$PRDO
PERDOCEO EDUCATION Corp

2023 Q3 Form 10-Q Financial Statement

#000095017023038021 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $179.9M $186.6M
YoY Change 6.83% 11.26%
Cost Of Revenue $33.50M $32.75M
YoY Change 11.11% 20.09%
Gross Profit $146.4M $153.8M
YoY Change 5.88% 9.54%
Gross Profit Margin 81.37% 82.45%
Selling, General & Admin $92.10M $100.6M
YoY Change -11.34% -0.73%
% of Gross Profit 62.91% 65.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.900M $4.369M
YoY Change -23.0% -11.0%
% of Gross Profit 2.66% 2.84%
Operating Expenses $136.9M $138.5M
YoY Change -1.61% 3.54%
Operating Profit $43.07M $48.09M
YoY Change 46.89% 41.68%
Interest Expense $97.00K $96.00K
YoY Change 1.04% -3.03%
% of Operating Profit 0.23% 0.2%
Other Income/Expense, Net $5.015M $26.51M
YoY Change 154.83% 3347.2%
Pretax Income $48.09M $74.60M
YoY Change 53.68% 114.9%
Income Tax $6.781M $19.93M
% Of Pretax Income 14.1% 26.71%
Net Earnings $41.31M $54.67M
YoY Change 87.19% 112.18%
Net Earnings / Revenue 22.96% 29.31%
Basic Earnings Per Share $0.63 $0.81
Diluted Earnings Per Share $0.62 $0.80
COMMON SHARES
Basic Shares Outstanding 65.61M 67.48M
Diluted Shares Outstanding 67.10M 68.53M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $595.3M $568.6M
YoY Change 13.82% 10.29%
Cash & Equivalents $165.6M $140.5M
Short-Term Investments $429.6M $428.1M
Other Short-Term Assets $261.0K $664.0K
YoY Change -49.9% -75.74%
Inventory $2.183M $2.875M
Prepaid Expenses $10.14M $12.52M
Receivables $41.30M $42.32M
Other Receivables $12.00M $6.896M
Total Short-Term Assets $669.6M $643.4M
YoY Change 14.99% 12.52%
LONG-TERM ASSETS
Property, Plant & Equipment $23.53M $24.26M
YoY Change -10.5% -10.0%
Goodwill $241.2M $244.1M
YoY Change 30.97% 50.15%
Intangibles $39.97M $49.09M
YoY Change -9.69% 69.99%
Long-Term Investments $1.000M $1.200M
YoY Change
Other Assets $5.216M $6.889M
YoY Change -20.31% 6.81%
Total Long-Term Assets $356.4M $370.3M
YoY Change 12.48% 30.26%
TOTAL ASSETS
Total Short-Term Assets $669.6M $643.4M
Total Long-Term Assets $356.4M $370.3M
Total Assets $1.026B $1.014B
YoY Change 14.1% 18.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.54M $15.36M
YoY Change 9.46% 23.69%
Accrued Expenses $67.60M $55.99M
YoY Change 42.29% 25.35%
Deferred Revenue $38.70M $66.91M
YoY Change -37.55% 88.14%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $139.2M $160.7M
YoY Change -0.83% 45.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $34.26M $36.19M
YoY Change 54.4% 71.39%
Total Long-Term Liabilities $57.13M $60.54M
YoY Change 8.66% 14.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $139.2M $160.7M
Total Long-Term Liabilities $57.13M $60.54M
Total Liabilities $196.4M $221.2M
YoY Change 1.76% 35.48%
SHAREHOLDERS EQUITY
Retained Earnings $470.8M $437.0M
YoY Change 41.87% 41.05%
Common Stock $692.5M $689.7M
YoY Change 1.49% 1.38%
Preferred Stock
YoY Change
Treasury Stock (at cost) $328.6M $328.6M
YoY Change 8.96% 11.72%
Treasury Stock Shares
Shareholders Equity $829.7M $792.4M
YoY Change
Total Liabilities & Shareholders Equity $1.026B $1.014B
YoY Change 14.1% 18.41%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $41.31M $54.67M
YoY Change 87.19% 112.18%
Depreciation, Depletion And Amortization $3.900M $4.369M
YoY Change -23.0% -11.0%
Cash From Operating Activities $32.60M $61.65M
YoY Change -38.33% 88.96%
INVESTING ACTIVITIES
Capital Expenditures $1.200M $1.687M
YoY Change -151.28% -183.39%
Acquisitions
YoY Change
Other Investing Activities $500.0K -$7.425M
YoY Change -101.14% -87.76%
Cash From Investing Activities -$700.0K -$9.112M
YoY Change -98.48% -85.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.800M -1.848M
YoY Change 5.69% -84.14%
NET CHANGE
Cash From Operating Activities 32.60M 61.65M
Cash From Investing Activities -700.0K -9.112M
Cash From Financing Activities -7.800M -1.848M
Net Change In Cash 24.10M 50.69M
YoY Change -3931.48% -221.52%
FREE CASH FLOW
Cash From Operating Activities $32.60M $61.65M
Capital Expenditures $1.200M $1.687M
Free Cash Flow $31.40M $59.96M
YoY Change -43.12% 73.06%

Facts In Submission

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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68533000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69182000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68512000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69376000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
54673000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
25767000
us-gaap Net Income Loss
NetIncomeLoss
89157000
us-gaap Net Income Loss
NetIncomeLoss
57845000
CY2023Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-3000
CY2022Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-164000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
23000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-245000
CY2023Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1497000
