2018 Q4 Form 10-K Financial Statement

#000156459019003457 Filed on February 20, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2018 Q2
Revenue $145.5M $145.7M $142.0M
YoY Change 1.67% 0.49% -2.86%
Cost Of Revenue $25.50M $27.20M $30.30M
YoY Change -12.07% -28.04% -16.76%
Gross Profit $120.0M $118.5M $111.7M
YoY Change 5.17% 10.54% 1.73%
Gross Profit Margin 82.47% 81.34% 78.64%
Selling, General & Admin $97.50M $96.80M $98.30M
YoY Change -3.27% -2.32% 1.55%
% of Gross Profit 81.25% 81.69% 88.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.400M $2.300M $2.100M
YoY Change -7.69% -36.11% -46.15%
% of Gross Profit 2.0% 1.94% 1.88%
Operating Expenses $99.80M $126.4M $130.7M
YoY Change -3.48% 23.2% 29.82%
Operating Profit $20.18M $19.28M $11.30M
YoY Change 88.41% 324.83% 24.15%
Interest Expense $900.0K $108.0K $600.0K
YoY Change 80.0% -73.0% 430.97%
% of Operating Profit 4.46% 0.56% 5.31%
Other Income/Expense, Net $0.00 $874.0K $501.0K
YoY Change -100.0% 337.0% -17.05%
Pretax Income $21.00M $20.16M $11.80M
YoY Change 85.84% 295.24% 21.59%
Income Tax $7.000M $5.089M $2.940M
% Of Pretax Income 33.33% 25.25% 24.91%
Net Earnings $14.07M $14.86M $8.751M
YoY Change -131.7% 391.63% 104.18%
Net Earnings / Revenue 9.67% 10.2% 6.16%
Basic Earnings Per Share $0.20 $0.21 $0.13
Diluted Earnings Per Share $0.20 $0.21 $0.12
COMMON SHARES
Basic Shares Outstanding 69.74M 69.67M
Diluted Shares Outstanding 71.79M 71.56M

Balance Sheet

Concept 2018 Q4 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $228.8M $188.4M $185.5M
YoY Change 31.29% 12.08% 13.41%
Cash & Equivalents $32.39M $32.00M $33.96M
Short-Term Investments $196.4M $156.3M $151.6M
Other Short-Term Assets $437.0K $14.30M $18.10M
YoY Change -66.87% -20.11% -20.26%
Inventory $763.0K $900.0K $900.0K
Prepaid Expenses $7.771M
Receivables $28.75M $34.00M $25.00M
Other Receivables $2.500M $2.500M $1.900M
Total Short-Term Assets $269.4M $240.1M $230.7M
YoY Change 27.87% 14.83% 10.01%
LONG-TERM ASSETS
Property, Plant & Equipment $30.05M $30.00M $30.80M
YoY Change -9.58% -9.91% -12.99%
Goodwill $87.36M
YoY Change 0.0%
Intangibles $7.900M
YoY Change 0.0%
Long-Term Investments
YoY Change
Other Assets $4.993M $93.80M $99.70M
YoY Change -11.99% -41.7% -38.87%
Total Long-Term Assets $213.0M $221.3M $228.1M
YoY Change -9.87% -24.24% -23.15%
TOTAL ASSETS
Total Short-Term Assets $269.4M $240.1M $230.7M
Total Long-Term Assets $213.0M $221.3M $228.1M
Total Assets $482.5M $461.4M $458.8M
YoY Change 7.92% -7.94% -9.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.195M $12.60M $11.30M
YoY Change 8.18% 6.78% 8.65%
Accrued Expenses $44.20M $40.20M $56.70M
YoY Change -31.05% -39.82% -11.96%
Deferred Revenue $32.35M $23.05M
YoY Change 41.29%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $97.05M $91.60M $105.9M
YoY Change -13.88% -23.67% -12.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $17.49M $30.10M $30.00M
YoY Change -54.21% -27.99% -40.59%
Total Long-Term Liabilities $30.24M $30.10M $30.00M
YoY Change -20.84% -27.99% -40.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $97.05M $91.60M $105.9M
Total Long-Term Liabilities $30.24M $30.10M $30.00M
Total Liabilities $127.3M $121.7M $135.9M
YoY Change -15.65% -24.78% -20.76%
SHAREHOLDERS EQUITY
Retained Earnings -$52.95M
YoY Change
Common Stock $629.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $220.7M
YoY Change
Treasury Stock Shares $15.40M
Shareholders Equity $355.2M $339.6M $322.9M
YoY Change
Total Liabilities & Shareholders Equity $482.5M $461.4M $458.8M
YoY Change 7.92% -7.94% -9.42%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income $14.07M $14.86M $8.751M
YoY Change -131.7% 391.63% 104.18%
Depreciation, Depletion And Amortization $2.400M $2.300M $2.100M
YoY Change -7.69% -36.11% -46.15%
Cash From Operating Activities $38.70M $3.500M $3.700M
YoY Change 430.14% -31.37% -24.49%
INVESTING ACTIVITIES
Capital Expenditures -$2.700M -$1.300M -$1.300M
YoY Change -6.9% 0.0% -7.14%
Acquisitions
YoY Change
Other Investing Activities -$35.60M -$4.300M $6.600M
YoY Change 1269.23% -84.13% -67.16%
Cash From Investing Activities -$38.40M -$5.500M $5.300M
YoY Change 598.18% -80.57% -71.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 300.0K 100.0K
YoY Change -100.0% -95.45%
NET CHANGE
Cash From Operating Activities 38.70M 3.500M 3.700M
Cash From Investing Activities -38.40M -5.500M 5.300M
Cash From Financing Activities 0.000 300.0K 100.0K
Net Change In Cash 300.0K -1.700M 9.100M
YoY Change -84.21% -92.67% -64.59%
FREE CASH FLOW
Cash From Operating Activities $38.70M $3.500M $3.700M
Capital Expenditures -$2.700M -$1.300M -$1.300M
Free Cash Flow $41.40M $4.800M $5.000M
YoY Change 305.88% -25.0% -20.63%

Facts In Submission

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CY2018 us-gaap Nature Of Operations
