$PRDO
Perdoceo Education Corp

2023 Q4 Form 10-Q Financial Statement

#000095017023058232 Filed on November 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $147.9M $179.9M
YoY Change -16.02% 6.83%
Cost Of Revenue $30.22M $33.50M
YoY Change -3.18% 11.11%
Gross Profit $117.7M $146.4M
YoY Change -18.79% 5.88%
Gross Profit Margin 79.57% 81.37%
Selling, General & Admin $92.76M $92.10M
YoY Change -19.07% -11.34%
% of Gross Profit 78.81% 62.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.487M $3.900M
YoY Change -28.52% -23.0%
% of Gross Profit 2.96% 2.66%
Operating Expenses $96.21M $136.9M
YoY Change -19.49% -1.61%
Operating Profit $21.49M $43.07M
YoY Change -15.52% 46.89%
Interest Expense $6.305M $97.00K
YoY Change 105.58% 1.04%
% of Operating Profit 29.34% 0.23%
Other Income/Expense, Net $129.0K $5.015M
YoY Change -109.82% 154.83%
Pretax Income $22.38M $48.09M
YoY Change -8.4% 53.68%
Income Tax $5.189M $6.781M
% Of Pretax Income 23.19% 14.1%
Net Earnings $17.19M $41.31M
YoY Change 7.73% 87.19%
Net Earnings / Revenue 11.62% 22.96%
Basic Earnings Per Share $0.63
Diluted Earnings Per Share $0.26 $0.62
COMMON SHARES
Basic Shares Outstanding 65.69M 65.61M
Diluted Shares Outstanding 67.10M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $603.1M $595.3M
YoY Change 18.56% 13.82%
Cash & Equivalents $118.0M $165.6M
Short-Term Investments $485.1M $429.6M
Other Short-Term Assets $155.0K $261.0K
YoY Change -74.04% -49.9%
Inventory $5.004M $2.183M
Prepaid Expenses $11.71M $10.14M
Receivables $29.40M $41.30M
Other Receivables $4.539M $12.00M
Total Short-Term Assets $655.0M $669.6M
YoY Change 13.88% 14.99%
LONG-TERM ASSETS
Property, Plant & Equipment $21.37M $23.53M
YoY Change -17.92% -10.5%
Goodwill $241.2M $241.2M
YoY Change -0.98% 30.97%
Intangibles $36.22M $39.97M
YoY Change -32.38% -9.69%
Long-Term Investments $1.200M $1.000M
YoY Change 9.09%
Other Assets $6.841M $5.216M
YoY Change 5.44% -20.31%
Total Long-Term Assets $352.4M $356.4M
YoY Change -7.82% 12.48%
TOTAL ASSETS
Total Short-Term Assets $655.0M $669.6M
Total Long-Term Assets $352.4M $356.4M
Total Assets $1.007B $1.026B
YoY Change 5.22% 14.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.77M $14.54M
YoY Change -20.36% 9.46%
Accrued Expenses $51.89M $67.60M
YoY Change -15.6% 42.29%
Deferred Revenue $37.22M $38.70M
YoY Change -48.02% -37.55%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $111.0M $139.2M
YoY Change -32.04% -0.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $33.51M $34.26M
YoY Change -17.98% 54.4%
Total Long-Term Liabilities $54.86M $57.13M
YoY Change -19.5% 8.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $111.0M $139.2M
Total Long-Term Liabilities $54.86M $57.13M
Total Liabilities $165.9M $196.4M
YoY Change -28.35% 1.76%
SHAREHOLDERS EQUITY
Retained Earnings $480.6M $470.8M
YoY Change 38.17% 41.87%
Common Stock $695.7M $692.5M
YoY Change 1.55% 1.49%
Preferred Stock
YoY Change
Treasury Stock (at cost) $334.2M $328.6M
YoY Change 10.81% 8.96%
Treasury Stock Shares
Shareholders Equity $841.4M $829.7M
YoY Change
Total Liabilities & Shareholders Equity $1.007B $1.026B
YoY Change 5.22% 14.1%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $17.19M $41.31M
YoY Change 7.73% 87.19%
Depreciation, Depletion And Amortization $3.487M $3.900M
YoY Change -28.52% -23.0%
Cash From Operating Activities $13.23M $32.60M
YoY Change -67.38% -38.33%
INVESTING ACTIVITIES
Capital Expenditures $1.611M $1.200M
YoY Change -54.17% -151.28%
Acquisitions
YoY Change
Other Investing Activities -$55.70M $500.0K
YoY Change -17.52% -101.14%
Cash From Investing Activities -$57.31M -$700.0K
YoY Change -19.34% -98.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.98M -7.800M
YoY Change -15788.57% 5.69%
NET CHANGE
Cash From Operating Activities 13.23M 32.60M
Cash From Investing Activities -57.31M -700.0K
Cash From Financing Activities -10.98M -7.800M
Net Change In Cash -55.06M 24.10M
YoY Change 80.97% -3931.48%
FREE CASH FLOW
Cash From Operating Activities $13.23M $32.60M
Capital Expenditures $1.611M $1.200M
Free Cash Flow $11.61M $31.40M
YoY Change -68.64% -43.12%

