$PRDO
PERDOCEO EDUCATION Corp

2024 Q4 Form 10-Q Financial Statement

#000095017024125309 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $169.8M $179.9M
YoY Change -5.61% 6.83%
Cost Of Revenue $28.29M $33.50M
YoY Change -15.56% 11.11%
Gross Profit $141.5M $146.4M
YoY Change -3.32% 5.88%
Gross Profit Margin 83.34% 81.37%
Selling, General & Admin $93.69M $92.10M
YoY Change 1.73% -11.34%
% of Gross Profit 66.2% 62.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.053M $3.900M
YoY Change -21.72% -23.0%
% of Gross Profit 2.16% 2.66%
Operating Expenses $125.0M $136.9M
YoY Change -8.63% -1.61%
Operating Profit $44.79M $43.07M
YoY Change 4.0% 46.89%
Interest Expense $7.620M $97.00K
YoY Change 7755.67% 1.04%
% of Operating Profit 17.01% 0.23%
Other Income/Expense, Net $7.568M $5.015M
YoY Change 50.91% 154.83%
Pretax Income $52.36M $48.09M
YoY Change 8.89% 53.68%
Income Tax $14.11M $6.781M
% Of Pretax Income 26.94% 14.1%
Net Earnings $38.26M $41.31M
YoY Change -7.39% 87.19%
Net Earnings / Revenue 22.53% 22.96%
Basic Earnings Per Share $0.58 $0.63
Diluted Earnings Per Share $0.57 $0.62
COMMON SHARES
Basic Shares Outstanding 65.72M 65.67M 65.61M
Diluted Shares Outstanding 67.31M 67.10M

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $721.8M $595.3M
YoY Change 21.26% 13.82%
Cash & Equivalents $238.0M $165.6M
Short-Term Investments $483.8M $429.6M
Other Short-Term Assets $263.0K $261.0K
YoY Change 0.77% -49.9%
Inventory $3.870M $2.183M
Prepaid Expenses $10.67M $10.14M
Receivables $32.02M $41.30M
Other Receivables $4.114M $12.00M
Total Short-Term Assets $773.5M $669.6M
YoY Change 15.52% 14.99%
LONG-TERM ASSETS
Property, Plant & Equipment $18.10M $23.53M
YoY Change -23.08% -10.5%
Goodwill $241.2M $241.2M
YoY Change 0.0% 30.97%
Intangibles $32.89M $39.97M
YoY Change -17.71% -9.69%
Long-Term Investments $1.200M $1.000M
YoY Change 20.0%
Other Assets $6.494M $5.216M
YoY Change 24.5% -20.31%
Total Long-Term Assets $343.2M $356.4M
YoY Change -3.71% 12.48%
TOTAL ASSETS
Total Short-Term Assets $773.5M $669.6M
Total Long-Term Assets $343.2M $356.4M
Total Assets $1.117B $1.026B
YoY Change 8.84% 14.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.65M $14.54M
YoY Change -6.15% 9.46%
Accrued Expenses $59.81M $67.60M
YoY Change -11.53% 42.29%
Deferred Revenue $49.35M $38.70M
YoY Change 27.5% -37.55%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $141.2M $139.2M
YoY Change 1.38% -0.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $22.84M $34.26M
YoY Change -33.34% 54.4%
Total Long-Term Liabilities $40.16M $57.13M
YoY Change -29.71% 8.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $141.2M $139.2M
Total Long-Term Liabilities $40.16M $57.13M
Total Liabilities $181.3M $196.4M
YoY Change -7.66% 1.76%
SHAREHOLDERS EQUITY
Retained Earnings $573.0M $470.8M
YoY Change 21.71% 41.87%
Common Stock $705.3M $692.5M
YoY Change 1.85% 1.49%
Preferred Stock
YoY Change
Treasury Stock (at cost) $344.4M $328.6M
YoY Change 4.8% 8.96%
Treasury Stock Shares
Shareholders Equity $935.4M $829.7M
YoY Change
Total Liabilities & Shareholders Equity $1.117B $1.026B
YoY Change 8.84% 14.1%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income $38.26M $41.31M
YoY Change -7.39% 87.19%
Depreciation, Depletion And Amortization $3.053M $3.900M
YoY Change -21.72% -23.0%
Cash From Operating Activities $50.98M $32.60M
YoY Change 56.37% -38.33%
INVESTING ACTIVITIES
Capital Expenditures $975.0K $1.200M
YoY Change -18.75% -151.28%
Acquisitions
YoY Change
Other Investing Activities $68.38M $500.0K
YoY Change 13576.8% -101.14%
Cash From Investing Activities $67.41M -$700.0K
YoY Change -9729.86% -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 -8.454M -7.800M
YoY Change 8.38% 5.69%
NET CHANGE
Cash From Operating Activities 50.98M 32.60M
Cash From Investing Activities 67.41M -700.0K
Cash From Financing Activities -8.454M -7.800M
Net Change In Cash 109.9M 24.10M
YoY Change 356.15% -3931.48%
FREE CASH FLOW
Cash From Operating Activities $50.98M $32.60M
Capital Expenditures $975.0K $1.200M
Free Cash Flow $50.00M $31.40M
YoY Change 59.25% -43.12%