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<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;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 regionally-accredited universities &#8211; Colorado Technical University <font style="font-style:italic;">(&#8220;CTU&#8221;)</font> and American InterContinental University <font style="font-style:italic;">(&#8220;AIU&#8221;)</font> &#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 needs of today&#8217;s busy adults. CTU and AIU continue to show innovation in higher education, advancing new personalized learning technologies like their intelli<font style="font-weight:bold;">path</font><sup style="font-size:85%; vertical-align:top">&#174;</sup> 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;">During 2018, CEC completed the multi-year process of teaching out campuses within its All Other Campuses segment. Students enrolled at these campuses were 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 University Group institutions 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 Annual Report on Form 10-K, 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;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 institutions.</p>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">b. Management&#8217;s Use of Estimates</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;">The preparation of financial statements in conformity with generally accepted accounting principles in the U.S. <font style="font-style:italic;">(&#8220;GAAP&#8221;)</font> requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reported 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 doubtful accounts, the assumptions surrounding future projections of revenues and expenses utilized in determining the probable outcome of performance conditions related to performance-based compensation, the assumptions surrounding sublease income utilized in determining the fair value of remaining lease obligations, assumptions utilized in calculating income tax related matters including our deferred tax balances and any respective valuation allowance and fair values used in asset impairment evaluations including goodwill, intangible assets and long-lived assets. Although these estimates are based upon management&#8217;s best knowledge of current events and actions that we may undertake in the future, actual results could differ from these estimates.</p>
CY2018 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">c. Concentration of Credit Risk</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 substantial portion of credit extended to students is repaid through the students&#8217; participation in various federal financial aid programs authorized by Title IV of the Higher Education Act of 1965, as amended <font style="font-style:italic;">(&#8220;Higher Education Act&#8221;)</font>, which we refer to as &#8220;<font style="font-style:italic;">Title IV Programs</font>.&#8221; For the years ended December&#160;31, 2018, 2017 and 2016, approximately 79%, 78% and 76%, respectively, of our institutions&#8217; cash receipts from tuition payments came from Title IV Program funding.</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;">Transfers of funds received from Title IV Programs are made in accordance with the U.S. Department of Education&#8217;s <font style="font-style:italic;">(&#8220;ED&#8221;)</font> requirements. Changes in ED funding of Title IV Programs could have a material impact on our ability to attract students and the realizability of our student receivables. See Item&#160;1A, &#8220;Risk Factors,&#8221; of this Annual Report on Form 10-K for further discussion of the risks associated with Title IV Programs.</p>
CY2018Q1 us-gaap Contract With Customer Asset Gross
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9984000
CY2018Q4 ceco Gross Deferred Revenue
GrossDeferredRevenue
51694000
CY2018Q4 ceco Number Of Regionally Accredited Universities
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CashCollateralForBorrowedSecurities
800000
CY2018 us-gaap Advertising Expense
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161596000
CY2017Q4 ceco Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax Including Restricted Securities Current
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTaxIncludingRestrictedSecuritiesCurrent
7000
CY2017Q4 ceco Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax Including Restricted Securities Current
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTaxIncludingRestrictedSecuritiesCurrent
355000
CY2017Q4 ceco Available For Sale Debt Securities Including Restricted Securities Current
AvailableForSaleDebtSecuritiesIncludingRestrictedSecuritiesCurrent
161248000
CY2018 ceco Short Term Investment Continuous Unrealized Gain Loss Position Period
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P1Y
CY2018Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
156657000
CY2017Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
113634000
CY2018Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
38845000
CY2017Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
46586000
CY2018Q4 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
926000
CY2017Q4 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
1028000
CY2018Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
196428000
CY2017Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
161248000
CY2018 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
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CY2017 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
1371000
CY2016 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
1375000
CY2018 ceco Length Of Academic Year
LengthOfAcademicYear
P210D
CY2018Q1 ceco Gross Deferred Revenue
GrossDeferredRevenue
39544000
CY2018Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
19343000
