focused on,” “should” and similar expressions, are forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on information currently available to us and are subject to various assumptions, risks, uncertainties and other factors that could cause our results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Except as expressly required by the federal securities laws, we undertake no obligation to update or revise such factors or any of the forward-looking statements contained herein to reflect future events, developments or changed circumstances, or for any other reason. These risks and uncertainties, the outcomes of which could materially and adversely affect our financial condition and operations, include, but are not limited to, the following: declines in enrollment or interest in our programs; our continued compliance with and eligibility to participate in Title IV Programs under the Higher Education Act of 1965, as amended, and the regulations thereunder (including the 90-10, financial responsibility and administrative capability standards prescribed by the U.S. Department of Education), as well as applicable accreditation standards and state regulatory requirements; the impact of various versions of “borrower defense to repayment” regulations; the final outcome of various legal challenges to the Department's loan discharge and forgiveness efforts; rulemaking or changing interpretations of existing regulations, guidance or historical practices by the U.S. Department of Education or any state or accreditor and increased focus by Congress and governmental agencies on, or increased negative publicity about, for-profit education institutions; the success of our initiatives to improve student experiences, retention and academic outcomes; our continued eligibility to participate in educational assistance programs for veterans or other military personnel; our ability to pay dividends on our common stock and execute our stock repurchase program; increased competition; the impact of management changes; and changes in the overall U.S. economy. Further information about these and other relevant risks and uncertainties may be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and its subsequent filings with the Securities and Exchange Commission.

###

 

 

 

 

PRDO ANNOUNCES 3Q23 RESULTS …PG 8

 

 

CONTACT

 

Investors:

Alpha IR Group

Davis Snyder or Nick Nelson

(312) 445-2870

PRDO@alpha-ir.com

 

Or

 

Media:

Perdoceo Education Corporation

(847) 585-2600

media@perdoceoed.com

 

 

 

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

September 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash and cash equivalents, unrestricted

 

$

165,639

 

 

$

109,408

 

Restricted cash

 

 

8,476

 

 

 

9,476

 

Short-term investments

 

 

429,617

 

 

 

399,315

 

Total cash and cash equivalents, restricted cash and short-term investments

 

 

603,732

 

 

 

518,199

 

 

 

 

 

 

 

 

Student receivables, net

 

 

41,279

 

 

 

42,551

 

Receivables, other

 

 

11,991

 

 

 

3,457

 

Prepaid expenses

 

 

10,144

 

 

 

8,411

 

Inventories

 

 

2,183

 

 

 

1,904

 

Other current assets

 

 

261

 

 

597

 

Total current assets

 

 

669,590

 

 

 

575,119

 

 

 

 

 

 

 

 

NON-CURRENT ASSETS:

 

 

 

 

 

 

Property and equipment, net

 

 

23,530

 

 

 

26,038

 

Right of use asset, net

 

 

22,073

 

 

 

26,156

 

Goodwill

 

 

241,162

 

 

 

243,540

 

Intangible assets, net

 

 

39,973

 

 

 

53,564

 

Student receivables, net

 

 

1,174

 

 

 

1,850

 

Deferred income tax assets, net

 

 

23,316

 

 

 

24,613

 

Other assets

 

 

5,216

 

 

 

6,488

 

TOTAL ASSETS

 

$

1,026,034

 

 

$

957,368

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

Lease liability - operating

 

$

5,761

 

 

$

6,555

 

Accounts payable

 

 

14,542

 

 

 

13,518

 

Accrued expenses:

 

 

 

 

 

 

Payroll and related benefits

 

 

41,088

 

 

 

40,306

 

Advertising and marketing costs

 

 

5,785

 

 

 

8,977

 

Income taxes

 

 

12,611

 

 

 

7,814

 

Other

 

 

20,753

 

 

 

14,621

 

Deferred revenue

 

 

38,704

 

 

 

71,590

 

Total current liabilities

 

 

139,244

 

 

 

163,381

 

 

 

 

 

 

 

 

NON-CURRENT LIABILITIES:

 

 

 

 

 

 

Lease liability - operating

 

 

22,867

 

 

27,286

 

Other liabilities

 

 

34,264

 

 

40,856

 

Total non-current liabilities

 

 

57,131

 

 

 

68,142

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY:

 

 

 

 

Preferred stock

 

 

-

 

 

 

-

 

Common stock

 

 

901

 

 

894

 

Additional paid-in capital

 

 

691,576

 

 

684,183

 

Accumulated other comprehensive loss

 

 

(4,999

)

 

(5,447

)

Retained earnings

 

 

470,829

 

 

 

347,839

 

