2022 Q4 Form 10-Q Financial Statement

#000095017022022632 Filed on November 07, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $176.1M $168.4M $174.0M
YoY Change 10.19% -3.21% 2.88%
Cost Of Revenue $31.22M $30.15M $25.96M
YoY Change 23.5% 16.13% -5.94%
Gross Profit $144.9M $138.3M $148.0M
YoY Change 7.69% -6.6% 4.55%
Gross Profit Margin 82.28% 82.1% 85.08%
Selling, General & Admin $114.6M $103.9M $106.3M
YoY Change 20.59% -2.26% 0.75%
% of Gross Profit 79.08% 75.13% 71.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.878M $5.065M $3.887M
YoY Change -1.73% 30.31% -2.83%
% of Gross Profit 3.37% 3.66% 2.63%
Operating Expenses $119.5M $139.1M $110.2M
YoY Change 19.48% 26.25% 0.62%
Operating Profit $25.44M $29.32M $37.86M
YoY Change -26.42% -22.55% 18.04%
Interest Expense $3.067M $96.00K -$418.0K
YoY Change 2155.15% -122.97% -159.71%
% of Operating Profit 12.06% 0.33% -1.1%
Other Income/Expense, Net -$1.313M $1.968M -$116.0K
YoY Change -2059.7% -1796.55%
Pretax Income $24.43M $31.29M $37.33M
YoY Change -29.76% -16.17% 13.96%
Income Tax $8.473M $9.225M $9.557M
% Of Pretax Income 34.69% 29.48% 25.6%
Net Earnings $15.96M $22.07M $27.77M
YoY Change -34.79% -20.53% -30.47%
Net Earnings / Revenue 9.06% 13.1% 15.96%
Basic Earnings Per Share $0.33 $0.40
Diluted Earnings Per Share $0.23 $0.32 $388.6K
COMMON SHARES
Basic Shares Outstanding 67.17M 67.76M 70.09M
Diluted Shares Outstanding 68.55M 71.47M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $508.7M $523.0M $475.8M
YoY Change 2.94% 9.92% 30.82%
Cash & Equivalents $109.4M $147.1M $266.4M
Short-Term Investments $399.3M $375.9M $209.4M
Other Short-Term Assets $597.0K $521.0K $15.79M
YoY Change -76.25% -96.7% 29.43%
Inventory $1.904M $2.041M $1.178M
Prepaid Expenses $8.411M $9.251M
Receivables $42.55M $43.06M $42.49M
Other Receivables $3.457M $2.261M $1.900M
Total Short-Term Assets $575.1M $582.3M $537.1M
YoY Change 3.73% 8.41% 28.84%
LONG-TERM ASSETS
Property, Plant & Equipment $26.04M $26.29M $64.63M
YoY Change -8.17% -59.32% -14.85%
Goodwill $243.5M $184.1M
YoY Change 49.8%
Intangibles $53.56M $44.26M
YoY Change 66.31%
Long-Term Investments $1.100M
YoY Change
Other Assets $6.488M $6.545M $36.49M
YoY Change -2.99% -82.07% -33.89%
Total Long-Term Assets $382.2M $316.9M $299.3M
YoY Change 30.47% 5.89% 12.15%
TOTAL ASSETS
Total Short-Term Assets $575.1M $582.3M $537.1M
Total Long-Term Assets $382.2M $316.9M $299.3M
Total Assets $957.4M $899.2M $836.4M
YoY Change 12.97% 7.51% 22.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.52M $13.29M $12.65M
YoY Change 24.73% 5.02% -1.94%
Accrued Expenses $61.48M $47.51M $50.40M
YoY Change 23.23% -5.73% 21.44%
Deferred Revenue $71.59M $61.98M $57.05M
YoY Change 1.38% 8.64% 94.69%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $163.4M $140.4M $134.4M
YoY Change 16.5% 4.46% 36.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $40.86M $22.19M $56.62M
YoY Change 89.76% -60.81% -10.97%
Total Long-Term Liabilities $68.14M $52.58M $56.62M
YoY Change 19.38% -7.15% -10.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $163.4M $140.4M $134.4M
Total Long-Term Liabilities $68.14M $52.58M $56.62M
Total Liabilities $231.5M $193.0M $191.0M
YoY Change 17.33% 1.02% 17.85%
SHAREHOLDERS EQUITY
Retained Earnings $347.8M $331.9M
YoY Change 38.05%
Common Stock $685.1M $682.3M
YoY Change 1.47%
Preferred Stock
YoY Change
Treasury Stock (at cost) $301.6M $301.6M
YoY Change 8.93%
Treasury Stock Shares $22.22M $22.22M
Shareholders Equity $725.8M $706.2M $645.4M
YoY Change
Total Liabilities & Shareholders Equity $957.4M $899.2M $836.4M
YoY Change 12.97% 7.51% 22.32%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income $15.96M $22.07M $27.77M
YoY Change -34.79% -20.53% -30.47%
Depreciation, Depletion And Amortization $4.878M $5.065M $3.887M
YoY Change -1.73% 30.31% -2.83%
Cash From Operating Activities $40.55M $52.86M $61.46M
YoY Change -13.57% -13.99% 116.41%
INVESTING ACTIVITIES
Capital Expenditures $3.515M -$2.340M -$3.217M
YoY Change -184.15% -27.26% -21.54%
Acquisitions
YoY Change
Other Investing Activities -$67.53M -$43.77M $121.8M
YoY Change -297.55% -135.92% -310.43%
Cash From Investing Activities -$71.04M -$46.11M $118.6M
YoY Change -336.76% -138.87% -291.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 70.00K -7.380M 170.0K
YoY Change -100.3% -4441.18% -15.0%
NET CHANGE
Cash From Operating Activities 40.55M 52.86M 61.46M
Cash From Investing Activities -71.04M -46.11M 118.6M
Cash From Financing Activities 70.00K -7.380M 170.0K
Net Change In Cash -30.43M -629.0K 180.3M
YoY Change -156.78% -100.35% -639.68%
FREE CASH FLOW
Cash From Operating Activities $40.55M $52.86M $61.46M
Capital Expenditures $3.515M -$2.340M -$3.217M
Free Cash Flow $37.03M $55.20M $64.68M
YoY Change -27.51% -14.65% 99.01%

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us-gaap Earnings Per Share Basic
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EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
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WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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NetIncomeLoss
22067000
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NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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OtherComprehensiveIncomeLossNetOfTax