CY2018Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
29560000
CY2017Q4 ceco Gross Deferred Revenue
GrossDeferredRevenue
39544000
CY2018 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
36408000
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CurrentPeriodCharges
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CY2018 ceco Contract With Customers New Revenue During Period
ContractWithCustomersNewRevenueDuringPeriod
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CY2018 ceco Deferred Revenue Other Adjustments
DeferredRevenueOtherAdjustments
156000
CY2018Q4 ceco Refund Liability Reserve
RefundLiabilityReserve
900000
CY2017Q4 ceco Refund Liability Reserve
RefundLiabilityReserve
900000
CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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AllowanceForDoubtfulAccountsReceivable
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CY2015Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
20229000
CY2018 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
32042000
CY2017 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
27571000
CY2016 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
32049000
CY2018 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
29740000
CY2017 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
28179000
CY2016 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
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CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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ProceedsFromRecoveriesOfLoanPreviouslyChargedOff
5700000
CY2017 us-gaap Proceeds From Recoveries Of Loan Previously Charged Off
ProceedsFromRecoveriesOfLoanPreviouslyChargedOff
4200000
CY2016 us-gaap Proceeds From Recoveries Of Loan Previously Charged Off
ProceedsFromRecoveriesOfLoanPreviouslyChargedOff
6200000
CY2018Q4 ceco Computer Hardware And Software Gross
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105175000
CY2017Q4 ceco Computer Hardware And Software Gross
ComputerHardwareAndSoftwareGross
105244000
CY2018Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
73951000
CY2017Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
90486000
CY2018Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
37362000
CY2017Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
40464000
CY2018Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
8578000
CY2018 ceco Remaining Lease Obligations Incurred
RemainingLeaseObligationsIncurred
10955000
CY2018 ceco Remaining Lease Obligations Net Cash Payments
RemainingLeaseObligationsNetCashPayments
20659000
CY2018 ceco Remaining Lease Obligations Other
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41000
CY2018Q4 ceco Remaining Lease Obligations
RemainingLeaseObligations
11100000
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RemainingLeaseObligations
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RemainingLeaseObligationsIncurred
14838000
CY2017 ceco Remaining Lease Obligations Net Cash Payments
RemainingLeaseObligationsNetCashPayments
33313000
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2424000
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CY2016 ceco Remaining Lease Obligations Net Cash Payments
RemainingLeaseObligationsNetCashPayments
16413000
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RemainingLeaseObligationsOther
7984000
CY2017Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
8578000
CY2018Q4 ceco Library Materials Gross
LibraryMaterialsGross
982000
CY2017Q4 ceco Library Materials Gross
LibraryMaterialsGross
1522000
CY2018Q4 ceco Vehicles Gross
VehiclesGross
107000
CY2017Q4 ceco Vehicles Gross
VehiclesGross
464000
CY2018Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
1945000
CY2017Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
297000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
228100000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
247055000
CY2018 us-gaap Depreciation
Depreciation
9400000
CY2017 us-gaap Depreciation
Depreciation
13400000
CY2016 us-gaap Depreciation
Depreciation
21900000
CY2018 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2017 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2016 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
1200000
CY2018 ceco Operating Lease Expiration Date
OperatingLeaseExpirationDate
2028
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RemainingLeaseObligations
20763000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
21884000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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17728000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
12070000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
8638000
CY2018Q4 ceco Operating Leases Future Minimum Payments Due In Year Five And Therafter
OperatingLeasesFutureMinimumPaymentsDueInYearFiveAndTherafter
22298000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
82618000
CY2018Q4 ceco Future Minimum Sublease Rentals Under Operating Leases Within One Year
FutureMinimumSubleaseRentalsUnderOperatingLeasesWithinOneYear
3631000
CY2018Q4 ceco Future Minimum Sublease Rentals Under Operating Leases Within Two Years
FutureMinimumSubleaseRentalsUnderOperatingLeasesWithinTwoYears
2750000
CY2018Q4 ceco Future Minimum Sublease Rentals Under Operating Leases Within Three Years