Treasury stock

 

 

(328,648

)

 

 

(301,624

)

Total stockholders' equity

 

 

829,659

 

 

 

725,845

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

1,026,034

 

 

$

957,368

 

 

 

 

 

 

 

 

 

 

 

 

 

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts and percentages)

 

 

 

For the Quarter Ended September 30,

 

 

 

2023

 

 

% of
Total
Revenue

 

 

2022

 

 

% of
Total
Revenue

 

REVENUE:

 

 

 

 

 

 

 

 

 

 

 

 

Tuition and fees, net

 

$

178,259

 

 

 

99.1

%

 

$

166,437

 

 

 

98.8

%

Other

 

 

1,664

 

 

 

0.9

%

 

 

1,983

 

 

 

1.2

%

Total revenue

 

 

179,923

 

 

 

 

 

 

168,420

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

Educational services and facilities

 

 

33,502

 

 

 

18.6

%

 

 

30,149

 

 

 

17.9

%

General and administrative

 

 

92,054

 

 

 

51.2

%

 

 

103,882

 

 

 

61.7

%

Depreciation and amortization

 

 

3,914

 

 

 

2.2

%

 

 

5,065

 

 

 

3.0

%

Asset impairment

 

 

7,380

 

 

 

4.1

%

 

 

-

 

 

 

0.0

%

Total operating expenses

 

 

136,850

 

 

 

76.1

%

 

 

139,096

 

 

 

82.6

%

Operating income

 

 

43,073

 

 

 

23.9

%

 

 

29,324

 

 

 

17.4

%

OTHER INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

5,210

 

 

 

2.9

%

 

 

2,270

 

 

1.3

%

Interest expense

 

 

(97

)

 

 

-0.1

%

 

 

(96

)

 

 

-0.1

%

Miscellaneous expense

 

 

(98

)

 

 

-0.1

%

 

 

(206

)

 

-0.1

%

Total other income

 

 

5,015

 

 

 

2.8

%

 

 

1,968

 

 

 

1.2

%

PRETAX INCOME

 

 

48,088

 

 

 

26.7

%

 

 

31,292

 

 

 

18.6

%

Provision for income taxes

 

 

6,781

 

 

 

3.8

%

 

 

9,225

 

 

 

5.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

 

41,307

 

 

 

23.0

%

 

 

22,067

 

 

 

13.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME PER SHARE - BASIC:

 

$

0.63

 

 

 

 

 

$

0.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME PER SHARE -DILUTED:

 

$

0.62

 

 

 

 

 

$

0.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OUTSTANDING:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

65,634

 

 

 

 

 

 

67,506

 

 

 

 

Diluted

 

 

67,103

 

 

 

 

 

 

68,550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

 

 

For the Quarter Ended September 30,

 

 

 

 

(In Thousands)

 

2023

 

 

 

 

 

2022

 

 

 

 

NET INCOME

 

$

41,307

 

 

 

 

 

$

22,067

 

 

 

 

OTHER COMPREHENSIVE INCOME (LOSS), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(31

)

 

 

 

 

 

(138

)

 

 

 

Unrealized gain (loss) on investments

 

 

653

 

 

 

 

 

 

(3,005

)

 

 

 

Total other comprehensive income (loss)

 

 

622

 

 

 

 

 

 

(3,143

)

 

 

 

COMPREHENSIVE INCOME

 

$

41,929

 

 

 

 

 

$

18,924

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts and percentages)

 

 

 

 

 

For the Year to Date Ended September 30,

 

 

 

2023

 

 

% of
Total
Revenue

 

 

2022

 

 

% of
Total
Revenue

 

REVENUE:

 

 

 

 

 

 

 

 

 

 

 

 

Tuition and fees, net

 

$

556,098

 

 

 

98.9

%

 

$

513,660

 

 

 

99.0

%

Other

 

 

5,987

 

 

 

1.1

%

 

 

5,403

 

 

 

1.0

%

Total revenue

 

 

562,085

 

 

 

 

 

 

519,063

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

Educational services and facilities

 

 

100,101

 

 

 

17.8

%

 

 

85,506

 

 

 

16.5

%

General and administrative

 

 

305,328

 

 

 

54.3

%

 

 

311,510

 

 

 

60.0

%

Depreciation and amortization

 

 

13,438

 

 

 

2.4

%

 

 

14,856

 

 

 

2.9

%

Asset impairment

 

 

8,715

 

 

 

1.6

%

 

 

228

 

 

 

0.0

%

Total operating expenses

 

 

427,582

 

 

 

76.1

%

 

 

412,100

 

 

 

