$PRDO
Perdoceo Education Corp

2024 Q2 Form 10-Q Financial Statement

#000095017024051293 Filed on May 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $166.7M $168.3M
YoY Change -10.63% -13.97%
Cost Of Revenue $27.52M $29.86M
YoY Change -15.98% -11.8%
Gross Profit $139.2M $138.4M
YoY Change -9.49% -14.43%
Gross Profit Margin 83.5% 82.26%
Selling, General & Admin $89.31M $87.48M
YoY Change -11.21% -22.37%
% of Gross Profit 64.15% 63.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.069M $3.016M
YoY Change -29.76% -41.49%
% of Gross Profit 2.2% 2.18%
Operating Expenses $120.7M $122.0M
YoY Change -12.81% -19.88%
Operating Profit $46.01M $46.28M
YoY Change -4.34% 6.79%
Interest Expense $112.0K $335.0K
YoY Change 16.67% 252.63%
% of Operating Profit 0.24% 0.72%
Other Income/Expense, Net $7.008M $6.573M
YoY Change -73.56% 76.84%
Pretax Income $53.01M $52.85M
YoY Change -28.94% 12.32%
Income Tax $14.59M $13.41M
% Of Pretax Income 27.51% 25.37%
Net Earnings $38.43M $39.44M
YoY Change -29.71% 14.38%
Net Earnings / Revenue 23.05% 23.44%
Basic Earnings Per Share $0.59 $0.60
Diluted Earnings Per Share $0.57 $0.59
COMMON SHARES
Basic Shares Outstanding 65.60M 65.65M
Diluted Shares Outstanding 67.08M 66.84M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $674.1M $641.4M
YoY Change 18.55% 25.57%
Cash & Equivalents $127.9M $125.8M
Short-Term Investments $546.3M $515.6M
Other Short-Term Assets $457.0K $196.0K
YoY Change -31.17% -73.33%
Inventory $4.467M $4.251M
Prepaid Expenses $12.56M $11.91M
Receivables $34.86M $41.94M
Other Receivables $4.982M $5.289M
Total Short-Term Assets $732.5M $706.0M
YoY Change 13.85% 20.6%
LONG-TERM ASSETS
Property, Plant & Equipment $19.09M $20.94M
YoY Change -21.31% -18.69%
Goodwill $241.2M $241.2M
YoY Change -1.21% -1.14%
Intangibles $34.00M $35.11M
YoY Change -30.73% -31.08%
Long-Term Investments $1.200M $1.300M
YoY Change 0.0% 8.33%
Other Assets $6.545M $6.846M
YoY Change -4.99% -0.49%
Total Long-Term Assets $345.8M $345.9M
YoY Change -6.62% -8.38%
TOTAL ASSETS
Total Short-Term Assets $732.5M $706.0M
Total Long-Term Assets $345.8M $345.9M
Total Assets $1.078B $1.052B
YoY Change 6.37% 9.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.27M $11.83M
YoY Change -13.63% -22.06%
Accrued Expenses $52.72M $45.83M
YoY Change -5.86% -3.56%
Deferred Revenue $55.39M $61.50M
YoY Change -17.22% 37.55%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $134.9M $142.5M
YoY Change -16.08% 5.45%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $25.42M $26.65M
YoY Change -29.76% -34.78%
Total Long-Term Liabilities $43.86M $43.35M
YoY Change -27.56% -35.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $134.9M $142.5M
Total Long-Term Liabilities $43.86M $43.35M
Total Liabilities $178.7M $185.9M
YoY Change -19.22% -7.92%
SHAREHOLDERS EQUITY
Retained Earnings $543.6M $512.6M
YoY Change 24.4% 34.08%
Common Stock $702.1M $699.5M
YoY Change 1.79% 1.73%
Preferred Stock
YoY Change
Treasury Stock (at cost) $344.4M $344.4M
YoY Change 4.8% 13.06%
Treasury Stock Shares
Shareholders Equity $899.5M $866.1M
YoY Change
Total Liabilities & Shareholders Equity $1.078B $1.052B
YoY Change 6.37% 9.24%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $38.43M $39.44M
YoY Change -29.71% 14.38%
Depreciation, Depletion And Amortization $3.069M $3.016M
YoY Change -29.76% -41.49%
Cash From Operating Activities $38.53M $54.49M
YoY Change -37.51% 1091.86%
INVESTING ACTIVITIES
Capital Expenditures $824.0K $1.198M
YoY Change -51.16% -37.77%
Acquisitions
YoY Change
Other Investing Activities -$28.51M -$29.60M
YoY Change 284.0% 52.33%
Cash From Investing Activities -$29.34M -$30.80M
YoY Change 221.95% 44.21%
FINANCING ACTIVITIES
Cash Dividend Paid $7.197M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.131M -15.88M
YoY Change 285.88% 471.88%
NET CHANGE
Cash From Operating Activities 38.53M 54.49M
Cash From Investing Activities -29.34M -30.80M
Cash From Financing Activities -7.131M -15.88M
Net Change In Cash 2.058M 7.810M
YoY Change -95.94% -139.92%
FREE CASH FLOW
Cash From Operating Activities $38.53M $54.49M
Capital Expenditures $824.0K $1.198M
Free Cash Flow $37.70M $53.29M
YoY Change -37.12% 1913.37%