CY2022Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1469000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-197000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-2833000
CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1500000
CY2022Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1633000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-174000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-3078000
CY2023Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
53173000
CY2022Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
24134000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
88983000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
54767000
CY2023Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1497000
CY2023Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1914000
CY2023Q2 prdo Treasury Stock Acquired Upon Sale Of Asset
TreasuryStockAcquiredUponSaleOfAsset
22086000
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2021000
CY2023Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
792432000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
678380000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
25767000
CY2022Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-164000
CY2022Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1469000
CY2022Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
11842000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1900000
CY2022Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
188000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
692760000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
725845000
us-gaap Net Income Loss
NetIncomeLoss
89157000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
23000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-197000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2729000
prdo Treasury Stock Acquired Upon Sale Of Asset
TreasuryStockAcquiredUponSaleOfAsset
22086000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4315000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
-1896000
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
792432000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
650110000
us-gaap Net Income Loss
NetIncomeLoss
57845000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-245000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-2833000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
15670000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4316000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
-763000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
692760000
us-gaap Profit Loss
ProfitLoss
89157000
us-gaap Profit Loss
ProfitLoss
57845000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
1335000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
228000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
22086000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
9524000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
9791000
prdo Provision For Doubtful Accounts Including Discontinued Operations
ProvisionForDoubtfulAccountsIncludingDiscontinuedOperations
18927000
prdo Provision For Doubtful Accounts Including Discontinued Operations
ProvisionForDoubtfulAccountsIncludingDiscontinuedOperations
24379000
us-gaap Share Based Compensation
ShareBasedCompensation
4315000
us-gaap Share Based Compensation
ShareBasedCompensation
4316000
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-2975000
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
557000
prdo Increase Decrease In Operating Assets And Liabilities
IncreaseDecreaseInOperatingAssetsAndLiabilities
37927000
prdo Increase Decrease In Operating Assets And Liabilities
IncreaseDecreaseInOperatingAssetsAndLiabilities
41223000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
66220000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
54779000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
159183000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
330797000
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
132325000
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
134964000
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
3612000
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
6765000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
7000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-30470000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-209598000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
313000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
849000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2729000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
15670000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2209000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1612000
prdo Payments For Release Of Escrow
PaymentsForReleaseOfEscrow
3986000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4625000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-20419000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