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CY2021Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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ComprehensiveIncomeNetOfTax
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ComprehensiveIncomeNetOfTax
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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StockholdersEquity
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NetIncomeLoss
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2022Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
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CY2022Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
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CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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CY2022Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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StockholdersEquity
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CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
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NetIncomeLoss
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2021Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
51000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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3857000
CY2021Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
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prdo Payments For Release Of Escrow
PaymentsForReleaseOfEscrow
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CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-383000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-5838000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
23117000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6234000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
696000
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Net Income Loss
NetIncomeLoss
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-175000
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OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
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us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
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AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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StockholdersEquity
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us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Asset Impairment Charges
AssetImpairmentCharges
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DepreciationDepletionAndAmortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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prdo Provision For Doubtful Accounts Including Discontinued Operations
ProvisionForDoubtfulAccountsIncludingDiscontinuedOperations
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prdo Provision For Doubtful Accounts Including Discontinued Operations
ProvisionForDoubtfulAccountsIncludingDiscontinuedOperations
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
23117000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1612000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2034000
us-gaap Share Based Compensation
ShareBasedCompensation
6234000
us-gaap Share Based Compensation
ShareBasedCompensation
11287000
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IncreaseDecreaseInDeferredIncomeTaxes
-1099000
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
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prdo Increase Decrease In Operating Assets And Liabilities
IncreaseDecreaseInOperatingAssetsAndLiabilities
26973000
prdo Increase Decrease In Operating Assets And Liabilities
IncreaseDecreaseInOperatingAssetsAndLiabilities
10352000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
107640000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
144206000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
410493000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
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ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
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us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
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us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
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us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
39037000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
56947000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-255708000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
24318000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
916000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
793000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-27799000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-6613000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
149311000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
271595000
us-gaap Escrow Deposit Disbursements Related To Property Acquisition1
EscrowDepositDisbursementsRelatedToPropertyAcquisition1
1000000
us-gaap Escrow Deposit Disbursements Related To Property Acquisition1
EscrowDepositDisbursementsRelatedToPropertyAcquisition1
1210000
