2024 Q1 Form 10-K Financial Statement

#000095017024017946 Filed on February 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $168.3M $147.9M $710.0M
YoY Change -13.97% -16.02% 2.13%
Cost Of Revenue $29.86M $30.22M $130.3M
YoY Change -11.8% -3.18% 11.65%
Gross Profit $138.4M $117.7M $579.7M
YoY Change -14.43% -18.79% 0.21%
Gross Profit Margin 82.26% 79.57% 81.64%
Selling, General & Admin $87.48M $92.76M $398.1M
YoY Change -22.37% -19.07% -6.58%
% of Gross Profit 63.21% 78.81% 68.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.016M $3.487M $16.89M
YoY Change -41.49% -28.52% -14.43%
% of Gross Profit 2.18% 2.96% 2.91%
Operating Expenses $122.0M $96.21M $559.6M
YoY Change -19.88% -19.49% -1.06%
Operating Profit $46.28M $21.49M $150.4M
YoY Change 6.79% -15.52% 16.05%
Interest Expense $335.0K $6.305M $404.0K
YoY Change 252.63% 105.58% 1.0%
% of Operating Profit 0.72% 29.34% 0.27%
Other Income/Expense, Net $6.573M $129.0K $41.68M
YoY Change 76.84% -109.82% 799.72%
Pretax Income $52.85M $22.38M $192.1M
YoY Change 12.32% -8.4% 43.04%
Income Tax $13.41M $5.189M $44.47M
% Of Pretax Income 25.37% 23.19% 23.15%
Net Earnings $39.44M $17.19M $147.7M
YoY Change 14.38% 7.73% 54.02%
Net Earnings / Revenue 23.44% 11.62% 20.8%
Basic Earnings Per Share $0.60 $2.22
Diluted Earnings Per Share $0.59 $0.26 $2.18
COMMON SHARES
Basic Shares Outstanding 65.65M 65.69M 66.47M
Diluted Shares Outstanding 66.84M 67.83M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $641.4M $603.1M $603.1M
YoY Change 25.57% 18.56% 18.56%
Cash & Equivalents $125.8M $118.0M $118.0M
Short-Term Investments $515.6M $485.1M $485.1M
Other Short-Term Assets $196.0K $155.0K $12.88M
YoY Change -73.33% -74.04% -30.32%
Inventory $4.251M $5.004M $5.004M
Prepaid Expenses $11.91M $11.71M
Receivables $41.94M $29.40M $29.40M
Other Receivables $5.289M $4.539M $4.539M
Total Short-Term Assets $706.0M $655.0M $655.0M
YoY Change 20.6% 13.88% 13.88%
LONG-TERM ASSETS
Property, Plant & Equipment $20.94M $21.37M $40.47M
YoY Change -18.69% -17.92% -22.47%
Goodwill $241.2M $241.2M
YoY Change -1.14% -0.98%
Intangibles $35.11M $36.22M
YoY Change -31.08% -32.38%
Long-Term Investments $1.300M $1.200M
YoY Change 8.33% 9.09%
Other Assets $6.846M $6.841M $30.65M
YoY Change -0.49% 5.44% -1.47%
Total Long-Term Assets $345.9M $352.4M $352.4M
YoY Change -8.38% -7.82% -7.82%
TOTAL ASSETS
Total Short-Term Assets $706.0M $655.0M $655.0M
Total Long-Term Assets $345.9M $352.4M $352.4M
Total Assets $1.052B $1.007B $1.007B
YoY Change 9.24% 5.22% 5.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.83M $10.77M $10.77M
YoY Change -22.06% -20.36% -20.36%
Accrued Expenses $45.83M $51.89M $51.89M
YoY Change -3.56% -15.6% -15.6%
Deferred Revenue $61.50M $37.22M
YoY Change 37.55% -48.02%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $142.5M $111.0M $111.0M
YoY Change 5.45% -32.04% -32.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $26.65M $33.51M $54.86M
YoY Change -34.78% -17.98% -19.5%
Total Long-Term Liabilities $43.35M $54.86M $54.86M
YoY Change -35.01% -19.5% -19.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $142.5M $111.0M $111.0M
Total Long-Term Liabilities $43.35M $54.86M $54.86M
Total Liabilities $185.9M $165.9M $165.9M
YoY Change -7.92% -28.35% -28.35%
SHAREHOLDERS EQUITY
Retained Earnings $512.6M $480.6M
YoY Change 34.08% 38.17%
Common Stock $699.5M $695.7M
YoY Change 1.73% 1.55%
Preferred Stock
YoY Change
Treasury Stock (at cost) $344.4M $334.2M
YoY Change 13.06% 10.81%
Treasury Stock Shares
Shareholders Equity $866.1M $841.4M $841.4M
YoY Change
Total Liabilities & Shareholders Equity $1.052B $1.007B $1.007B
YoY Change 9.24% 5.22% 5.22%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $39.44M $17.19M $147.7M
YoY Change 14.38% 7.73% 54.02%
Depreciation, Depletion And Amortization $3.016M $3.487M $16.89M
YoY Change -41.49% -28.52% -14.43%
Cash From Operating Activities $54.49M $13.23M $112.0M
YoY Change 1091.86% -67.38% -24.4%
INVESTING ACTIVITIES
Capital Expenditures $1.198M $1.611M $6.411M
YoY Change -37.77% -54.17% -49.2%
Acquisitions
YoY Change
Other Investing Activities -$29.60M -$55.70M -$82.10M
YoY Change 52.33% -17.52% -73.87%
Cash From Investing Activities -$30.80M -$57.31M -$88.51M
YoY Change 44.21% -19.34% -72.91%
FINANCING ACTIVITIES
Cash Dividend Paid $7.197M $14.42M
YoY Change
Common Stock Issuance & Retirement, Net $5.756M
YoY Change -73.74%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.88M -10.98M -23.38M
YoY Change 471.88% -15788.57% -15.68%
NET CHANGE
Cash From Operating Activities 54.49M 13.23M 112.0M
Cash From Investing Activities -30.80M -57.31M -88.51M
Cash From Financing Activities -15.88M -10.98M -23.38M
Net Change In Cash 7.810M -55.06M 137.0K
YoY Change -139.92% 80.97% -100.07%
FREE CASH FLOW
Cash From Operating Activities $54.49M $13.23M $112.0M
Capital Expenditures $1.198M $1.611M $6.411M
Free Cash Flow $53.29M $11.61M $105.6M
YoY Change 1913.37% -68.64% -22.09%

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CY2023 prdo Increase Decrease In Inventories Prepaid Expenses And Other Current Assets
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CY2022 prdo Increase Decrease In Inventories Prepaid Expenses And Other Current Assets
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CY2021 prdo Increase Decrease In Inventories Prepaid Expenses And Other Current Assets
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CY2022 us-gaap Increase Decrease In Accounts Payable
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CY2021 us-gaap Increase Decrease In Accounts Payable
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CY2023 prdo Increase Decrease In Accrued Expenses And Other Noncurrent Liabilities
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CY2022 prdo Increase Decrease In Accrued Expenses And Other Noncurrent Liabilities
IncreaseDecreaseInAccruedExpensesAndOtherNoncurrentLiabilities