31125000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-175238000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
118884000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
325178000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
150009000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
149940000
us-gaap Nature Of Operations
NatureOfOperations
<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 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
CY2023Q1 prdo Gross Deferred Revenue
GrossDeferredRevenue
65832000
CY2022Q1 prdo Gross Deferred Revenue
GrossDeferredRevenue
67850000
CY2023Q2 prdo Contract With Customer Liability Revenue Recognized Including Additions
ContractWithCustomerLiabilityRevenueRecognizedIncludingAdditions
52468000
CY2022Q2 prdo Contract With Customer Liability Revenue Recognized Including Additions
ContractWithCustomerLiabilityRevenueRecognizedIncludingAdditions
57208000
prdo Short Term Investment Continuous Unrealized Gain Loss Position Period
ShortTermInvestmentContinuousUnrealizedGainLossPositionPeriod
P1Y
CY2023Q2 us-gaap Equity Method Investments
EquityMethodInvestments
1200000
CY2023Q2 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
414000
CY2022Q2 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
394000
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
845000
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
827000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
186564000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
167684000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
382162000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
350643000
prdo Length Of Academic Year
LengthOfAcademicYear
P210D
prdo Term Of Non Degree Professional Development And Continuing Education Offerings Through Subscription Based Access
TermOfNonDegreeProfessionalDevelopmentAndContinuingEducationOfferingsThroughSubscriptionBasedAccess
P364D
CY2023Q2 prdo Gross Deferred Revenue
GrossDeferredRevenue
104703000
CY2022Q4 prdo Gross Deferred Revenue
GrossDeferredRevenue
107200000
CY2023Q2 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
37789000
CY2022Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
35610000
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
66914000
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
71590000
CY2022Q2 us-gaap Contract With Customer Receivable Allowance For Credit Loss
ContractWithCustomerReceivableAllowanceForCreditLoss
43786000
CY2023Q2 prdo Current Period Charges
CurrentPeriodCharges
222436000
CY2022Q2 prdo Current Period Charges
CurrentPeriodCharges
165024000
CY2023Q2 prdo Contract With Customers New Revenue During Period
ContractWithCustomersNewRevenueDuringPeriod
132052000
CY2022Q2 prdo Contract With Customers New Revenue During Period
ContractWithCustomersNewRevenueDuringPeriod
108688000
CY2023Q2 prdo Deferred Revenue Other Adjustments
DeferredRevenueOtherAdjustments
955000
CY2022Q2 prdo Deferred Revenue Other Adjustments
DeferredRevenueOtherAdjustments
507000
CY2023Q2 prdo Gross Deferred Revenue
GrossDeferredRevenue
104703000
CY2022Q2 prdo Gross Deferred Revenue
GrossDeferredRevenue
67485000
CY2022Q4 prdo Gross Deferred Revenue
GrossDeferredRevenue
107200000
CY2021Q4 prdo Gross Deferred Revenue
GrossDeferredRevenue
113719000
prdo Contract With Customer Liability Revenue Recognized Including Additions
ContractWithCustomerLiabilityRevenueRecognizedIncludingAdditions
90899000
prdo Contract With Customer Liability Revenue Recognized Including Additions
ContractWithCustomerLiabilityRevenueRecognizedIncludingAdditions
93499000
prdo Current Period Charges
CurrentPeriodCharges
375580000
prdo Current Period Charges
CurrentPeriodCharges
300220000
prdo Contract With Customers New Revenue During Period
ContractWithCustomersNewRevenueDuringPeriod
286940000
prdo Contract With Customers New Revenue During Period
ContractWithCustomersNewRevenueDuringPeriod
253724000
prdo Deferred Revenue Other Adjustments
DeferredRevenueOtherAdjustments
-238000
prdo Deferred Revenue Other Adjustments
DeferredRevenueOtherAdjustments
769000
CY2023Q2 prdo Gross Deferred Revenue
GrossDeferredRevenue
104703000
CY2022Q2 prdo Gross Deferred Revenue
GrossDeferredRevenue
67485000
CY2023Q2 prdo Refund Liability Reserve
RefundLiabilityReserve
2500000
CY2022Q4 prdo Refund Liability Reserve
RefundLiabilityReserve
2500000
prdo Period Of Current Academic Year
PeriodOfCurrentAcademicYear
P210D
CY2023Q2 us-gaap Contract With Customer Receivable After Allowance For Credit Loss Noncurrent
ContractWithCustomerReceivableAfterAllowanceForCreditLossNoncurrent
1200000
CY2022Q4 us-gaap Contract With Customer Receivable After Allowance For Credit Loss Noncurrent
ContractWithCustomerReceivableAfterAllowanceForCreditLossNoncurrent
1900000
CY2023Q1 us-gaap Contract With Customer Receivable Allowance For Credit Loss
