2023 Q1 Form 10-K Financial Statement

#000095017023004119 Filed on February 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $195.6M $176.1M $695.2M
YoY Change 6.91% 10.19% 0.31%
Cost Of Revenue $33.85M $31.22M $116.7M
YoY Change 20.52% 23.5% 7.34%
Gross Profit $161.7M $144.9M $578.5M
YoY Change 4.44% 7.69% -0.99%
Gross Profit Margin 82.69% 82.28% 83.21%
Selling, General & Admin $112.7M $114.6M $426.1M
YoY Change 6.01% 20.59% 1.82%
% of Gross Profit 69.67% 79.08% 73.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.155M $4.878M $19.73M
YoY Change 5.59% -1.73% 17.7%
% of Gross Profit 3.19% 3.37% 3.41%
Operating Expenses $152.3M $119.5M $565.6M
YoY Change 36.95% 19.48% 29.93%
Operating Profit $43.34M $25.44M $129.6M
YoY Change -0.82% -26.42% -13.0%
Interest Expense $95.00K $3.067M $400.0K
YoY Change -58.7% 2155.15% 3900.0%
% of Operating Profit 0.22% 12.06% 0.31%
Other Income/Expense, Net $3.717M -$1.313M $4.632M
YoY Change -4276.4% -2059.7% 7886.21%
Pretax Income $47.05M $24.43M $134.3M
YoY Change 7.34% -29.76% -9.93%
Income Tax $12.57M $8.473M $38.40M
% Of Pretax Income 26.71% 34.69% 28.59%
Net Earnings $34.48M $15.96M $95.87M
YoY Change 7.5% -34.79% -12.56%
Net Earnings / Revenue 17.63% 9.06% 13.79%
Basic Earnings Per Share $0.51 $1.41
Diluted Earnings Per Share $0.50 $0.23 $1.39
COMMON SHARES
Basic Shares Outstanding 67.18M 67.17M 67.93M
Diluted Shares Outstanding 68.51M 69.03M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $510.8M $508.7M $508.7M
YoY Change 2.55% 2.94% 2.94%
Cash & Equivalents $89.85M $109.4M $109.4M
Short-Term Investments $420.9M $399.3M $399.3M
Other Short-Term Assets $735.0K $597.0K $18.48M
YoY Change -94.67% -76.25% 26.35%
Inventory $3.765M $1.904M $1.904M
Prepaid Expenses $11.38M $8.411M
Receivables $44.99M $42.55M $42.55M
Other Receivables $4.309M $3.457M $3.457M
Total Short-Term Assets $585.4M $575.1M $575.1M
YoY Change 5.26% 3.73% 3.73%
LONG-TERM ASSETS
Property, Plant & Equipment $25.75M $26.04M $52.19M
YoY Change -58.79% -8.17% -19.73%
Goodwill $243.9M $243.5M
YoY Change 49.8%
Intangibles $50.94M $53.56M
YoY Change 66.31%
Long-Term Investments $1.200M $1.100M
YoY Change
Other Assets $6.880M $6.488M $31.10M
YoY Change -77.59% -2.99% -2.2%
Total Long-Term Assets $377.6M $382.2M $382.2M
YoY Change 31.27% 30.47% 30.47%
TOTAL ASSETS
Total Short-Term Assets $585.4M $575.1M $575.1M
Total Long-Term Assets $377.6M $382.2M $382.2M
Total Assets $963.0M $957.4M $957.4M
YoY Change 14.12% 12.97% 12.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.18M $13.52M $13.52M
YoY Change 25.08% 24.73% 24.73%
Accrued Expenses $47.52M $61.48M $61.48M
YoY Change 24.55% 23.23% 23.23%
Deferred Revenue $44.71M $71.59M
YoY Change 14.32% 1.38%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $135.1M $163.4M $163.4M
YoY Change 22.47% 16.5% 16.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $40.86M $40.86M $68.14M
YoY Change -25.84% 89.76% 19.38%
Total Long-Term Liabilities $66.70M $68.14M $68.14M
YoY Change 21.05% 19.38% 19.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $135.1M $163.4M $163.4M
Total Long-Term Liabilities $66.70M $68.14M $68.14M
Total Liabilities $201.8M $231.5M $231.5M
YoY Change 22.0% 17.33% 17.33%
SHAREHOLDERS EQUITY
Retained Earnings $382.3M $347.8M
YoY Change 38.05%
Common Stock $687.6M $685.1M
YoY Change 1.47%
Preferred Stock
YoY Change
Treasury Stock (at cost) $304.6M $301.6M
YoY Change 8.93%
Treasury Stock Shares $22.45M $22.22M
Shareholders Equity $761.2M $725.8M $725.8M
YoY Change
Total Liabilities & Shareholders Equity $963.0M $957.4M $957.4M
YoY Change 14.12% 12.97% 12.97%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $34.48M $15.96M $95.87M
YoY Change 7.5% -34.79% -12.56%
Depreciation, Depletion And Amortization $5.155M $4.878M $19.73M
YoY Change 5.59% -1.73% 17.7%
Cash From Operating Activities $4.572M $40.55M $148.2M
YoY Change -79.36% -13.57% -22.46%
INVESTING ACTIVITIES
Capital Expenditures $1.925M $3.515M $12.62M
YoY Change -140.59% -184.15% -220.73%
Acquisitions $84.31M
YoY Change 47.54%
Other Investing Activities -$19.43M -$67.53M -$314.1M
YoY Change -86.33% -297.55% -584.94%
Cash From Investing Activities -$21.36M -$71.04M -$326.8M
YoY Change -85.46% -336.76% -701.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $21.92M
YoY Change -10.29%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.777M 70.00K -27.73M
YoY Change -68.32% -100.3% -7.4%
NET CHANGE
Cash From Operating Activities 4.572M 40.55M 148.2M
Cash From Investing Activities -21.36M -71.04M -326.8M
Cash From Financing Activities -2.777M 70.00K -27.73M
Net Change In Cash -19.56M -30.43M -206.3M
YoY Change -85.35% -156.78% -195.73%
FREE CASH FLOW
Cash From Operating Activities $4.572M $40.55M $148.2M
Capital Expenditures $1.925M $3.515M $12.62M
Free Cash Flow $2.647M $37.03M $135.6M
YoY Change -90.16% -27.51% -32.74%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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;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 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 (“</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</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;">” or “</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;">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 the associate through doctoral level as well as non-degree seeking and professional development programs. Our 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.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;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 Annual Report on Form 10-K, the terms “we,” “us,” “our,” “the Company,” “Perdoceo” and “PEC” refer to Perdoceo Education Corporation and our wholly-owned subsidiaries.</span><span style="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;"> </span></p>
CY2022 us-gaap Number Of Reportable Segments
