$PRDO
PERDOCEO EDUCATION Corp

2019 Q4 Form 10-K Financial Statement

#000156459020005289 Filed on February 19, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2019 2018 Q4
Revenue $158.5M $627.7M $145.5M
YoY Change 8.9% 7.98% 1.67%
Cost Of Revenue $24.90M $101.9M $25.50M
YoY Change -2.35% -7.28% -12.07%
Gross Profit $133.5M $525.8M $120.0M
YoY Change 11.25% 11.54% 5.17%
Gross Profit Margin 84.25% 83.77% 82.47%
Selling, General & Admin $99.10M $430.2M $97.50M
YoY Change 1.64% 10.11% -3.27%
% of Gross Profit 74.23% 81.82% 81.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.300M $9.145M $2.400M
YoY Change -4.17% -2.65% -7.69%
% of Gross Profit 1.72% 1.74% 2.0%
Operating Expenses $101.5M $541.2M $99.80M
YoY Change 1.7% 6.13% -3.48%
Operating Profit $32.01M $86.46M $20.18M
YoY Change 58.61% 21.27% 88.41%
Interest Expense $1.600M $167.0K $900.0K
YoY Change 77.78% -75.48% 80.0%
% of Operating Profit 5.0% 0.19% 4.46%
Other Income/Expense, Net $0.00 $6.560M $0.00
YoY Change 114.8% -100.0%
Pretax Income $33.60M $93.00M $21.00M
YoY Change 60.0% 25.0% 85.84%
Income Tax $6.100M $22.43M $7.000M
% Of Pretax Income 18.15% 24.12% 33.33%
Net Earnings $27.52M $69.98M $14.07M
YoY Change 95.55% 26.82% -131.7%
Net Earnings / Revenue 17.37% 11.15% 9.67%
Basic Earnings Per Share $0.39 $1.00 $0.20
Diluted Earnings Per Share $0.38 $0.97 $0.20
COMMON SHARES
Basic Shares Outstanding 70.09M
Diluted Shares Outstanding 72.09M

Balance Sheet

Concept 2019 Q4 2019 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $294.2M $294.2M $228.8M
YoY Change 28.56% 28.58% 31.29%
Cash & Equivalents $108.7M $108.7M $32.39M
Short-Term Investments $185.5M $185.5M $196.4M
Other Short-Term Assets $1.936M $9.200M $437.0K
YoY Change 343.02% 6.98% -66.87%
Inventory $576.0K $600.0K $763.0K
Prepaid Expenses $7.299M $7.771M
Receivables $55.02M $55.00M $28.75M
Other Receivables $1.400M $1.400M $2.500M
Total Short-Term Assets $360.4M $360.4M $269.4M
YoY Change 33.75% 33.78% 27.87%
LONG-TERM ASSETS
Property, Plant & Equipment $26.01M $76.40M $30.05M
YoY Change -13.45% 154.67% -9.58%
Goodwill $87.36M $87.36M
YoY Change 0.0% 0.0%
Intangibles $7.900M $7.900M
YoY Change 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $5.720M $65.90M $4.993M
YoY Change 14.56% -24.08% -11.99%
Total Long-Term Assets $238.8M $238.7M $213.0M
YoY Change 12.07% 12.01% -9.87%
TOTAL ASSETS
Total Short-Term Assets $360.4M $360.4M $269.4M
Total Long-Term Assets $238.8M $238.7M $213.0M
Total Assets $599.1M $599.1M $482.5M
YoY Change 24.18% 24.17% 7.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.53M $11.50M $9.195M
YoY Change 25.43% 25.0% 8.18%
Accrued Expenses $55.80M $55.80M $44.20M
YoY Change 26.24% 26.24% -31.05%
Deferred Revenue $24.65M $32.35M
YoY Change -23.81% 41.29%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $103.8M $103.8M $97.05M
YoY Change 6.97% 6.9% -13.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.65M $64.00M $17.49M
YoY Change -33.42% 111.92% -54.21%
Total Long-Term Liabilities $64.04M $64.00M $30.24M
YoY Change 111.78% 111.92% -20.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $103.8M $103.8M $97.05M
Total Long-Term Liabilities $64.04M $64.00M $30.24M
Total Liabilities $167.9M $167.9M $127.3M
YoY Change 31.87% 31.89% -15.65%
SHAREHOLDERS EQUITY
Retained Earnings $18.07M -$52.95M
YoY Change -134.13%
Common Stock $640.2M $629.1M
YoY Change 1.76%
Preferred Stock
YoY Change
Treasury Stock (at cost) $227.3M $220.7M
YoY Change 3.0%
Treasury Stock Shares $15.80M $15.40M
Shareholders Equity $431.3M $431.3M $355.2M
YoY Change
Total Liabilities & Shareholders Equity $599.1M $599.1M $482.5M
YoY Change 24.18% 24.17% 7.92%

Cashflow Statement

Concept 2019 Q4 2019 2018 Q4
OPERATING ACTIVITIES
Net Income $27.52M $69.98M $14.07M
YoY Change 95.55% 26.82% -131.7%
Depreciation, Depletion And Amortization $2.300M $9.145M $2.400M
YoY Change -4.17% -2.65% -7.69%
Cash From Operating Activities -$12.30M $73.09M $38.70M
YoY Change -131.78% 28.25% 430.14%
INVESTING ACTIVITIES
Capital Expenditures -$2.000M -$5.200M -$2.700M
YoY Change -25.93% -22.39% -6.9%
Acquisitions
YoY Change
Other Investing Activities $49.00M $85.00K -$35.60M
YoY Change -237.64% -100.24% 1269.23%
Cash From Investing Activities $47.00M $7.699M -$38.40M
YoY Change -222.4% -118.56% 598.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.101M
YoY Change 24.91%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.400M -4.841M 0.000
YoY Change 191.1% -100.0%
NET CHANGE
Cash From Operating Activities -12.30M 73.09M 38.70M
Cash From Investing Activities 47.00M 7.699M -38.40M
Cash From Financing Activities -3.400M -4.841M 0.000
Net Change In Cash 31.30M 75.96M 300.0K
YoY Change 10333.33% 449.13% -84.21%
FREE CASH FLOW
Cash From Operating Activities -$12.30M $73.09M $38.70M
Capital Expenditures -$2.000M -$5.200M -$2.700M