us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">1. DESCRIPTION OF THE COMPANY</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Perdoceo’s academic institutions offer a quality postsecondary education primarily online to a diverse student population, along with campus-based and blended learning programs. Our accredited institutions – Colorado Technical University </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">(“CTU”)</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> and the American InterContinental University System </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">(“AIUS” or “AIU System”)</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> – provide degree programs from associate through doctoral level as well as non-degree professional development and continuing education offerings. Our universities 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 intelli</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">path</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:4.355pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">®</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> learning platform and using data analytics and technology to support students and enhance learning. 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.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">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.</span></p>
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2021Q4 prdo Gross Deferred Revenue
GrossDeferredRevenue
113719000
CY2020Q4 prdo Gross Deferred Revenue
GrossDeferredRevenue
85402000
us-gaap Contract With Customer Liability Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination
2419000
us-gaap Contract With Customer Liability Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination
5356000
prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
8634000
CY2021Q4 prdo Gross Deferred Revenue
GrossDeferredRevenue
113719000
prdo Short Term Investment Continuous Unrealized Gain Loss Position Period
ShortTermInvestmentContinuousUnrealizedGainLossPositionPeriod
P1Y
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RelatedPartyTransactionPurchasesFromRelatedParty
374000
CY2021Q3 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
442000
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
1201000
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
1301000
CY2022Q3 prdo Percentage Of Decrease In Revenue From Contract With Customer Excluding Assessed Tax
PercentageOfDecreaseInRevenueFromContractWithCustomerExcludingAssessedTax
0.032
CY2022Q3 prdo Decrease In Revenue From Contract With Customer Excluding Assessed Tax
DecreaseInRevenueFromContractWithCustomerExcludingAssessedTax
5600000
prdo Percentage Of Decrease In Revenue From Contract With Customer Excluding Assessed Tax
PercentageOfDecreaseInRevenueFromContractWithCustomerExcludingAssessedTax
0.026
prdo Decrease In Revenue From Contract With Customer Excluding Assessed Tax
DecreaseInRevenueFromContractWithCustomerExcludingAssessedTax
14100000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
168420000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
173998000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
519063000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
533175000
CY2022Q3 prdo Gross Deferred Revenue
GrossDeferredRevenue
98708000
us-gaap Provision For Doubtful Accounts
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ContractWithCustomerAssetGross
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ContractWithCustomerAssetGross
43106000
CY2022Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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GrossDeferredRevenue
67485000
CY2021Q2 prdo Gross Deferred Revenue
GrossDeferredRevenue
121467000
CY2022Q3 us-gaap Contract With Customer Liability Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination
2419000
CY2021Q3 us-gaap Contract With Customer Liability Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination
5356000
CY2022Q3 prdo Contract With Customer Liability Revenue Recognized Including Additions
ContractWithCustomerLiabilityRevenueRecognizedIncludingAdditions
55140000
CY2021Q3 prdo Contract With Customer Liability Revenue Recognized Including Additions
ContractWithCustomerLiabilityRevenueRecognizedIncludingAdditions
99501000
CY2022Q3 prdo Current Period Charges
CurrentPeriodCharges
195834000
CY2021Q3 prdo Current Period Charges
CurrentPeriodCharges
137209000
CY2022Q3 prdo Contract With Customers New Revenue During Period
ContractWithCustomersNewRevenueDuringPeriod
111297000
CY2021Q3 prdo Contract With Customers New Revenue During Period
ContractWithCustomersNewRevenueDuringPeriod
73094000
CY2022Q3 prdo Deferred Revenue Other Adjustments
DeferredRevenueOtherAdjustments
-593000
CY2021Q3 prdo Deferred Revenue Other Adjustments
DeferredRevenueOtherAdjustments
650000
CY2022Q3 prdo Gross Deferred Revenue
GrossDeferredRevenue
98708000
CY2021Q3 prdo Gross Deferred Revenue
GrossDeferredRevenue
92087000
prdo Contract With Customer Liability Revenue Recognized Including Additions
ContractWithCustomerLiabilityRevenueRecognizedIncludingAdditions
95493000
prdo Contract With Customer Liability Revenue Recognized Including Additions
ContractWithCustomerLiabilityRevenueRecognizedIncludingAdditions
72203000
prdo Current Period Charges