79.4

%

Operating income

 

 

134,503

 

 

 

23.9

%

 

 

106,963

 

 

 

20.6

%

OTHER INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

13,559

 

 

 

2.4

%

 

 

3,697

 

 

 

0.7

%

Interest expense

 

 

(288

)

 

 

-0.1

%

 

 

(298

)

 

 

-0.1

%

Miscellaneous income (expense)

 

 

21,970

 

 

 

3.9

%

 

 

(521

)

 

 

-0.1

%

Total other income

 

 

35,241

 

 

 

6.3

%

 

 

2,878

 

 

 

0.6

%

PRETAX INCOME

 

 

169,744

 

 

 

30.2

%

 

 

109,841

 

 

 

21.2

%

Provision for income taxes

 

 

39,280

 

 

 

7.0

%

 

 

29,929

 

 

 

5.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

 

130,464

 

 

 

23.2

%

 

 

79,912

 

 

 

15.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME PER SHARE - BASIC:

 

$

1.95

 

 

 

 

 

$

1.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME PER SHARE -DILUTED:

 

$

1.92

 

 

 

 

 

$

1.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OUTSTANDING:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

66,758

 

 

 

 

 

 

68,193

 

 

 

 

Diluted

 

 

68,072

 

 

 

 

 

 

69,131

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

 

 

For the Year to Date Ended September 30,

 

 

 

 

(In Thousands)

 

2023

 

 

 

 

 

2022

 

 

 

 

NET INCOME

 

$

130,464

 

 

 

 

 

$

79,912

 

 

 

 

OTHER COMPREHENSIVE INCOME (LOSS), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(8

)

 

 

 

 

 

(383

)

 

 

 

Unrealized gain (loss) on investments

 

 

456

 

 

 

 

 

 

(5,838

)

 

 

 

Total other comprehensive income (loss)

 

 

448

 

 

 

 

 

 

(6,221

)

 

 

 

COMPREHENSIVE INCOME

 

$

130,912

 

 

 

 

 

$

73,691

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

For the Year to Date Ended September 30,

 

 

 

2023

 

 

2022

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income

 

$

130,464

 

 

$

79,912

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Asset impairment

 

 

8,715

 

 

 

228

 

Gain on sale of asset

 

 

(22,086

)

 

 

-

 

Depreciation and amortization expense

 

 

13,438

 

 

 

14,856

 

Bad debt expense

 

 

26,519

 

 

 

32,284

 

Compensation expense related to share-based awards

 

 

6,651

 

 

 

6,234

 

Deferred income taxes

 

 

4,249

 

 

 

1,099

 

Changes in operating assets and liabilities

 

 

(69,117

)

 

 

(26,973

)

Net cash provided by operating activities

 

 

98,833

 

 

 

107,640

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchases of available-for-sale investments

 

 

(205,529

)

 

 

(410,493

)

Sales of available-for-sale investments

 

 

179,139

 

 

 

202,927

 

Purchases of property and equipment

 

 

(4,801

)

 

 

(9,105

)

Business acquisition

 

 

-

 

 

 

(39,037

)

Net cash used in investing activities

 

 

(31,191

)

 

 

(255,708

)

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Issuance of common stock

 

 

749

 

 

916

 

Purchase of treasury stock

 

 

(2,729

)

 

 

(23,117

)

Payments of employee tax associated with stock compensation

 

 

(2,209

)

 

 

(1,612

)

Payments of cash dividends

 

 

(7,222

)

 

 

-

 

Release of cash held in escrow

 

 

(1,000

)

 

 

(3,986

)

Net cash used in financing activities

 

 

(12,411

)

 

 

(27,799

)

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

 

55,231

 

 

 

(175,867

)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period

 

 

118,884

 

 

 

325,178

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period

 

$

174,115

 

 

$

149,311

 

 

 

 

 

 

 

 

 

 

 

 

 

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED SELECTED SEGMENT INFORMATION

(In thousands, except percentages)

 

 

 

 

For the Quarter Ended September 30,

 

 

 

2023 (1)

 

 

2022

 

REVENUE:

 

 

 

 

 

 

CTU

 

$

120,552

 

 

$

97,562

 

AIUS

 

 

59,226

 

 

 

70,582

 

Corporate and Other

 

 

145

 

 

 

276

 

Total

 

$

179,923

 

 

$

168,420

 

 

 

 

 

 

 

 

OPERATING INCOME (LOSS):

 

 

 

 

 

 

CTU

 

$

34,491

 

 

$

31,506

 

AIUS

 

 

15,602

 

 

 

9,590

 

Corporate and Other

 

 

(7,020

)

 

 

(11,772

)

Total

 

$

43,073

 

 

$

29,324

 

 

 

 

 

 

 

 

OPERATING MARGIN (LOSS):

 

 

 

 

 

 

CTU

 

 

28.6

%

 

 

32.3

%

AIUS

 

 

26.3

%

 

 

13.6

%

Corporate and Other

 

NM

 

 

NM

 

Total

 

 

23.9

%

 

 

17.4

%

 

 

 

 

 

 

 

 

(1)
Results of operations include an acquisition completed on December 1, 2022 within CTU.