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CY2021 prdo Increase Decrease In Accrued Expenses And Other Noncurrent Liabilities
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CY2023 us-gaap Increase Decrease In Contract With Customer Liability
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CY2022 us-gaap Increase Decrease In Contract With Customer Liability
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CY2021 us-gaap Increase Decrease In Contract With Customer Liability
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CY2022 prdo Increase Decrease In Right Of Use Asset And Lease Liability
IncreaseDecreaseInRightOfUseAssetAndLeaseLiability
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CY2021 prdo Increase Decrease In Right Of Use Asset And Lease Liability
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023 us-gaap Income Taxes Paid Net
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CY2022 us-gaap Income Taxes Paid Net
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CY2021 us-gaap Income Taxes Paid Net
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CY2021 us-gaap Escrow Deposit Disbursements Related To Property Acquisition1
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CY2023 prdo Non Cash Addition To Property And Equipment
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CY2022 prdo Non Cash Addition To Property And Equipment
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CY2021 prdo Non Cash Addition To Property And Equipment
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023 us-gaap Nature Of Operations
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<p style="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-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-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-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-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-size:10pt;font-family:Times New Roman;min-width:fit-content;">” or “</span><span style="color:#000000;white-space:pre-wrap;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-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's institutions are 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-size:10pt;font-family:Times New Roman;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:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023 us-gaap Number Of Reportable Segments
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CY2023 us-gaap Use Of Estimates
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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">b. Management’s Use of Estimates</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-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of our consolidated financial statements in conformity with U.S. generally accepted accounting principles </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">(“GAAP”)</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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>
CY2023 prdo Length Of Academic Year
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CY2022Q4 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
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CY2023 us-gaap Advertising Expense
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CY2023 prdo Short Term Investment Continuous Unrealized Gain Loss Position Period
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CY2023Q4 us-gaap Available For Sale Securities Debt Securities
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CY2022Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
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CY2022Q4 us-gaap Available For Sale Securities Debt Securities
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CY2023 us-gaap Realized Investment Gains Losses
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CY2022 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0
CY2023Q4 us-gaap Equity Method Investments
EquityMethodInvestments
1200000
CY2022 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1800000
CY2021 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
200000
CY2022 prdo Impairment Loss Of Equity Method Investements
ImpairmentLossOfEquityMethodInvestements
1200000
CY2023 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
1672000
CY2022 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
1578000
CY2021 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
1726000
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
710004000
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
CY2023Q4 prdo Gross Deferred Revenue
GrossDeferredRevenue
63970000
CY2022Q4 prdo Gross Deferred Revenue
GrossDeferredRevenue
107200000
CY2023Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
26755000
CY2022Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
35610000
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
37215000
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
71590000
CY2022Q4 prdo Gross Deferred Revenue
GrossDeferredRevenue
107200000
CY2023 prdo Contract With Customer Liability Revenue Recognized Including Additions
ContractWithCustomerLiabilityRevenueRecognizedIncludingAdditions
93526000
CY2023 prdo Current Period Charges
CurrentPeriodCharges
661843000
CY2023 prdo Contract With Customers New Revenue During Period
ContractWithCustomersNewRevenueDuringPeriod
609394000
CY2023 prdo Deferred Revenue Other Adjustments
DeferredRevenueOtherAdjustments
-2153000
CY2023Q4 prdo Gross Deferred Revenue
GrossDeferredRevenue
63970000
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
CY2023Q4 prdo Refund Liability Reserve
RefundLiabilityReserve
2000000
CY2022Q4 prdo Refund Liability Reserve
RefundLiabilityReserve
2500000
CY2023 prdo Period Of Current Academic Year
PeriodOfCurrentAcademicYear
P210D