CurrentPeriodCharges
496054000
prdo Current Period Charges
CurrentPeriodCharges
531319000
prdo Contract With Customers New Revenue During Period
ContractWithCustomersNewRevenueDuringPeriod
418167000
prdo Contract With Customers New Revenue During Period
ContractWithCustomersNewRevenueDuringPeriod
458027000
prdo Deferred Revenue Other Adjustments
DeferredRevenueOtherAdjustments
176000
prdo Deferred Revenue Other Adjustments
DeferredRevenueOtherAdjustments
240000
CY2022Q3 prdo Gross Deferred Revenue
GrossDeferredRevenue
98708000
CY2021Q3 prdo Gross Deferred Revenue
GrossDeferredRevenue
92087000
CY2022Q3 prdo Refund Liability Reserve
RefundLiabilityReserve
2400000
CY2021Q4 prdo Refund Liability Reserve
RefundLiabilityReserve
2100000
CY2022Q3 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
1300000
CY2021Q4 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
1400000
CY2022Q2 us-gaap Contract With Customer Receivable Allowance For Credit Loss
ContractWithCustomerReceivableAllowanceForCreditLoss
43786000
CY2021Q2 us-gaap Contract With Customer Receivable Allowance For Credit Loss
ContractWithCustomerReceivableAllowanceForCreditLoss
42876000
CY2021Q4 us-gaap Contract With Customer Receivable Allowance For Credit Loss
ContractWithCustomerReceivableAllowanceForCreditLoss
39255000
CY2020Q4 us-gaap Contract With Customer Receivable Allowance For Credit Loss
ContractWithCustomerReceivableAllowanceForCreditLoss
42147000
CY2022Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
7905000
CY2021Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
10192000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
32284000
CY2022Q3 us-gaap Contract With Customer Asset Allowance For Credit Loss Writeoff
ContractWithCustomerAssetAllowanceForCreditLossWriteoff
8610000
CY2021Q3 us-gaap Contract With Customer Asset Allowance For Credit Loss Writeoff
ContractWithCustomerAssetAllowanceForCreditLossWriteoff
13802000
CY2022Q3 prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
285000
prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
838000
us-gaap Contract With Customer Asset Allowance For Credit Loss Writeoff
ContractWithCustomerAssetAllowanceForCreditLossWriteoff
30132000
CY2021Q3 prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
2813000
us-gaap Contract With Customer Asset Allowance For Credit Loss Writeoff
ContractWithCustomerAssetAllowanceForCreditLossWriteoff
41122000
CY2022Q3 us-gaap Proceeds Contract With Customer Asset Previously Written Off Recovery
ProceedsContractWithCustomerAssetPreviouslyWrittenOffRecovery
608000
CY2021Q3 us-gaap Proceeds Contract With Customer Asset Previously Written Off Recovery
ProceedsContractWithCustomerAssetPreviouslyWrittenOffRecovery
756000
us-gaap Proceeds Contract With Customer Asset Previously Written Off Recovery
ProceedsContractWithCustomerAssetPreviouslyWrittenOffRecovery
2282000
us-gaap Proceeds Contract With Customer Asset Previously Written Off Recovery
ProceedsContractWithCustomerAssetPreviouslyWrittenOffRecovery
2633000
CY2022Q3 us-gaap Contract With Customer Receivable Allowance For Credit Loss
ContractWithCustomerReceivableAllowanceForCreditLoss
43689000
CY2021Q3 us-gaap Contract With Customer Receivable Allowance For Credit Loss
ContractWithCustomerReceivableAllowanceForCreditLoss
40022000
CY2022Q3 us-gaap Contract With Customer Receivable Allowance For Credit Loss
ContractWithCustomerReceivableAllowanceForCreditLoss
43689000
CY2021Q3 us-gaap Contract With Customer Receivable Allowance For Credit Loss
ContractWithCustomerReceivableAllowanceForCreditLoss
40022000
prdo Operating Lease Expiration Date
OperatingLeaseExpirationDate
2032
CY2022Q3 prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
2729000
prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
8191000
CY2022Q3 prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
1091000
prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
2985000
CY2022Q3 us-gaap Sublease Income
SubleaseIncome
271000
us-gaap Sublease Income
SubleaseIncome
816000
CY2022Q3 us-gaap Lease Cost
LeaseCost
3549000
us-gaap Lease Cost
LeaseCost
10360000
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
4567000
us-gaap Operating Lease Payments
OperatingLeasePayments
13385000
CY2021Q3 prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
561000
prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
3313000
CY2021Q3 us-gaap Sublease Income
SubleaseIncome
263000
us-gaap Sublease Income
SubleaseIncome
1097000
CY2021Q3 us-gaap Lease Cost
LeaseCost
3111000
us-gaap Lease Cost
LeaseCost
10850000
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
4443000
us-gaap Operating Lease Payments
OperatingLeasePayments
13977000
CY2021Q3 prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
271000
prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
1154000
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P66M
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P71M
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.048
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.049
prdo Number Of Subleases
NumberOfSubleases
1
CY2021Q3 us-gaap Sublease Income
SubleaseIncome
300000
CY2022Q3 us-gaap Sublease Income
SubleaseIncome
300000
us-gaap Sublease Income
SubleaseIncome
800000
us-gaap Sublease Income
SubleaseIncome
1100000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.255