FutureMinimumSubleaseRentalsUnderOperatingLeasesWithinThreeYears
1279000
CY2018Q4 ceco Future Minimum Sublease Rentals Under Operating Leases Within Four Years
FutureMinimumSubleaseRentalsUnderOperatingLeasesWithinFourYears
777000
CY2018Q4 ceco Future Minimum Sublease Rentals Under Operating Leases In Five Years And Thereafter
FutureMinimumSubleaseRentalsUnderOperatingLeasesInFiveYearsAndThereafter
328000
CY2018Q4 ceco Future Minimum Sublease Rentals Under Operating Leases
FutureMinimumSubleaseRentalsUnderOperatingLeases
8765000
CY2018 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0
CY2017 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0
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7900000
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7900000
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2170000
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CY2015Q4 us-gaap Restructuring Reserve
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18985000
CY2018 us-gaap Restructuring Charges
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1898000
CY2016 us-gaap Restructuring Charges
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507000
CY2018 us-gaap Payments For Restructuring
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2883000
CY2017 us-gaap Payments For Restructuring
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6767000
CY2016 us-gaap Payments For Restructuring
PaymentsForRestructuring
11015000
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CY2017 us-gaap Restructuring Reserve Accrual Adjustment1
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251000
CY2016 us-gaap Restructuring Reserve Accrual Adjustment1
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209000
CY2018Q4 us-gaap Restructuring Reserve
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596000
CY2018Q4 ceco Severance Accrual Short Term Portion Restructuring
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600000
CY2017Q4 ceco Severance Accrual Short Term Portion Restructuring
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2100000
CY2018Q4 ceco Retention Bonuses Accrued In Association With Restructuring
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400000
CY2018 ceco Lease Expiration Teach Out Campuses
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2021
ceco Remaining Lease Obligations Restructuring Incurred
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78700000
us-gaap Loss Contingency New Claims Filed Number
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319
CY2018 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
524000
CY2017 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1870000
CY2016 us-gaap Current State And Local Tax Expense Benefit
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704000
CY2018 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
524000
CY2017 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1870000
CY2016 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
704000
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16144000
CY2017 us-gaap Deferred Federal Income Tax Expense Benefit
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67936000
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-16247000
CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
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1893000
CY2017 us-gaap Deferred State And Local Income Tax Expense Benefit
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-2681000
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DeferredStateAndLocalIncomeTaxExpenseBenefit
-1007000
CY2018 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
18037000
CY2017 us-gaap Deferred Income Tax Expense Benefit
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65255000
CY2016 us-gaap Deferred Income Tax Expense Benefit
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-17254000
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0.210
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.350
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.350
CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.031
CY2017 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.023
CY2016 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.034
CY2018 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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-0.014
CY2017 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.032
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.003
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.005
CY2018 ceco Effective Income Tax Rate Reconciliation Nondeductible Expense Legal Settlement
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseLegalSettlement
0.014
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EffectiveIncomeTaxRateReconciliationTaxSettlementsDomestic
0.067
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements State And Local
EffectiveIncomeTaxRateReconciliationTaxSettlementsStateAndLocal
0.001
CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements State And Local
EffectiveIncomeTaxRateReconciliationTaxSettlementsStateAndLocal
-0.046
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
1.453
CY2016 ceco Effective Income Tax Rate Reconciliation Deduction Worthless Stock