Free Cash Flow -$10.30M $78.29M $41.40M
YoY Change -124.88% 22.92% 305.88%

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CY2017 prdo Provision For Doubtful Accounts Including Discontinued Operations
ProvisionForDoubtfulAccountsIncludingDiscontinuedOperations
27436000
CY2019 us-gaap Share Based Compensation
ShareBasedCompensation
9274000
CY2018 us-gaap Share Based Compensation
ShareBasedCompensation
5614000
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
4970000
CY2019 us-gaap Gain Loss On Disposition Of Assets1
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-14000
CY2019 us-gaap Increase Decrease In Deferred Income Taxes
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-21556000
CY2018 us-gaap Increase Decrease In Deferred Income Taxes
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-17863000
CY2017 us-gaap Increase Decrease In Deferred Income Taxes
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-64225000
CY2019 us-gaap Increase Decrease In Accounts Receivable
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33697000
CY2018 us-gaap Increase Decrease In Accounts Receivable
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CY2017 us-gaap Increase Decrease In Accounts Receivable
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-5129000
CY2019 us-gaap Increase Decrease In Contract With Customer Liability
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CY2019 prdo Allowance For Doubtful Accounts
AllowanceForDoubtfulAccounts
36326000
CY2018 prdo Allowance For Doubtful Accounts
AllowanceForDoubtfulAccounts
29646000
CY2017 prdo Allowance For Doubtful Accounts
AllowanceForDoubtfulAccounts
28075000
CY2019 us-gaap Increase Decrease In Other Receivables
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CY2018 us-gaap Increase Decrease In Other Receivables
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1286000
CY2017 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
257000
CY2019 prdo Increase Decrease In Inventories Prepaid Expenses And Other Current Assets
IncreaseDecreaseInInventoriesPrepaidExpensesAndOtherCurrentAssets
1180000
CY2018 prdo Increase Decrease In Inventories Prepaid Expenses And Other Current Assets
IncreaseDecreaseInInventoriesPrepaidExpensesAndOtherCurrentAssets
-3053000
CY2017 prdo Increase Decrease In Inventories Prepaid Expenses And Other Current Assets
IncreaseDecreaseInInventoriesPrepaidExpensesAndOtherCurrentAssets
-8742000
CY2019 prdo Increase Decrease In Deposits And Other Noncurrent Assets
IncreaseDecreaseInDepositsAndOtherNoncurrentAssets
489000
CY2018 prdo Increase Decrease In Deposits And Other Noncurrent Assets
IncreaseDecreaseInDepositsAndOtherNoncurrentAssets
-711000
CY2017 prdo Increase Decrease In Deposits And Other Noncurrent Assets
IncreaseDecreaseInDepositsAndOtherNoncurrentAssets
-1706000
CY2019 us-gaap Increase Decrease In Accounts Payable
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2320000
CY2018 us-gaap Increase Decrease In Accounts Payable
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698000
CY2017 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1588000
CY2019 prdo Increase Decrease In Accrued Expenses And Deferred Rent Obligations
IncreaseDecreaseInAccruedExpensesAndDeferredRentObligations
5066000
CY2018 prdo Increase Decrease In Accrued Expenses And Deferred Rent Obligations
IncreaseDecreaseInAccruedExpensesAndDeferredRentObligations
-35448000
CY2017 prdo Increase Decrease In Accrued Expenses And Deferred Rent Obligations
IncreaseDecreaseInAccruedExpensesAndDeferredRentObligations
-80703000
CY2018 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
9454000
CY2017 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-5467000
CY2019 prdo Increase Decrease In Right Of Use Asset And Lease Liability
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CY2017 us-gaap Net Cash Provided By Used In Operating Activities
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-21789000
CY2017 us-gaap Payments For Capital Improvements
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6332000
CY2019 us-gaap Payments For Proceeds From Other Investing Activities
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CY2018 us-gaap Net Cash Provided By Used In Investing Activities
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-41492000
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
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-11647000
CY2019 us-gaap Proceeds From Issuance Of Common Stock
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1774000
CY2019 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2740000
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1535000
CY2019 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13000
CY2017 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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-82000