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CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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;font-style:italic;min-width:fit-content;">b. Management’s Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;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;">The preparation of our consolidated financial statements in conformity with U.S. generally accepted accounting principles </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;">(“GAAP”)</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;"> requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the period. We regularly evaluate the accounting policies and estimates that we use to prepare our financial statements. Significant estimates, among others, include the allowance for credit losses, the assumptions surrounding future projections of revenues and expenses used in determining the probable outcome of performance conditions related to performance-based compensation, the assumptions used in determining the discount rate to calculate right of use assets and lease liabilities, assumptions used in calculating income tax related matters including our deferred tax balances and any respective valuation allowance, fair values used in establishing the opening balance sheet for business combinations and fair values used in asset impairment evaluations including goodwill, intangible assets and long-lived assets. Actual results could differ from these estimates.</span></p>
CY2022 prdo Length Of Academic Year
LengthOfAcademicYear
P210D
CY2022 us-gaap Advertising Expense
AdvertisingExpense
126800000
CY2021 us-gaap Advertising Expense
AdvertisingExpense
137200000
CY2020 us-gaap Advertising Expense
AdvertisingExpense
143300000
CY2022 prdo Short Term Investment Continuous Unrealized Gain Loss Position Period
ShortTermInvestmentContinuousUnrealizedGainLossPositionPeriod
P1Y
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
188472000
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
210843000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
399315000
CY2021Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
133728000
CY2021Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
40485000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
174213000
CY2022Q4 us-gaap Equity Method Investments
EquityMethodInvestments
1100000
CY2022 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1800000
CY2022 prdo Impairment Loss Of Equity Method Investements
ImpairmentLossOfEquityMethodInvestements
1200000
CY2021 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
200000
CY2020 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
200000
CY2022 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
1578000
CY2021 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
1726000
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
687314000
CY2022 prdo Length Of Academic Year
LengthOfAcademicYear
P210D
CY2020 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
1596000
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
695208000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
693034000
CY2022Q4 prdo Gross Deferred Revenue
GrossDeferredRevenue
107200000
CY2021Q4 prdo Gross Deferred Revenue
GrossDeferredRevenue
113719000
CY2022Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
35610000
CY2021Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
43106000
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
71590000
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
70613000
CY2021Q4 prdo Gross Deferred Revenue
GrossDeferredRevenue
113719000
CY2022 us-gaap Contract With Customer Liability Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination
12743000
CY2022 prdo Contract With Customer Liability Revenue Recognized Including Additions
ContractWithCustomerLiabilityRevenueRecognizedIncludingAdditions
98703000
CY2022 prdo Current Period Charges
CurrentPeriodCharges
669309000
CY2022 prdo Contract With Customers New Revenue During Period
ContractWithCustomersNewRevenueDuringPeriod
588969000
CY2022 prdo Deferred Revenue Other Adjustments
DeferredRevenueOtherAdjustments
-899000
CY2022Q4 prdo Gross Deferred Revenue
GrossDeferredRevenue
107200000
CY2020Q4 prdo Gross Deferred Revenue
GrossDeferredRevenue
85402000
CY2021 us-gaap Contract With Customer Liability Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination
5356000
CY2021 prdo Contract With Customer Liability Revenue Recognized Including Additions
ContractWithCustomerLiabilityRevenueRecognizedIncludingAdditions
74448000
CY2021 prdo Current Period Charges
CurrentPeriodCharges
710889000
CY2021 prdo Contract With Customers New Revenue During Period
ContractWithCustomersNewRevenueDuringPeriod
613967000
CY2021 prdo Deferred Revenue Other Adjustments
DeferredRevenueOtherAdjustments
487000
CY2021Q4 prdo Gross Deferred Revenue
GrossDeferredRevenue
113719000
CY2022Q4 prdo Refund Liability Reserve
RefundLiabilityReserve
2500000
CY2021Q4 prdo Refund Liability Reserve
RefundLiabilityReserve
2100000
CY2022 prdo Period Of Current Academic Year
PeriodOfCurrentAcademicYear
P210D
CY2022Q4 us-gaap Contract With Customer Receivable After Allowance For Credit Loss Noncurrent
ContractWithCustomerReceivableAfterAllowanceForCreditLossNoncurrent
1900000
CY2021Q4 us-gaap Contract With Customer Receivable After Allowance For Credit Loss Noncurrent
ContractWithCustomerReceivableAfterAllowanceForCreditLossNoncurrent
1400000
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
CY2019Q4 us-gaap Contract With Customer Receivable Allowance For Credit Loss
ContractWithCustomerReceivableAllowanceForCreditLoss
31964000
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
41574000
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
44349000
CY2020 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
47561000
CY2022 us-gaap Contract With Customer Asset Allowance For Credit Loss Writeoff