ContractWithCustomerReceivableAllowanceForCreditLoss
43944000
CY2022Q1 us-gaap Contract With Customer Receivable Allowance For Credit Loss
ContractWithCustomerReceivableAllowanceForCreditLoss
43657000
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
CY2023Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
8170000
CY2022Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
10664000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
18927000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
24379000
CY2023Q2 us-gaap Contract With Customer Asset Allowance For Credit Loss Writeoff
ContractWithCustomerAssetAllowanceForCreditLossWriteoff
9608000
CY2022Q2 us-gaap Contract With Customer Asset Allowance For Credit Loss Writeoff
ContractWithCustomerAssetAllowanceForCreditLossWriteoff
11258000
us-gaap Contract With Customer Asset Allowance For Credit Loss Writeoff
ContractWithCustomerAssetAllowanceForCreditLossWriteoff
20136000
us-gaap Contract With Customer Asset Allowance For Credit Loss Writeoff
ContractWithCustomerAssetAllowanceForCreditLossWriteoff
21522000
CY2023Q2 us-gaap Proceeds Contract With Customer Asset Previously Written Off Recovery
ProceedsContractWithCustomerAssetPreviouslyWrittenOffRecovery
549000
CY2022Q2 us-gaap Proceeds Contract With Customer Asset Previously Written Off Recovery
ProceedsContractWithCustomerAssetPreviouslyWrittenOffRecovery
723000
us-gaap Proceeds Contract With Customer Asset Previously Written Off Recovery
ProceedsContractWithCustomerAssetPreviouslyWrittenOffRecovery
1123000
us-gaap Proceeds Contract With Customer Asset Previously Written Off Recovery
ProceedsContractWithCustomerAssetPreviouslyWrittenOffRecovery
1674000
CY2023Q2 us-gaap Contract With Customer Receivable Allowance For Credit Loss
ContractWithCustomerReceivableAllowanceForCreditLoss
43055000
CY2022Q2 us-gaap Contract With Customer Receivable Allowance For Credit Loss
ContractWithCustomerReceivableAllowanceForCreditLoss
43786000
CY2023Q2 us-gaap Contract With Customer Receivable Allowance For Credit Loss
ContractWithCustomerReceivableAllowanceForCreditLoss
43055000
prdo Operating Lease Expiration Date
OperatingLeaseExpirationDate
2032
CY2023Q2 prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
1638000
prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
3334000
CY2023Q2 prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
380000
prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
961000
CY2023Q2 us-gaap Sublease Income
SubleaseIncome
189000
us-gaap Sublease Income
SubleaseIncome
500000
CY2023Q2 us-gaap Lease Cost
LeaseCost
1829000
us-gaap Lease Cost
LeaseCost
3795000
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
2717000
us-gaap Operating Lease Payments
OperatingLeasePayments
5583000
CY2023Q2 prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
196000
prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
488000
CY2022Q2 prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
2695000
prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
5462000
CY2022Q2 prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
1079000
prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
1894000
CY2022Q2 us-gaap Sublease Income
SubleaseIncome
269000
us-gaap Sublease Income
SubleaseIncome
545000
CY2022Q2 us-gaap Lease Cost
LeaseCost
3505000
us-gaap Lease Cost
LeaseCost
6811000
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
4263000
us-gaap Operating Lease Payments
OperatingLeasePayments
8818000
CY2022Q2 prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
279000
prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
553000
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P60M
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P67M
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.048
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.048
prdo Contingent Consideration Year Of Expected Payment Year And Month One
ContingentConsiderationYearOfExpectedPaymentYearAndMonthOne
2024-01
prdo Contingent Consideration Year Of Expected Payment Year And Month Two
ContingentConsiderationYearOfExpectedPaymentYearAndMonthTwo
2025-01
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
74603000
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
34715000
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
121656000
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
78549000
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19930000
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8948000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
32499000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
20704000
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.267
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.258
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.267
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.264
CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
22500000