Facts In Submission

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PERDOCEO EDUCATION CORP
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us-gaap Nature Of Operations
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<p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. DESCRIPTION OF THE COMPANY</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">CTU</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">”) and the American InterContinental University System (“</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">AIUS</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">” or “</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">AIU System</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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>
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prdo Short Term Investment Continuous Unrealized Gain Loss Position Period
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us-gaap Related Party Transaction Purchases From Related Party
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us-gaap Related Party Transaction Purchases From Related Party
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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prdo Length Of Academic Year
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GrossDeferredRevenue
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prdo Current Period Charges
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prdo Deferred Revenue Other Adjustments
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us-gaap Contract With Customer Asset Allowance For Credit Loss Writeoff
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CY2022Q3 us-gaap Contract With Customer Receivable Allowance For Credit Loss
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CY2023Q3 us-gaap Contract With Customer Receivable Allowance For Credit Loss
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CY2022Q3 us-gaap Contract With Customer Receivable Allowance For Credit Loss
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prdo Operating Lease Expiration Date
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prdo Variable Operating Lease Expenses
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us-gaap Lease Cost
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FixedOperatingLeaseExpenses
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prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
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VariableOperatingLeaseExpenses
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prdo Variable Operating Lease Expenses
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us-gaap Sublease Income
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us-gaap Lease Cost
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prdo Operating Cash Flows From Subleases
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CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2023Q3 us-gaap Income Tax Expense Benefit
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CY2022Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
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DeferredTaxAssetsAvailableForSaleShortTermInvestmentsValuationAllowance
1300000
CY2023Q3 prdo Deferred Tax Assets Available For Sale Short Term Investments Valuation Allowance
DeferredTaxAssetsAvailableForSaleShortTermInvestmentsValuationAllowance
1200000
CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
22500000
CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
22400000
CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
22400000
CY2023Q3 prdo Tax Benefit From Worthless Subsidiary Stock
TaxBenefitFromWorthlessSubsidiaryStock
4500000
CY2023Q3 prdo Effective Income Tax Rate Reconciliation Other Discrete Items
EffectiveIncomeTaxRateReconciliationOtherDiscreteItems
0.093
prdo Effective Income Tax Rate Reconciliation Other Discrete Items
EffectiveIncomeTaxRateReconciliationOtherDiscreteItems
0.026
CY2023Q3 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements
EffectiveIncomeTaxRateReconciliationTaxSettlements
0.006
us-gaap Effective Income Tax Rate Reconciliation Tax Settlements
EffectiveIncomeTaxRateReconciliationTaxSettlements
0.002
CY2023Q3 prdo Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost Plus Release Of Tax Reserves
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCostPlusReleaseOfTaxReserves
0.002
prdo Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost Plus Release Of Tax Reserves
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCostPlusReleaseOfTaxReserves
0.006
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
CY2022Q3 prdo Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost Plus Release Of Tax Reserves
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCostPlusReleaseOfTaxReserves
0.002
prdo Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost Plus Release Of Tax Reserves
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCostPlusReleaseOfTaxReserves
0.002
CY2023Q3 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
2400000
CY2023Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
3100000
CY2023Q3 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
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
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2332000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1914000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6640000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6223000
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
18100000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P4Y
CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000
CY2023Q3 us-gaap Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2024-09-30
CY2022Q1 prdo Stock Repurchase Prior Program Expiration Date
StockRepurchasePriorProgramExpirationDate
2022-02-28
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
200000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2700000
prdo Stock Repurchased During Period Value Weighted Average Price
StockRepurchasedDuringPeriodValueWeightedAveragePrice
12.35
CY2023Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
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
CY2023Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
24100000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65634000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67506000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
66758000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
68193000
CY2023Q3 prdo Common Stock Equivalents
CommonStockEquivalents
1469000
CY2022Q3 prdo Common Stock Equivalents
CommonStockEquivalents
1044000
prdo Common Stock Equivalents
CommonStockEquivalents
1314000
prdo Common Stock Equivalents
CommonStockEquivalents
938000
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67103000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68550000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68072000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69131000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
179923000
CY2023Q3 prdo Percentage Of Revenue
PercentageOfRevenue
1
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
168420000
CY2022Q3 prdo Percentage Of Revenue
PercentageOfRevenue
1
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
43073000
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
29324000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
562085000
prdo Percentage Of Revenue
PercentageOfRevenue
1
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
519063000
prdo Percentage Of Revenue
PercentageOfRevenue
1
us-gaap Operating Income Loss
OperatingIncomeLoss
134503000
us-gaap Operating Income Loss
OperatingIncomeLoss
106963000
CY2023Q3 us-gaap Assets
Assets
1026034000
CY2022Q4 us-gaap Assets
Assets
957368000

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