ContractWithCustomerAssetAllowanceForCreditLossWriteoff
40455000
CY2021 us-gaap Contract With Customer Asset Allowance For Credit Loss Writeoff
ContractWithCustomerAssetAllowanceForCreditLossWriteoff
50514000
CY2020 us-gaap Contract With Customer Asset Allowance For Credit Loss Writeoff
ContractWithCustomerAssetAllowanceForCreditLossWriteoff
40053000
CY2022 us-gaap Proceeds Contract With Customer Asset Previously Written Off Recovery
ProceedsContractWithCustomerAssetPreviouslyWrittenOffRecovery
2767000
CY2021 us-gaap Proceeds Contract With Customer Asset Previously Written Off Recovery
ProceedsContractWithCustomerAssetPreviouslyWrittenOffRecovery
3273000
CY2020 us-gaap Proceeds Contract With Customer Asset Previously Written Off Recovery
ProceedsContractWithCustomerAssetPreviouslyWrittenOffRecovery
2675000
CY2022Q4 us-gaap Contract With Customer Receivable Allowance For Credit Loss
ContractWithCustomerReceivableAllowanceForCreditLoss
43141000
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
CY2022Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
19824000
CY2021Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
60520000
CY2022Q4 prdo Computer Hardware And Software Gross
ComputerHardwareAndSoftwareGross
35698000
CY2021Q4 prdo Computer Hardware And Software Gross
ComputerHardwareAndSoftwareGross
45482000
CY2022Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
11417000
CY2021Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
23633000
CY2022Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
9163000
CY2021Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
9163000
CY2022Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
22000
CY2021Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
79000
CY2022Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
4152000
CY2021Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
3189000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
80276000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
142066000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
54238000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
113711000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26038000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
28355000
CY2022 us-gaap Depreciation
Depreciation
12400000
CY2021 us-gaap Depreciation
Depreciation
12300000
CY2020 us-gaap Depreciation
Depreciation
12000000.0
CY2022 prdo Operating Lease Expiration Date
OperatingLeaseExpirationDate
2032
CY2022 prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
11033000
CY2021 prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
11442000
CY2020 prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
12379000
CY2022 prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
3726000
CY2021 prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
3173000
CY2020 prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
6389000
CY2022 us-gaap Sublease Income
SubleaseIncome
1087000
CY2021 us-gaap Sublease Income
SubleaseIncome
1359000
CY2020 us-gaap Sublease Income
SubleaseIncome
2347000
CY2022 us-gaap Lease Cost
LeaseCost
13672000
CY2021 us-gaap Lease Cost
LeaseCost
13256000
CY2020 us-gaap Lease Cost
LeaseCost
16421000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
16827000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
18390000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
23577000
CY2022 prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
1108000
CY2021 prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
1430000
CY2020 prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
2254000
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P63M
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P69M
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P70M
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.048
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.049
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.049
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
8220000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
7403000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6768000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6914000
CY2022Q4 prdo Lessee Operating Lease Liability Payments Due Year Five And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndThereafter
9833000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
39138000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5297000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
33841000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
6555000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
27286000
CY2022 prdo Number Of Subleases
NumberOfSubleases
1
CY2022 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2023-05-30
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
13713000
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.003
CY2022 prdo Number Of Leases Mature Less Than One Year Related To Ongoing Operations
NumberOfLeasesMatureLessThanOneYearRelatedToOngoingOperations
4
CY2022Q4 us-gaap Goodwill
Goodwill
243500000
CY2021Q4 us-gaap Goodwill
Goodwill
162600000
CY2021Q4 us-gaap Goodwill
Goodwill
162579000
CY2020Q4 us-gaap Goodwill
Goodwill
118312000
CY2022 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
80961000
CY2021 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
44267000
CY2022Q4 us-gaap Goodwill
Goodwill
243540000
CY2021Q4 us-gaap Goodwill
Goodwill
162579000
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
62760000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
15981000
CY2022 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
1115000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
45664000
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
32970000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8662000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
24308000
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