Facts In Submission

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CY2024Q1 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 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>
CY2024Q1 us-gaap Number Of Reportable Segments
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2
CY2024Q1 prdo Short Term Investment Continuous Unrealized Gain Loss Position Period
ShortTermInvestmentContinuousUnrealizedGainLossPositionPeriod
P1Y
CY2024Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0
CY2023Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0
CY2024Q1 us-gaap Equity Method Investments
EquityMethodInvestments
1300000
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IncomeLossFromEquityMethodInvestments
100000
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RelatedPartyTransactionPurchasesFromRelatedParty
444000
CY2023Q1 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
431000
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
168264000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
195598000
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GrossDeferredRevenue
118939000
CY2023Q4 prdo Gross Deferred Revenue
GrossDeferredRevenue
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ContractWithCustomerLiabilityCurrent
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GrossDeferredRevenue
63970000
CY2022Q4 prdo Gross Deferred Revenue
GrossDeferredRevenue
107200000
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ContractWithCustomerLiabilityRevenueRecognizedIncludingAdditions
52747000
CY2023Q1 prdo Contract With Customer Liability Revenue Recognized Including Additions
ContractWithCustomerLiabilityRevenueRecognizedIncludingAdditions
84465000
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CurrentPeriodCharges
222654000
CY2023Q1 prdo Current Period Charges
CurrentPeriodCharges
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ContractWithCustomersNewRevenueDuringPeriod
114251000
CY2023Q1 prdo Contract With Customers New Revenue During Period
ContractWithCustomersNewRevenueDuringPeriod
108854000
CY2024Q1 prdo Deferred Revenue Other Adjustments
DeferredRevenueOtherAdjustments
-687000
CY2023Q1 prdo Deferred Revenue Other Adjustments
DeferredRevenueOtherAdjustments
-1193000
CY2024Q1 prdo Gross Deferred Revenue
GrossDeferredRevenue
118939000
CY2023Q1 prdo Gross Deferred Revenue
GrossDeferredRevenue
65832000
CY2024Q1 prdo Refund Liability Reserve
RefundLiabilityReserve
2100000
CY2023Q4 prdo Refund Liability Reserve
RefundLiabilityReserve
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CY2024Q1 prdo Period Of Current Academic Year
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P210D
CY2024Q1 us-gaap Contract With Customer Receivable After Allowance For Credit Loss Noncurrent
ContractWithCustomerReceivableAfterAllowanceForCreditLossNoncurrent
4900000
CY2023Q4 us-gaap Contract With Customer Receivable After Allowance For Credit Loss Noncurrent
ContractWithCustomerReceivableAfterAllowanceForCreditLossNoncurrent
3900000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
14000000
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DeferredTaxAssetsAvailableForSaleShortTermInvestmentsValuationAllowance
200000
CY2023Q4 us-gaap Contract With Customer Receivable Allowance For Credit Loss
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37782000
CY2022Q4 us-gaap Contract With Customer Receivable Allowance For Credit Loss
ContractWithCustomerReceivableAllowanceForCreditLoss
43141000
CY2024Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
6556000
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
10757000
CY2024Q1 us-gaap Contract With Customer Asset Allowance For Credit Loss Writeoff
ContractWithCustomerAssetAllowanceForCreditLossWriteoff
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CY2023Q1 us-gaap Contract With Customer Asset Allowance For Credit Loss Writeoff
ContractWithCustomerAssetAllowanceForCreditLossWriteoff
10528000
CY2024Q1 us-gaap Proceeds Contract With Customer Asset Previously Written Off Recovery
ProceedsContractWithCustomerAssetPreviouslyWrittenOffRecovery
448000
CY2023Q1 us-gaap Proceeds Contract With Customer Asset Previously Written Off Recovery
ProceedsContractWithCustomerAssetPreviouslyWrittenOffRecovery
574000