 

 

 

 

 

 

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED SELECTED SEGMENT INFORMATION

(In thousands, except percentages)

 

 

 

 

For the Year to Date Ended September 30,

 

 

 

2023 (1)

 

 

2022 (1)

 

REVENUE:

 

 

 

 

 

CTU

 

$

364,336

 

 

$

311,171

 

AIUS

 

 

197,128

 

 

 

207,034

 

 Corporate and Other

 

 

621

 

 

 

858

 

Total

 

$

562,085

 

 

$

519,063

 

 

 

 

 

 

 

 

OPERATING INCOME (LOSS):

 

 

 

 

 

 

CTU

 

$

118,632

 

 

$

107,540

 

AIUS

 

 

44,683

 

 

 

29,846

 

 Corporate and Other

 

 

(28,812

)

 

 

(30,423

)

Total

 

$

134,503

 

 

$

106,963

 

 

 

 

 

 

 

 

OPERATING MARGIN (LOSS):

 

 

 

 

 

 

CTU

 

 

32.6

%

 

 

34.6

%

AIUS

 

 

22.7

%

 

 

14.4

%

 Corporate and Other

 

NM

 

 

NM

 

Total

 

 

23.9

%

 

 

20.6

%

 

 

 

 

 

 

 

 

(1)
Results of operations include an acquisition completed on December 1, 2022 within CTU and an acquisition completed on July 1, 2022 within AIUS.

 

 

 

 

 

 

 

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1)

(In thousands, unless otherwise noted)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarter Ended September 30,

 

 

For the Year to Date Ended September 30,

 

 

 

ACTUAL

 

 

ACTUAL

 

Adjusted Operating Income

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Operating income

 

$

43,073

 

 

$

29,324

 

 

$

134,503

 

 

$

106,963

 

Depreciation and amortization (2)

 

 

3,914

 

 

 

5,065

 

 

 

13,438

 

 

 

14,856

 

Legal fee expense related to certain matters (3)

 

 

246

 

 

 

4,294

 

 

 

7,574

 

 

 

9,728

 

Adjusted Operating Income

 

$

47,233

 

 

$

38,683

 

 

$

155,515

 

 

$

131,547

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarter Ending December 31,

 

 

For the Year Ending December 31,

 

 

 

OUTLOOK

 

 

ACTUAL

 

 

OUTLOOK

 

 

ACTUAL

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Operating income

 

$11.6M - $14.6M

 

 

$

22,674

 

 

$146.1M - $149.1M

 

 

$

129,637

 

Depreciation and amortization (2)

 

$3.5M

 

 

 

4,878

 

 

$16.9M

 

 

 

19,734

 

Legal fee expense related to certain matters (3)

 

$0.4M

 

 

 

4,869

 

 

$8.0M

 

 

 

14,597

 

Adjusted Operating Income

 

$15.5M - $18.5M

 

 

$

32,421

 

 

$171.0M - $174.0M

 

 

$

163,968

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1) (cont’d)

 

 

 

 

 

 

 

 

 

 

For the Quarter Ended September 30,

 

 

For the Year to Date Ended September 30,

 

 

 

ACTUAL

 

 

ACTUAL

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Reported Earnings Per Diluted Share

 

$

0.62

 

 

$

0.32

 

 

$

1.92

 

 

$

1.16

 

 

 

 

 

 

 

 

 

 

Pre-tax adjustments included in operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization for acquired intangible assets (2)

 

 

0.03

 

 

 

0.03

 

 

 

0.09

 

 

 

0.08

 

Legal fee expense related to certain matters (3)

 

 

-

 

 

 

0.06

 

 

 

0.11

 

 

 

0.14

 

Gain on sale of intangible asset (4)

 

 

-

 

 

 

-

 

 

 

(0.32

)

 

 

-

 

Total pre-tax adjustments

 

$

0.03

 

 

$

0.09

 

 

$

(0.12

)

 

$

0.22

 

Tax effect of adjustments (5)

 

 

(0.01

)

 

 

(0.02

)

 

 

0.03

 

 

 