CY2023Q4 us-gaap Contract With Customer Receivable After Allowance For Credit Loss Noncurrent
ContractWithCustomerReceivableAfterAllowanceForCreditLossNoncurrent
3900000
CY2022Q4 us-gaap Contract With Customer Receivable After Allowance For Credit Loss Noncurrent
ContractWithCustomerReceivableAfterAllowanceForCreditLossNoncurrent
1900000
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
CY2023 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
33215000
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
41574000
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
44349000
CY2023 us-gaap Contract With Customer Asset Allowance For Credit Loss Writeoff
ContractWithCustomerAssetAllowanceForCreditLossWriteoff
40590000
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
CY2023 us-gaap Proceeds Contract With Customer Asset Previously Written Off Recovery
ProceedsContractWithCustomerAssetPreviouslyWrittenOffRecovery
2016000
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
CY2023Q4 us-gaap Contract With Customer Receivable Allowance For Credit Loss
ContractWithCustomerReceivableAllowanceForCreditLoss
37782000
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
CY2023Q4 prdo Computer Hardware And Software Gross
ComputerHardwareAndSoftwareGross
41844000
CY2022Q4 prdo Computer Hardware And Software Gross
ComputerHardwareAndSoftwareGross
35698000
CY2023Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
16454000
CY2022Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
19824000
CY2023Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
10865000
CY2022Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
11417000
CY2023Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
9163000
CY2022Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
9163000
CY2023Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
22000
CY2022Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
22000
CY2023Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
1808000
CY2022Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
4152000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
80156000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
80276000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
58785000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
54238000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21371000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26038000
CY2023 us-gaap Depreciation
Depreciation
9300000
CY2022 us-gaap Depreciation
Depreciation
12400000
CY2021 us-gaap Depreciation
Depreciation
12300000
CY2023 prdo Operating Lease Expiration Date
OperatingLeaseExpirationDate
2032
CY2023 prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
6410000
CY2022 prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
11033000
CY2021 prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
11442000
CY2023 prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
1401000
CY2022 prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
3726000
CY2021 prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
3173000
CY2023 us-gaap Sublease Income
SubleaseIncome
500000
CY2022 us-gaap Sublease Income
SubleaseIncome
1087000
CY2021 us-gaap Sublease Income
SubleaseIncome
1359000
CY2023 us-gaap Lease Cost
LeaseCost
7311000
CY2022 us-gaap Lease Cost
LeaseCost
13672000
CY2021 us-gaap Lease Cost
LeaseCost
13256000
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
9845000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
16827000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
18390000
CY2023 prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
488000
CY2022 prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
1108000
CY2021 prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
1430000
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P55M
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P63M
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P69M
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.049
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
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
7028000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6915000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6914000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5869000
CY2023Q4 prdo Lessee Operating Lease Liability Payments Due Year Five And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndThereafter
3964000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
30690000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3643000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
27047000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5701000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
21346000
CY2023 prdo Number Of Leases Related To Ongoing Operations
NumberOfLeasesRelatedToOngoingOperations
11
CY2023 prdo Number Of Leases Mature Less Than One Year Related To Ongoing Operations
NumberOfLeasesMatureLessThanOneYearRelatedToOngoingOperations
2
CY2023Q4 us-gaap Goodwill
Goodwill
241200000
CY2022Q4 us-gaap Goodwill
Goodwill
243500000
CY2022Q4 us-gaap Goodwill
Goodwill
243540000
CY2021Q4 us-gaap Goodwill
Goodwill
162579000
CY2023 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
2378000
CY2022 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
80961000
CY2023Q4 us-gaap Goodwill
Goodwill
241162000
CY2022Q4 us-gaap Goodwill
Goodwill
243540000
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
62760000
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
23612000
CY2023 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
10829000
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
28319000
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
CY2023Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
7900000
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
7900000