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
75956000
CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
13832000
CY2017 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-31983000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
32731000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
18899000
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
50882000
CY2019 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
46000
CY2018 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
266000
CY2017 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
120000
CY2019 us-gaap Nature Of Operations
NatureOfOperations
<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%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Perdoceo Education Corporation, formerly known as Career Education Corporation, assumed its new name effective January 1, 2020. Perdoceo’s academic institutions offer a quality postsecondary education primarily online to a diverse student population, along with campus-based and blended learning programs. Our two regionally accredited universities – Colorado Technical University <span style="font-style:italic;">(“CTU”)</span> and American InterContinental University <span style="font-style:italic;">(“AIU”)</span> – provide degree programs through the master’s or doctoral level as well as associate and bachelor’s levels. Both universities offer students industry-relevant and career-focused degree programs that are designed to meet the educational needs of today’s busy adults. CTU and AIU continue to show innovation in higher education, advancing new personalized learning technologies like their intelli<span style="font-weight:bold;">path</span><span style="font-size:6.5pt;"><sup style="font-size:85%;line-height:120%;vertical-align:top">®</sup></span> learning platform and using data analytics and technology to support students and enhance learning. Perdoceo 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%;color:#000000;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 Perdoceo’s University Group institutions can be found at <span style="font-style:italic;">www.perdoceoed.com</span>.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;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 “we,” “us,” “our,” “the Company,” “Perdoceo” and “PEC” refer to Perdoceo Education Corporation and our wholly-owned subsidiaries. The terms “institution” and “university” refer to an individual, branded, for-profit educational institution owned by us and includes its campus locations. The term “campus” refers to an individual main or branch campus operated by one of our institutions.</p>
CY2019Q4 prdo Number Of Regionally Accredited Universities
NumberOfRegionallyAccreditedUniversities
2
CY2019 prdo Short Term Investment Continuous Unrealized Gain Loss Position Period
ShortTermInvestmentContinuousUnrealizedGainLossPositionPeriod
P1Y
CY2019 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2019 us-gaap Use Of Estimates
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<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’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 U.S. generally accepted accounting principles <span style="font-style:italic;">(“GAAP”)</span> 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 used in determining the probable outcome of performance conditions related to performance-based compensation, the </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;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">assumptions </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">used</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> in determining the discount rate to calculate right of use assets and lease liabilit</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ies</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, assumptions </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">used</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 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. </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ctual results could differ from these estimates.</span></p>
CY2019 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’ participation in various federal financial aid programs authorized by Title IV of the Higher Education Act of 1965, as amended <span style="font-style:italic;">(“Higher Education Act”)</span>, which we refer to as “<span style="font-style:italic;">Title IV Programs</span>.” For the years ended December 31, 2019, 2018 and 2017, approximately 79%, 79% and 78%, respectively, of our institutions’ 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’s <span style="font-style:italic;">(“ED”)</span> 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 1A, “Risk Factors,” of this Annual Report on Form 10-K for further discussion of the risks associated with Title IV Programs.</p>
