$PRDO
PERDOCEO EDUCATION Corp

2017 Q2 Form 10-Q Financial Statement

#000156459017016760 Filed on August 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $146.2M $182.6M
YoY Change -19.93% -15.77%
Cost Of Revenue $36.40M $58.10M
YoY Change -37.35% -20.52%
Gross Profit $109.8M $124.6M
YoY Change -11.88% -13.35%
Gross Profit Margin 75.09% 68.23%
Selling, General & Admin $96.80M $102.1M
YoY Change -5.19% -29.68%
% of Gross Profit 88.16% 81.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.900M $5.200M
YoY Change -25.0% -27.78%
% of Gross Profit 3.55% 4.17%
Operating Expenses $100.7M $107.2M
YoY Change -6.06% -29.57%
Operating Profit $9.104M $17.29M
YoY Change -47.35% -186.92%
Interest Expense $113.0K $116.0K
YoY Change -2.59% -31.76%
% of Operating Profit 1.24% 0.67%
Other Income/Expense, Net $604.0K -$46.00K
YoY Change -1413.04% -94.81%
Pretax Income $9.708M $17.24M
YoY Change -43.7% -268.76%
Income Tax $5.045M $4.620M
% Of Pretax Income 51.97% 26.79%
Net Earnings $4.286M $11.84M
YoY Change -63.8% -157.13%
Net Earnings / Revenue 2.93% 6.48%
Basic Earnings Per Share $0.06 $0.17
Diluted Earnings Per Share $0.06 $0.17
COMMON SHARES
Basic Shares Outstanding 69.03M 68.37M
Diluted Shares Outstanding 70.88M 69.02M

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $163.6M $190.5M
YoY Change -14.12% 3.93%
Cash & Equivalents $40.27M $49.70M
Short-Term Investments $124.7M $140.8M
Other Short-Term Assets $22.70M $28.90M
YoY Change -21.45% 1460.48%
Inventory $900.0K $2.100M
Prepaid Expenses
Receivables $21.40M $27.50M
Other Receivables $1.200M $800.0K
Total Short-Term Assets $209.7M $249.7M
YoY Change -16.02% -20.96%
LONG-TERM ASSETS
Property, Plant & Equipment $35.40M $48.57M
YoY Change -27.12% -16.17%
Goodwill $87.36M
YoY Change 0.0%
Intangibles $8.900M
YoY Change 12.66%
Long-Term Investments
YoY Change
Other Assets $163.1M $154.9M
YoY Change 5.29% 784.84%
Total Long-Term Assets $296.8M $303.1M
YoY Change -2.08% 73.74%
TOTAL ASSETS
Total Short-Term Assets $209.7M $249.7M
Total Long-Term Assets $296.8M $303.1M
Total Assets $506.5M $552.8M
YoY Change -8.38% 12.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.40M $13.80M
YoY Change -24.64% -21.75%
Accrued Expenses $64.40M $56.80M
YoY Change 13.38% 14.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $121.0M $129.4M
YoY Change -6.49% -26.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $50.50M $69.30M
YoY Change -27.13% 245.81%
Total Long-Term Liabilities $50.50M $69.30M
YoY Change -27.13% -7.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $121.0M $129.4M
Total Long-Term Liabilities $50.50M $69.30M
Total Liabilities $171.5M $198.6M
YoY Change -13.65% -21.16%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $15.01M
Shareholders Equity $334.9M $354.2M
YoY Change
Total Liabilities & Shareholders Equity $506.5M $552.8M
YoY Change -8.38% 12.73%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $4.286M $11.84M
YoY Change -63.8% -157.13%
Depreciation, Depletion And Amortization $3.900M $5.200M
YoY Change -25.0% -27.78%
Cash From Operating Activities $4.900M $16.80M
YoY Change -70.83% -362.5%
INVESTING ACTIVITIES
Capital Expenditures -$1.400M -$1.100M
YoY Change 27.27% -31.25%
Acquisitions
YoY Change
Other Investing Activities $20.10M -$24.10M
YoY Change -183.4% -3112.5%
Cash From Investing Activities $18.60M -$25.20M
YoY Change -173.81% 3050.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.200M 100.0K
YoY Change 2100.0% -91.67%
NET CHANGE
Cash From Operating Activities 4.900M 16.80M
Cash From Investing Activities 18.60M -25.20M
Cash From Financing Activities 2.200M 100.0K
Net Change In Cash 25.70M -8.300M
YoY Change -409.64% 38.33%
FREE CASH FLOW
Cash From Operating Activities $4.900M $16.80M
Capital Expenditures -$1.400M -$1.100M
Free Cash Flow $6.300M $17.90M
YoY Change -64.8% -472.92%

Facts In Submission

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us-gaap Nature Of Operations
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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1. DESCRIPTION OF THE COMPANY</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Career Education&#8217;s academic institutions offer a quality education to a diverse student population in a variety of disciplines through online, campus-based and blended learning programs. Our two universities &#8211; American InterContinental University (&#8220;AIU&#8221;) and Colorado Technical University (&#8220;CTU&#8221;) &#8211; provide degree programs through the master&#8217;s or doctoral level as well as associate and bachelor&#8217;s levels. Both universities predominantly serve students online with career-focused degree programs that are designed to meet the educational demands of today&#8217;s busy adults. AIU and CTU continue to show innovation in higher education, advancing new personalized learning technologies like their intelli<font style="font-weight:bold;">path</font>&#8482; adaptive learning platform. Career Education is committed to providing quality education that closes the gap between learners who seek to advance their careers and employers needing a qualified workforce.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Additionally, CEC is in the process of teaching out campuses within our Transitional Group and Culinary Arts segments. Students enrolled at these campuses have been afforded the reasonable opportunity to complete their program of study prior to the final teach-out date. </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A listing of individual campus locations and web links to Career Education&#8217;s colleges, institutions and universities can be found at <font style="font-style:italic;">www.careered.com.</font></p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As used in this Quarterly Report on Form 10-Q, the terms &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;the Company&#8221; and &#8220;CEC&#8221; refer to Career Education Corporation and our wholly-owned subsidiaries. The terms &#8220;college,&#8221; &#8220;institution&#8221; and &#8220;university&#8221; refer to an individual, branded, for-profit educational institution, owned by us and includes its campus locations. The term &#8220;campus&#8221; refers to an individual main or branch campus operated by one of our colleges, institutions or universities.</p></div>
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