$PRDO
PERDOCEO EDUCATION Corp

2020 Q2 Form 10-Q Financial Statement

#000156459020037762 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $176.0M $156.4M $157.9M
YoY Change 12.52% 10.14% 6.61%
Cost Of Revenue $28.70M $25.40M $26.30M
YoY Change 12.99% -16.17% -2.23%
Gross Profit $147.4M $131.1M $131.5M
YoY Change 12.43% 17.37% 8.59%
Gross Profit Margin 83.73% 83.8% 83.31%
Selling, General & Admin $105.8M $128.7M $99.30M
YoY Change -17.79% 30.93% 1.33%
% of Gross Profit 71.78% 98.17% 75.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.200M $2.300M $2.233M
YoY Change 82.61% 9.52% -13.52%
% of Gross Profit 2.85% 1.75% 1.7%
Operating Expenses $110.0M $156.3M $127.9M
YoY Change -29.6% 19.52% 0.27%
Operating Profit $37.37M $184.0K $29.97M
YoY Change 20208.7% -98.37% 45.99%
Interest Expense $1.000M $40.00K $1.400M
YoY Change 2400.0% -93.33% 1184.4%
% of Operating Profit 2.68% 21.74% 4.67%
Other Income/Expense, Net $100.0K $1.597M $200.0K
YoY Change -93.74% 218.76% -76.55%
Pretax Income $38.46M $1.781M $31.60M
YoY Change 2059.52% -84.91% 47.76%
Income Tax $10.27M $2.302M $6.407M
% Of Pretax Income 26.71% 129.25% 20.28%
Net Earnings $28.17M -$559.0K $24.79M
YoY Change -5138.82% -106.39% 41.65%
Net Earnings / Revenue 16.0% -0.36% 15.71%
Basic Earnings Per Share $0.41 -$0.01 $0.35
Diluted Earnings Per Share $0.40 -$0.01 $0.35
COMMON SHARES
Basic Shares Outstanding 69.09M 70.11M 69.84M
Diluted Shares Outstanding 70.90M 70.11M 71.49M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $341.8M $280.2M $239.6M
YoY Change 21.97% 51.04% 31.5%
Cash & Equivalents $95.54M $51.44M $39.14M
Short-Term Investments $250.3M $228.8M $200.8M
Other Short-Term Assets $14.60M $364.0K $9.500M
YoY Change 3910.99% -97.99% -43.79%
Inventory $600.0K $660.0K $700.0K
Prepaid Expenses $9.013M
Receivables $35.60M $27.87M $29.80M
Other Receivables $1.500M $2.600M $2.600M
Total Short-Term Assets $394.1M $320.9M $282.2M
YoY Change 22.8% 39.12% 25.2%
LONG-TERM ASSETS
Property, Plant & Equipment $77.20M $27.51M $71.80M
YoY Change 180.66% -10.69% 124.38%
Goodwill $87.36M
YoY Change
Intangibles $7.900M
YoY Change
Long-Term Investments
YoY Change
Other Assets $47.20M $4.951M $80.00M
YoY Change 853.34% -95.03% -21.49%
Total Long-Term Assets $261.0M $240.9M $248.0M
YoY Change 8.36% 5.59% 6.94%
TOTAL ASSETS
Total Short-Term Assets $394.1M $320.9M $282.2M
Total Long-Term Assets $261.0M $240.9M $248.0M
Total Assets $655.1M $561.8M $530.2M
YoY Change 16.61% 22.45% 15.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.90M $12.38M $13.10M
YoY Change -3.89% 9.58% 11.97%
Accrued Expenses $46.80M $75.20M $42.30M
YoY Change -37.77% 32.63% -20.19%
Deferred Revenue $38.54M $28.66M
YoY Change 34.45% 24.36%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $110.4M $128.5M $92.60M
YoY Change -14.09% 21.34% -18.84%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $17.31M $52.10M $57.20M
YoY Change -66.78% 73.67% 88.78%
Total Long-Term Liabilities $65.99M $52.10M $57.20M
YoY Change 26.65% 73.67% 88.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $110.4M $128.5M $92.60M
Total Long-Term Liabilities $65.99M $52.10M $57.20M
Total Liabilities $176.4M $180.6M $149.8M
YoY Change -2.33% 32.89% 3.74%
SHAREHOLDERS EQUITY
Retained Earnings $75.34M
YoY Change
Common Stock $647.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $245.3M
YoY Change
Treasury Stock Shares
Shareholders Equity $478.7M $381.2M $380.3M
YoY Change
Total Liabilities & Shareholders Equity $655.1M $561.8M $530.2M
YoY Change 16.61% 22.45% 15.93%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income $28.17M -$559.0K $24.79M
YoY Change -5138.82% -106.39% 41.65%
Depreciation, Depletion And Amortization $4.200M $2.300M $2.233M
YoY Change 82.61% 9.52% -13.52%
Cash From Operating Activities $60.60M $40.50M $12.95M
YoY Change 49.63% 994.59% 16.66%
INVESTING ACTIVITIES
Capital Expenditures -$2.400M -$900.0K -$500.0K
YoY Change 166.67% -30.77% -64.29%
Acquisitions
YoY Change
Other Investing Activities -$5.200M -$27.30M -$3.600M
YoY Change -80.95% -513.64% 140.0%
Cash From Investing Activities -$7.600M -$28.20M -$4.117M
YoY Change -73.05% -632.08% 41.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $109.0K
YoY Change -87.54%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 600.0K 0.000 -2.423M
YoY Change -100.0% 15.05%
NET CHANGE
Cash From Operating Activities 60.60M 40.50M 12.95M
Cash From Investing Activities -7.600M -28.20M -4.117M
Cash From Financing Activities 600.0K 0.000 -2.423M
Net Change In Cash 53.60M 12.30M 6.405M
YoY Change 335.77% 35.16% 5.21%
FREE CASH FLOW
Cash From Operating Activities $60.60M $40.50M $12.95M
Capital Expenditures -$2.400M -$900.0K -$500.0K
Free Cash Flow $63.00M $41.40M $13.45M
YoY Change 52.17% 728.0% 7.59%