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
32200000
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
32200000
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
31292000
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
37326000
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
109841000
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
114292000
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9225000
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9557000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
29929000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
29121000
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.295
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.256
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.272
CY2022Q3 prdo Deferred Tax Assets Valuation Allowance Capital Loss Carryforwards
DeferredTaxAssetsValuationAllowanceCapitalLossCarryforwards
3100000
CY2022Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
30100000
CY2022Q3 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1400000
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1400000
CY2022Q3 prdo Effective Income Tax Rate Reconciliation Other Discrete Items
EffectiveIncomeTaxRateReconciliationOtherDiscreteItems
0.046
prdo Effective Income Tax Rate Reconciliation Other Discrete Items
EffectiveIncomeTaxRateReconciliationOtherDiscreteItems
0.013
CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements
EffectiveIncomeTaxRateReconciliationTaxSettlements
0.003
us-gaap Effective Income Tax Rate Reconciliation Tax Settlements
EffectiveIncomeTaxRateReconciliationTaxSettlements
0.001
prdo Effective Income Tax Rate Reconciliation Change From Discrete Tax Items
EffectiveIncomeTaxRateReconciliationChangeFromDiscreteTaxItems
0.002
CY2021Q3 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements
EffectiveIncomeTaxRateReconciliationTaxSettlements
0.006
us-gaap Effective Income Tax Rate Reconciliation Tax Settlements
EffectiveIncomeTaxRateReconciliationTaxSettlements
0.002
prdo Effective Income Tax Rate Reconciliation Change From Discrete Tax Items
EffectiveIncomeTaxRateReconciliationChangeFromDiscreteTaxItems
0.005
CY2022Q3 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
6100000
CY2022Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
2200000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68550000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71466000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69131000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1914000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3853000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6223000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11274000
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
15000000.0
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P4Y
CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000.0
CY2022Q1 us-gaap Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2023-09-30
CY2022Q1 prdo Extended Expiration Date Of Program
ExtendedExpirationDateOfProgram
2022-02-28
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2100000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
23100000
prdo Stock Repurchased During Period Value Weighted Average Price
StockRepurchasedDuringPeriodValueWeightedAveragePrice
11.02
CY2022Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
600000
CY2022Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
7400000
CY2022Q3 prdo Stock Repurchased During Period Value Weighted Average Price
StockRepurchasedDuringPeriodValueWeightedAveragePrice
12.04
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
400000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
5400000
prdo Stock Repurchased During Period Value Weighted Average Price
StockRepurchasedDuringPeriodValueWeightedAveragePrice
12.23
CY2022Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
26800000
CY2021Q3 prdo Common Stock Equivalents
CommonStockEquivalents
1377000
prdo Common Stock Equivalents
CommonStockEquivalents
938000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67506000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70089000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
68193000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70179000
CY2022Q3 prdo Common Stock Equivalents
CommonStockEquivalents
1044000
prdo Common Stock Equivalents
CommonStockEquivalents
1470000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71649000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
168420000
CY2022Q3 prdo Percentage Of Revenue
PercentageOfRevenue
1.000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
173998000
CY2021Q3 prdo Percentage Of Revenue
PercentageOfRevenue
1.000
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
29324000
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
37861000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
519063000
prdo Percentage Of Revenue
PercentageOfRevenue
1.000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
533175000
prdo Percentage Of Revenue
PercentageOfRevenue
1.000
us-gaap Operating Income Loss
OperatingIncomeLoss
106963000
us-gaap Operating Income Loss
OperatingIncomeLoss
114440000
CY2022Q3 us-gaap Assets
Assets
899203000
CY2021Q4 us-gaap Assets
Assets
847433000

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