CY2023Q1 prdo Deferred Tax Assets Available For Sale Short Term Investments Valuation Allowance
DeferredTaxAssetsAvailableForSaleShortTermInvestmentsValuationAllowance
-1000000
CY2023Q2 prdo Deferred Tax Assets Available For Sale Short Term Investments Valuation Allowance
DeferredTaxAssetsAvailableForSaleShortTermInvestmentsValuationAllowance
-1300000
CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
22200000
CY2023Q2 prdo Tax Impact Of Gain On Sale Of Asset
TaxImpactOfGainOnSaleOfAsset
5300000
CY2023Q2 prdo Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost Plus Release Of Tax Reserves
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCostPlusReleaseOfTaxReserves
0.006
prdo Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost Plus Release Of Tax Reserves
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCostPlusReleaseOfTaxReserves
0.007
CY2022Q2 prdo Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost Plus Release Of Tax Reserves
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCostPlusReleaseOfTaxReserves
0.012
prdo Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost Plus Release Of Tax Reserves
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCostPlusReleaseOfTaxReserves
0.003
CY2023Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
7000000
CY2023Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
2900000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2022Q2 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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2017000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1897000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4308000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4309000
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
19000000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P4Y
CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000
CY2022Q1 us-gaap Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2023-09-30
CY2023Q3 us-gaap Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2024-09-30
CY2022Q1 prdo Stock Repurchase Prior Program Expiration Date
StockRepurchasePriorProgramExpirationDate
2022-02-28
CY2023Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
200000
CY2022Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1100000
CY2023Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
1900000
CY2023Q2 prdo Stock Repurchased During Period Value Weighted Average Price
StockRepurchasedDuringPeriodValueWeightedAveragePrice
11.88
CY2022Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
11800000
CY2022Q2 prdo Stock Repurchased During Period Value Weighted Average Price
StockRepurchasedDuringPeriodValueWeightedAveragePrice
10.6
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
200000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1500000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2700000
prdo Stock Repurchased During Period Value Weighted Average Price
StockRepurchasedDuringPeriodValueWeightedAveragePrice
12.35
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
15700000
prdo Stock Repurchased During Period Value Weighted Average Price
StockRepurchasedDuringPeriodValueWeightedAveragePrice
10.59
CY2023Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
24100000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67421000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
68341000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67328000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
68542000
CY2023Q2 prdo Common Stock Equivalents
CommonStockEquivalents
1112000
CY2022Q2 prdo Common Stock Equivalents
CommonStockEquivalents
841000
prdo Common Stock Equivalents
CommonStockEquivalents
1184000
prdo Common Stock Equivalents
CommonStockEquivalents
834000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68533000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69182000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68512000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69376000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
186564000
CY2023Q2 prdo Percentage Of Revenue
PercentageOfRevenue
1
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
167684000
CY2022Q2 prdo Percentage Of Revenue
PercentageOfRevenue
1
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
48094000
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
33946000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
382162000
prdo Percentage Of Revenue
PercentageOfRevenue
1
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
350643000
prdo Percentage Of Revenue
PercentageOfRevenue
1
us-gaap Operating Income Loss
OperatingIncomeLoss
91430000
us-gaap Operating Income Loss
OperatingIncomeLoss
77639000
CY2023Q2 us-gaap Assets
Assets
1013670000
CY2022Q4 us-gaap Assets
Assets
957368000
ecd Trd Arr Adoption Date
TrdArrAdoptionDate
May 12, 2023
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true

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