EffectiveIncomeTaxRateReconciliationDeductionWorthlessStock
0.119
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.002
CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.007
CY2016 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.004
CY2018 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.010
CY2017 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.044
CY2016 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.041
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.250
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.852
CY2016 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.528
CY2018 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1000000
CY2018 ceco Income Tax Reconciliation Nondeductible Expense Legal Settlement
IncomeTaxReconciliationNondeductibleExpenseLegalSettlement
1100000
CY2017 ceco Tax Cuts And Jobs Act Of2017 Change In Tax Rate Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit
52700000
CY2016 ceco Income Tax Reconciliation Deduction On Worthless Stock
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3700000
CY2016 ceco Effective Income Tax Reconciliation Tax Settlement Domestic
EffectiveIncomeTaxReconciliationTaxSettlementDomestic
2100000
CY2017Q4 ceco Unrecognized Tax Benefits Before Interest And Penalties
UnrecognizedTaxBenefitsBeforeInterestAndPenalties
8564000
CY2016Q4 ceco Unrecognized Tax Benefits Before Interest And Penalties
UnrecognizedTaxBenefitsBeforeInterestAndPenalties
8132000
CY2015Q4 ceco Unrecognized Tax Benefits Before Interest And Penalties
UnrecognizedTaxBenefitsBeforeInterestAndPenalties
7737000
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
5000
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Deferred Rent
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsDeferredRent
1746000
CY2018Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Foreign
DeferredTaxAssetsTaxCreditCarryforwardsForeign
32998000
CY2017Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Foreign
DeferredTaxAssetsTaxCreditCarryforwardsForeign
32998000
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
24000
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
263000
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
1839000
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
1625000
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
1247000
CY2018 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
1399000
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CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.704
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y2M12D
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y9M18D
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.09
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.81
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.75
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.542
CY2017Q4 ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations Current
DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsCurrent
5516000
CY2018 ceco Common Stock Equivalents
CommonStockEquivalents
1884000
CY2017 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2016 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2018 ceco Employer Vested To Defined Contribution Retirement Saving Plan Percentage
EmployerVestedToDefinedContributionRetirementSavingPlanPercentage
1.00
CY2018 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
2700000
CY2017 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
2800000
CY2016 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
2900000
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Offering Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPriceOfferingDate
0.95
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Maximum Employee Subscription Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumEmployeeSubscriptionRate
0.10
CY2018 ceco Maximum Salary Of Employee Allowed To Purchase Shares Under Purchase Plan
MaximumSalaryOfEmployeeAllowedToPurchaseSharesUnderPurchasePlan
25000
CY2018 ceco Share Based Compensation Arrangement By Share Based Payment Award Cumulative Shares Issued
ShareBasedCompensationArrangementByShareBasedPaymentAwardCumulativeSharesIssued
3300000
CY2018 ceco Disposal Group Including Discontinued Operation Operating Expense Net
DisposalGroupIncludingDiscontinuedOperationOperatingExpenseNet
1089000
CY2017 ceco Disposal Group Including Discontinued Operation Operating Expense Net
DisposalGroupIncludingDiscontinuedOperationOperatingExpenseNet
2310000
CY2016 ceco Disposal Group Including Discontinued Operation Operating Expense Net
DisposalGroupIncludingDiscontinuedOperationOperatingExpenseNet
6586000
CY2018 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-1089000
CY2017 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-2268000
CY2016 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-6586000
CY2018 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-479000
CY2017 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-1246000
CY2016 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-2690000
CY2017Q4 us-gaap Disposal Group Including Discontinued Operation Accounts Notes And Loans Receivable Net
DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet
382000
CY2018Q4 us-gaap Disposal Group Including Discontinued Operation Deferred Tax Assets Noncurrent