Facts In Submission

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PERDOCEO EDUCATION CORP
dei Entity Incorporation State Country Code
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DE
dei Entity Tax Identification Number
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dei Entity Address Address Line1
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1750 E. Golf Road
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dei Security12b Title
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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prdo Payments Of Dividends And Dividend Equivalents
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prdo Payments Of Dividends And Dividend Equivalents
PaymentsOfDividendsAndDividendEquivalents
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prdo Payments For Release Of Escrow
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prdo Payments For Release Of Escrow
PaymentsForReleaseOfEscrow
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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>
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us-gaap Realized Investment Gains Losses
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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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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q3 prdo Contract With Customers New Revenue During Period
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CY2023Q3 prdo Deferred Revenue Other Adjustments
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GrossDeferredRevenue
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GrossDeferredRevenue
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prdo Contract With Customer Liability Revenue Recognized Including Additions
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prdo Contract With Customer Liability Revenue Recognized Including Additions
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prdo Current Period Charges
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prdo Contract With Customers New Revenue During Period
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prdo Deferred Revenue Other Adjustments
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prdo Deferred Revenue Other Adjustments
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CY2022Q4 us-gaap Contract With Customer Receivable Allowance For Credit Loss
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us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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us-gaap Contract With Customer Asset Allowance For Credit Loss Writeoff
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us-gaap Contract With Customer Asset Allowance For Credit Loss Writeoff
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CY2023Q3 us-gaap Proceeds Contract With Customer Asset Previously Written Off Recovery
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us-gaap Proceeds Contract With Customer Asset Previously Written Off Recovery
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us-gaap Proceeds Contract With Customer Asset Previously Written Off Recovery
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CY2024Q3 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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prdo Operating Lease Expiration Date
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CY2024Q3 prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
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prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
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us-gaap Lease Cost
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us-gaap Operating Lease Payments
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CY2023Q3 prdo Fixed Operating Lease Expenses
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prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
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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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us-gaap Operating Lease Payments
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prdo Operating Cash Flows From Subleases
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CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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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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CY2024Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2024Q3 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements
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us-gaap Effective Income Tax Rate Reconciliation Tax Settlements
EffectiveIncomeTaxRateReconciliationTaxSettlements
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CY2024Q3 prdo Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost Plus Release Of Tax Reserves
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCostPlusReleaseOfTaxReserves
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prdo Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost Plus Release Of Tax Reserves
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCostPlusReleaseOfTaxReserves
0.014
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
CY2024Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
13900000
CY2024Q3 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
2100000
CY2024Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
4300000
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2023Q3 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
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2800000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2300000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7400000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6600000
CY2024Q3 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
CY2024Q1 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000
CY2024Q1 srt Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2025-09-30
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
400000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
200000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
6800000
prdo Stock Repurchased During Period Value Weighted Average Price
StockRepurchasedDuringPeriodValueWeightedAveragePrice
17.6
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2700000
prdo Stock Repurchased During Period Value Weighted Average Price
StockRepurchasedDuringPeriodValueWeightedAveragePrice
12.35
CY2024Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
47100000
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65699000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65634000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65622000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
66758000
CY2024Q3 prdo Common Stock Equivalents
CommonStockEquivalents
1613000
CY2023Q3 prdo Common Stock Equivalents
CommonStockEquivalents
1469000
prdo Common Stock Equivalents
CommonStockEquivalents
1488000
prdo Common Stock Equivalents
CommonStockEquivalents
1314000
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67312000
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67103000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67110000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68072000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
169828000
CY2024Q3 prdo Percentage Of Revenue
PercentageOfRevenue
1
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
179923000
CY2023Q3 prdo Percentage Of Revenue
PercentageOfRevenue
1
CY2024Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
44794000
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
43073000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
504832000
prdo Percentage Of Revenue
PercentageOfRevenue
1
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
562085000
prdo Percentage Of Revenue
PercentageOfRevenue
1
us-gaap Operating Income Loss
OperatingIncomeLoss
137078000
us-gaap Operating Income Loss
OperatingIncomeLoss
134503000
CY2024Q3 us-gaap Assets
Assets
1116756000
CY2023Q4 us-gaap Assets
Assets
1007316000

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