CY2019Q4 us-gaap Cash Collateral For Borrowed Securities
CashCollateralForBorrowedSecurities
0
CY2018Q4 us-gaap Cash Collateral For Borrowed Securities
CashCollateralForBorrowedSecurities
300000
CY2019 us-gaap Advertising Expense
AdvertisingExpense
130900000
CY2018 us-gaap Advertising Expense
AdvertisingExpense
126400000
CY2017 us-gaap Advertising Expense
AdvertisingExpense
136100000
CY2019Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
125087000
CY2019Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
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59751000
CY2019Q4 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
650000
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
185488000
CY2018Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
156657000
CY2018Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
38845000
CY2018Q4 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
926000
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
196428000
CY2019 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
1418000
CY2018 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
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CY2017 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
1371000
CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2017 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
596435000
CY2019Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
58294000
CY2018Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
73951000
CY2019Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
23145000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
8638000
CY2018Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
37362000
CY2019Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
8485000
CY2018Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
8578000
CY2019Q4 prdo Library Materials Gross
LibraryMaterialsGross
171000
CY2018Q4 prdo Library Materials Gross
LibraryMaterialsGross
982000
CY2019Q4 prdo Vehicles Gross
VehiclesGross
56000
CY2018Q4 prdo Vehicles Gross
VehiclesGross
107000
CY2019Q4 us-gaap Construction In Progress Gross
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1128000
CY2018Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
1945000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
118939000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
228100000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
92933000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
198052000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26006000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
30048000
CY2019 us-gaap Depreciation
Depreciation
9100000
CY2018 us-gaap Depreciation
Depreciation
9400000
CY2017 us-gaap Depreciation
Depreciation
13400000
CY2019 prdo Operating Lease Expiration Date
OperatingLeaseExpirationDate
2028
CY2019 prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
12869000
CY2019 prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
8534000
CY2019 us-gaap Sublease Income
SubleaseIncome
4179000
CY2019 us-gaap Lease Cost
LeaseCost
17224000
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
32827000
CY2019 prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
4351000
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.051
CY2018Q4 prdo Lessee Operating Lease Liability Payments Due Two Thousand And Nineteen
LesseeOperatingLeaseLiabilityPaymentsDueTwoThousandAndNineteen
21884000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
17728000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
12070000
CY2018Q4 prdo Lessee Operating Lease Liability Payments Due Year Four And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearFourAndThereafter
22298000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
82618000
CY2019 prdo Number Of Subleases
NumberOfSubleases
8
CY2019 prdo Number Of Leased Facilities Which Are Subleased
NumberOfLeasedFacilitiesWhichAreSubleased
6
CY2019Q4 prdo Future Minimum Sublease Rentals Under Operating Leases Within One Year
FutureMinimumSubleaseRentalsUnderOperatingLeasesWithinOneYear
2632000
CY2019Q4 prdo Future Minimum Sublease Rentals Under Operating Leases Within Two Years
FutureMinimumSubleaseRentalsUnderOperatingLeasesWithinTwoYears
1081000
CY2019Q4 prdo Future Minimum Sublease Rentals Under Operating Leases Within Three Years
FutureMinimumSubleaseRentalsUnderOperatingLeasesWithinThreeYears
777000
CY2019Q4 prdo Future Minimum Sublease Rentals Under Operating Leases Within Four Years
FutureMinimumSubleaseRentalsUnderOperatingLeasesWithinFourYears
330000
CY2019Q4 prdo Future Minimum Sublease Rentals Under Operating Leases
FutureMinimumSubleaseRentalsUnderOperatingLeases