CY2024Q1 us-gaap Contract With Customer Receivable Allowance For Credit Loss
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CY2023Q1 us-gaap Contract With Customer Receivable Allowance For Credit Loss
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CY2024Q1 prdo Operating Lease Expiration Date
OperatingLeaseExpirationDate
2032
CY2024Q1 prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
1444000
CY2023Q1 prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
1696000
CY2024Q1 prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
58000
CY2023Q1 prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
581000
CY2023Q1 us-gaap Sublease Income
SubleaseIncome
311000
CY2024Q1 us-gaap Lease Cost
LeaseCost
1502000
CY2023Q1 us-gaap Lease Cost
LeaseCost
1966000
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2466000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2866000
CY2023Q1 prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
292000
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P61M
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.049
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.048
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
52851000
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
47053000
CY2024Q1 us-gaap Income Tax Expense Benefit
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CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12569000
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2024Q1 prdo Deferred Tax Assets Available For Sale Short Term Investments Valuation Allowance
DeferredTaxAssetsAvailableForSaleShortTermInvestmentsValuationAllowance
400000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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CY2024Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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CY2024Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
14200000
CY2024Q1 prdo Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost Plus Release Of Tax Reserves
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCostPlusReleaseOfTaxReserves
0.025
CY2023Q1 prdo Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost Plus Release Of Tax Reserves
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCostPlusReleaseOfTaxReserves
0.008
CY2024Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
2700000
CY2024Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
3400000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2300000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2300000
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
20300000
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P4Y
CY2024Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000
CY2024Q1 us-gaap Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2025-09-30
CY2024Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
400000
CY2024Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
6800000
CY2024Q1 prdo Stock Repurchased During Period Value Weighted Average Price
StockRepurchasedDuringPeriodValueWeightedAveragePrice
17.6
CY2023Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
800000
CY2023Q1 prdo Stock Repurchased During Period Value Weighted Average Price
StockRepurchasedDuringPeriodValueWeightedAveragePrice
13.61
CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
47100000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65555000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67235000
CY2024Q1 prdo Common Stock Equivalents
CommonStockEquivalents
1286000
CY2023Q1 prdo Common Stock Equivalents
CommonStockEquivalents
1279000
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66841000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68514000
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
168264000
CY2024Q1 prdo Percentage Of Revenue
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1
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
195598000
CY2023Q1 prdo Percentage Of Revenue
PercentageOfRevenue
1
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
46278000
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
43336000
CY2024Q1 us-gaap Assets
Assets
1051965000
CY2023Q4 us-gaap Assets
Assets
1007316000

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