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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%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Perdoceo’s academic institutions offer a quality postsecondary education primarily online to a diverse student population, along with campus-based and blended learning programs. <span style="color:#000000;">Our two regionally accredited universities – Colorado Technical University </span><span style="font-style:italic;color:#000000;">(“CTU”)</span><span style="color:#000000;"> and American InterContinental University </span><span style="font-style:italic;color:#000000;">(“AIU”)</span><span style="color:#000000;"> –</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 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 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%;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 <span style="color:#000000;">“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.</span></p>
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prdo Fixed Operating Lease Expenses
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us-gaap Sublease Income
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CY2020Q2 us-gaap Income Tax Expense Benefit
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CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
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CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
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CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2020Q2 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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prdo Effective Income Tax Rate Reconciliation Change From Discreet Tax Items
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CY2019Q2 prdo Income Tax Reconciliation Nondeductible Expense Legal Settlement
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prdo Income Tax Reconciliation Nondeductible Expense Legal Settlement
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2400000
us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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CY2020Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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CY2020Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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1700000
CY2020Q2 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
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0
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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CY2020Q2 us-gaap Allocated Share Based Compensation Expense
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CY2019Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2020Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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28000000.0
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
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P4Y
CY2019Q4 us-gaap Stock Repurchase Program Authorized Amount1
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50000000.0
us-gaap Stock Repurchased During Period Shares
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1300000
us-gaap Stock Repurchased During Period Value
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17300000
prdo Stock Repurchased During Period Value Weighted Average Price
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CY2020Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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CY2020Q2 us-gaap Stock Repurchased During Period Shares
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CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020Q2 prdo Common Stock Equivalents
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1806000
prdo Common Stock Equivalents
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prdo Common Stock Equivalents
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CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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71350000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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71782000
us-gaap Number Of Reportable Segments
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2
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020Q2 prdo Percentage Of Revenue
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CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020Q2 us-gaap Operating Income Loss
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CY2019Q2 us-gaap Operating Income Loss
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184000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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prdo Percentage Of Revenue
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1.000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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314294000
prdo Percentage Of Revenue
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1.000
us-gaap Operating Income Loss
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74671000
us-gaap Operating Income Loss
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30155000
CY2020Q2 us-gaap Assets
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655099000
CY2019Q4 us-gaap Assets
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599146000

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