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
36219000
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
53564000
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7600000
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7300000
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4500000
CY2023Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
125000000
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
192100000
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
CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
32792000
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
33166000
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
19143000
CY2023 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
7903000
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
5913000
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
4956000
CY2023 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
13000
CY2023 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
40708000
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
39079000
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
24099000
CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
2640000
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-3767000
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
13389000
CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
1121000
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
CY2023 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
3761000
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-677000
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
15331000
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
44469000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
38402000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
39430000
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
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
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.029
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.027
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.026
CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.001
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.006
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
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.001
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
CY2023 prdo Effective Income Tax Rate Reconciliation Worthless Stock Deduction
EffectiveIncomeTaxRateReconciliationWorthlessStockDeduction
0.024
CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.004
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
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.022
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
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.231
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.286
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.264
CY2023 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
300000
CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.001
CY2023Q4 prdo Tax Benefit From Worthless Subsidiary Stock
TaxBenefitFromWorthlessSubsidiaryStock
4500000
CY2023 prdo Effective Income Tax Rate Reconciliation Worthless Stock Subsidiary
EffectiveIncomeTaxRateReconciliationWorthlessStockSubsidiary
0.024
CY2023 prdo Favorable Adjustment Related To Federal And State Credits Claimed
FavorableAdjustmentRelatedToFederalAndStateCreditsClaimed
700000
CY2023 prdo Effective Income Tax Rate Reconciliation Favorable Adjustment Related To Federal And State Credits Claimed
EffectiveIncomeTaxRateReconciliationFavorableAdjustmentRelatedToFederalAndStateCreditsClaimed
0.004
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
0.01
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
CY2022Q4 prdo Unrecognized Tax Benefits Before Interest And Penalties
UnrecognizedTaxBenefitsBeforeInterestAndPenalties
24658000
CY2021Q4 prdo Unrecognized Tax Benefits Before Interest And Penalties
UnrecognizedTaxBenefitsBeforeInterestAndPenalties
15951000
CY2020Q4 prdo Unrecognized Tax Benefits Before Interest And Penalties
UnrecognizedTaxBenefitsBeforeInterestAndPenalties
11794000
CY2023 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
16000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
4290000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
941000
CY2023 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
7325000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
5584000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
4250000
CY2023 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
5083000
CY2023 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
1230000
CY2022 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
1167000
CY2021 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
1034000
CY2023Q4 prdo Unrecognized Tax Benefits Before Interest And Penalties
UnrecognizedTaxBenefitsBeforeInterestAndPenalties
25686000
CY2022Q4 prdo Unrecognized Tax Benefits Before Interest And Penalties
UnrecognizedTaxBenefitsBeforeInterestAndPenalties
24658000
CY2021Q4 prdo Unrecognized Tax Benefits Before Interest And Penalties
UnrecognizedTaxBenefitsBeforeInterestAndPenalties
15951000
CY2023 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
3257000
CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
2451000
CY2021 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
2020000
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
28943000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
27109000
CY2022Q4 prdo Deferred Tax Liabilities Right Of Use Asset Net
DeferredTaxLiabilitiesRightOfUseAssetNet
6199000
CY2023Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
3002000
CY2022Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
2360000
CY2023Q4 us-gaap Deferred Tax Liabilities Tax Deferred Income
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