7900000
CY2021Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
7900000
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
53564000
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
32208000
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7300000
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4500000
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2800000
CY2022 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
1100000
CY2022Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
125000000.0
CY2022 prdo Contingent Consideration Year Of Expected Payment Year And Month One
ContingentConsiderationYearOfExpectedPaymentYearAndMonthOne
2024-01
CY2022 prdo Contingent Consideration Year Of Expected Payment Year And Month Two
ContingentConsiderationYearOfExpectedPaymentYearAndMonthTwo
2025-01
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
134300000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
149100000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
146700000
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
33166000
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
19143000
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
5913000
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
4956000
CY2020 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
2110000
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
39079000
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
24099000
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
2110000
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-3767000
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
13389000
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
15425000
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
3090000
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
1942000
CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
4941000
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-677000
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
15331000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22476000
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.027
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
20366000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
38402000
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.006
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
39430000
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.026
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.027
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.010
CY2022 prdo Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Capital Loss
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsCapitalLoss
0.023
CY2021 prdo Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Capital Loss
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsCapitalLoss
-0.021
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.006
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.021
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.109
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.003
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.003
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.001
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.029
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.021
CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.029
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.286
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.264
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.153
CY2022 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
800000
CY2022 prdo Increase In Effective Rate Due To Unfavorable Adjustment Associated With Tax Effect Of Stock Based Compensation
IncreaseInEffectiveRateDueToUnfavorableAdjustmentAssociatedWithTaxEffectOfStockBasedCompensation
0.006
CY2022 prdo Effective Tax Rate Reflects Establishment Of Full Valuation Allowance With Combined State Net Operating Losses
EffectiveTaxRateReflectsEstablishmentOfFullValuationAllowanceWithCombinedStateNetOperatingLosses
1400000
CY2022 prdo Income Tax Reconciliation Expected Non Deductibility Of Reductions In Carrying Value Of Equity Investment
IncomeTaxReconciliationExpectedNonDeductibilityOfReductionsInCarryingValueOfEquityInvestment
900000
CY2022 prdo Increased In Effective Rate Due To Establishment Full Valuation Allowance And Non Deductibility Of Reductions
IncreasedInEffectiveRateDueToEstablishmentFullValuationAllowanceAndNonDeductibilityOfReductions
0.017
CY2021 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1600000
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.010
CY2021 prdo Favorable Adjustment Related To Federal And State Credits Claimed
FavorableAdjustmentRelatedToFederalAndStateCreditsClaimed
500000
CY2021 prdo Effective Income Tax Rate Reconciliation Favorable Adjustment Related To Federal And State Credits Claimed
EffectiveIncomeTaxRateReconciliationFavorableAdjustmentRelatedToFederalAndStateCreditsClaimed
0.003
CY2021 prdo Favorable Adjustment Related To Capital Loss Incurred For Tax Purpose
FavorableAdjustmentRelatedToCapitalLossIncurredForTaxPurpose
3100000
CY2021 prdo Effective Income Tax Rate Reconciliation Favorable Adjustment Related To Capital Loss Incurred For Tax Purpose
EffectiveIncomeTaxRateReconciliationFavorableAdjustmentRelatedToCapitalLossIncurredForTaxPurpose
0.021
CY2020Q4 prdo Deferred Tax Assets Tax Credit Carryforwards Foreign Favorable Adjustment Related To Release Of Valuation Allowance
DeferredTaxAssetsTaxCreditCarryforwardsForeignFavorableAdjustmentRelatedToReleaseOfValuationAllowance
16000000.0
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements Foreign
EffectiveIncomeTaxRateReconciliationTaxSettlementsForeign
-0.109
CY2020 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
400000
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