DisposalGroupIncludingDiscontinuedOperationDeferredTaxAssetsNoncurrent
178000
CY2017Q4 us-gaap Disposal Group Including Discontinued Operation Deferred Tax Assets Noncurrent
DisposalGroupIncludingDiscontinuedOperationDeferredTaxAssetsNoncurrent
1585000
CY2018Q4 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
178000
CY2017Q4 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
1967000
CY2018Q4 us-gaap Disposal Group Including Discontinued Operation Accounts Payable And Accrued Liabilities
DisposalGroupIncludingDiscontinuedOperationAccountsPayableAndAccruedLiabilities
51000
CY2017Q4 us-gaap Disposal Group Including Discontinued Operation Accounts Payable And Accrued Liabilities
DisposalGroupIncludingDiscontinuedOperationAccountsPayableAndAccruedLiabilities
185000
CY2018Q4 ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations Current
DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsCurrent
485000
CY2017Q4 ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations Noncurrent
DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsNoncurrent
785000
CY2018Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation
536000
CY2017Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation
6486000
CY2018 ceco Discontinued Operations Lease Expiration Year
DiscontinuedOperationsLeaseExpirationYear
2019
CY2017Q4 ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations
DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligations
6301000
CY2018 ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations Incurred And Reversal
DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsIncurredAndReversal
141000
CY2018 ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations Net Cash Payments
DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsNetCashPayments
5675000
CY2018Q4 ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations
DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligations
485000
CY2016Q4 ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations
DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligations
14474000
CY2017 ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations Incurred And Reversal
DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsIncurredAndReversal
-818000
CY2017 ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations Net Cash Payments
DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsNetCashPayments
8991000
CY2015Q4 ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations
DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligations
21751000
CY2016 ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations Incurred And Reversal
DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsIncurredAndReversal
-4090000
CY2016 ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations Net Cash Payments
DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsNetCashPayments
11367000
CY2018Q1 us-gaap Revenues
Revenues
148065000
CY2018Q2 us-gaap Revenues
Revenues
142036000
CY2018Q3 us-gaap Revenues
Revenues
145690000
CY2018Q4 us-gaap Revenues
Revenues
145505000
CY2018 us-gaap Revenues
Revenues
581296000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
20529000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
11303000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
19283000
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
20183000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
17502000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
8751000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
14857000
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
14071000
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.25
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.21
CY2018Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.20
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.25
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
CY2018Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
CY2017Q1 us-gaap Revenues
Revenues
162109000
CY2017Q2 us-gaap Revenues
Revenues
146222000
CY2017Q3 us-gaap Revenues
Revenues
144986000
CY2017Q4 us-gaap Revenues
Revenues
143118000
CY2017 us-gaap Revenues
Revenues
596435000
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
9781000
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
9104000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
4539000
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
10712000
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
5177000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
4286000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
3022000
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
-44382000
CY2017Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2017Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.64
CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2017Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.64
CY2017Q4 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
6500000
CY2017Q4 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
52700000
CY2018Q1 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
3500000
CY2018Q2 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
6000000
CY2018Q4 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
5000000

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