(0.06

)

Total adjustments after tax

 

 

0.02

 

 

 

0.07

 

 

 

(0.09

)

 

 

0.16

 

Adjusted Earnings Per Diluted Share

 

$

0.64

 

 

$

0.39

 

 

$

1.83

 

 

$

1.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarter Ending December 31,

 

 

For the Year Ending December 31,

 

 

 

OUTLOOK

 

 

ACTUAL

 

 

OUTLOOK

 

 

ACTUAL

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Reported Earnings Per Diluted Share

 

$0.19 - $0.22

 

 

$

0.23

 

 

$2.10 - $2.13

 

 

$

1.39

 

 

 

 

 

 

 

 

 

 

 

Pre-tax adjustments included in operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization for acquired intangible assets (2)

 

$0.02

 

 

 

0.03

 

 

$0.11

 

 

 

0.11

 

Legal fee expense related to certain matters (3)

 

$0.01

 

 

 

0.07

 

 

$0.12

 

 

 

0.21

 

Gain on sale of intangible asset (4)

 

 

-

 

 

 

-

 

 

($0.32)

 

 

 

-

 

Total pre-tax adjustments

 

$0.03

 

 

$

0.10

 

 

($0.09)

 

 

$

0.32

 

Tax effect of adjustments (5)

 

($0.01)

 

 

 

(0.02

)

 

$0.02

 

 

 

(0.08

)

Total adjustments after tax

 

$0.02

 

 

 

0.08

 

 

($0.07)

 

 

 

0.24

 

Adjusted Earnings Per Diluted Share

 

$0.21 - $0.24

 

 

$

0.31

 

 

$2.03 - $2.06

 

 

$

1.63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1) (cont’d)

 

(1)
The Company believes it is useful to present non-GAAP financial measures which exclude certain significant and non-cash items as a means to understand the performance of its operations. As a general matter, the Company uses non-GAAP financial measures in conjunction with results presented in accordance with GAAP to help analyze the performance of its operations, assist with preparing the annual operating plan, and measure performance for some forms of compensation. In addition, the Company believes that non-GAAP financial information is used by analysts and others in the investment community to analyze the Company’s historical results and to provide estimates of future performance.

The Company believes adjusted operating income and adjusted earnings per diluted share allow it to analyze and assess its operations and compare current operating results with the operational performance of other companies in its industry because it does not give effect to potential differences caused by items it does not consider reflective of underlying operating performance, such as amortization for acquired intangible assets, significant legal settlements and legal fee expense related to certain matters. The Company believes the items it is adjusting for are not normal operating expenses necessary to run its business. In evaluating adjusted operating income and adjusted earnings per diluted share, investors should be aware that in the future the Company may incur expenses similar to the adjustments presented above. The presentation of adjusted operating income and adjusted earnings per diluted share should not be construed as an inference that the Company's future results will be unaffected by expenses that are unusual, non-routine or non-recurring. Adjusted operating income and adjusted earnings per diluted share have limitations as an analytical tool, and should not be considered in isolation, or as a substitute for net income, operating income, earnings per diluted share, or any other performance measure derived in accordance and reported under GAAP or as an alternative to cash flow from operating activities or as a measure of liquidity.

Non-GAAP financial measures, when viewed in a reconciliation to corresponding GAAP financial measures, provide an additional way of viewing the Company’s results of operations and the factors and trends affecting the Company’s business. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding financial results presented in accordance with GAAP.

Results of operations include the Coding Dojo acquisition as of December 1, 2022 and the CalSouthern acquisition as of July 1, 2022.

(2)
Amortization for acquired intangible assets relate to definite-lived intangible assets associated with acquisitions.
(3)
Legal fee expense associated with (i) responses to the Department relating to borrower defense to repayment applications from former students, and (ii) acquisition efforts.
(4)
Non-cash gain associated with the sale of the LCB tradename in exchange for outstanding shares of Perdoceo's stock.
(5)
The tax effect of adjustments was calculated by multiplying the pre-tax adjustments with a tax rate of 25.0%. This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments.

 

 

 

 

 

 

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Document and Entity Information
Nov. 02, 2023
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 02, 2023
Entity Registrant Name Perdoceo Education Corporation
Entity Central Index Key 0001046568
Entity Emerging Growth Company false
Entity File Number 0-23245
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 36-3932190
Entity Address, Address Line One 1750 E. Golf Road
Entity Address, City or Town Schaumburg
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60173
City Area Code 847
Local Phone Number 781-3600
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Security 12b Title Common Stock, $0.01 par value
Trading Symbol PRDO
Security Exchange Name NASDAQ
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