4820000
CY2019 prdo Number Of Leases Related To Ongoing Operations
NumberOfLeasesRelatedToOngoingOperations
9
CY2019 prdo Number Of Leases Related To Closed Campuses
NumberOfLeasesRelatedToClosedCampuses
6
CY2018Q4 us-gaap Prepaid Expense Current
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7771000
CY2018Q4 us-gaap Deferred Income Tax Assets Net
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81628000
CY2018Q4 us-gaap Disposal Group Including Discontinued Operation Assets Noncurrent
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178000
CY2018Q4 us-gaap Other Accrued Liabilities Current
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19668000
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536000
CY2018Q4 us-gaap Deferred Rent Credit Noncurrent
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12745000
CY2018Q4 us-gaap Other Liabilities Noncurrent
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17493000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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-52946000
CY2019 us-gaap Goodwill Period Increase Decrease
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0
CY2018 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0
CY2019Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
7900000
CY2018Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
7900000
us-gaap Loss Contingency New Claims Filed Number
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310
CY2019Q4 us-gaap Litigation Reserve Current
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7100000
CY2019Q4 us-gaap Litigation Reserve Current
LitigationReserveCurrent
7100000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
93000000.0
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
74400000
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
36300000
CY2019 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
754000
CY2018 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
524000
CY2017 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1870000
CY2019 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
754000
CY2018 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
524000
CY2017 us-gaap Current Income Tax Expense Benefit
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1870000
CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
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19230000
CY2018 us-gaap Deferred Federal Income Tax Expense Benefit
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16144000
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67936000
CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
2444000
CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
1893000
CY2017 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-2681000
CY2019 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
21674000
CY2018 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
18037000
CY2017 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
65255000
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22428000
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18561000
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
67125000
CY2017Q4 prdo Unrecognized Tax Benefits Before Interest And Penalties
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8564000
CY2019 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
1901000
CY2018 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
1862000
CY2017 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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1909000
CY2019Q4 us-gaap Unrecognized Tax Benefits
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11760000
CY2018Q4 us-gaap Unrecognized Tax Benefits
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10871000
CY2017Q4 us-gaap Unrecognized Tax Benefits
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10473000
CY2019Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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9300000
CY2018Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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8600000
CY2019Q4 us-gaap Liability For Uncertain Tax Positions Current
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1000000.0
CY2019Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
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8900000
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.350
CY2018Q4 prdo Unrecognized Tax Benefits Before Interest And Penalties
UnrecognizedTaxBenefitsBeforeInterestAndPenalties
9009000
CY2017Q4 prdo Unrecognized Tax Benefits Before Interest And Penalties
UnrecognizedTaxBenefitsBeforeInterestAndPenalties
8564000
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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