$PRDO
PERDOCEO EDUCATION Corp

2020 Q3 Form 10-Q Financial Statement

#000156459020051342 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $169.1M $155.0M $156.4M
YoY Change 9.14% 6.36% 10.14%
Cost Of Revenue $27.60M $25.30M $25.40M
YoY Change 9.09% -6.99% -16.17%
Gross Profit $141.6M $129.6M $131.1M
YoY Change 9.26% 9.37% 17.37%
Gross Profit Margin 83.72% 83.64% 83.8%
Selling, General & Admin $105.5M $103.1M $128.7M
YoY Change 2.33% 6.51% 30.93%
% of Gross Profit 74.51% 79.55% 98.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.000M $2.300M $2.300M
YoY Change 73.91% 0.0% 9.52%
% of Gross Profit 2.82% 1.77% 1.75%
Operating Expenses $109.5M $130.7M $156.3M
YoY Change -16.2% 3.37% 19.52%
Operating Profit $32.07M $24.29M $184.0K
YoY Change 32.02% 25.99% -98.37%
Interest Expense $700.0K $43.00K $40.00K
YoY Change 1527.91% -60.19% -93.33%
% of Operating Profit 2.18% 0.18% 21.74%
Other Income/Expense, Net $0.00 $1.752M $1.597M
YoY Change -100.0% 100.46% 218.76%
Pretax Income $32.76M $26.05M $1.781M
YoY Change 25.76% 29.22% -84.91%
Income Tax -$7.206M $7.653M $2.302M
% Of Pretax Income -22.0% 29.38% 129.25%
Net Earnings $39.94M $18.23M -$559.0K
YoY Change 119.04% 22.73% -106.39%
Net Earnings / Revenue 23.62% 11.77% -0.36%
Basic Earnings Per Share $0.58 $0.26 -$0.01
Diluted Earnings Per Share $0.56 $0.25 -$0.01
COMMON SHARES
Basic Shares Outstanding 69.17M 70.14M 70.11M
Diluted Shares Outstanding 71.02M 72.14M 70.11M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $363.7M $281.8M $280.2M
YoY Change 29.06% 49.58% 51.04%
Cash & Equivalents $62.12M $77.41M $51.44M
Short-Term Investments $305.6M $234.4M $228.8M
Other Short-Term Assets $12.20M $39.20M $364.0K
YoY Change -68.88% 174.13% -97.99%
Inventory $600.0K $700.0K $660.0K
Prepaid Expenses $9.013M
Receivables $37.60M $29.90M $27.87M
Other Receivables $2.700M $1.300M $2.600M
Total Short-Term Assets $416.9M $353.0M $320.9M
YoY Change 18.09% 47.03% 39.12%
LONG-TERM ASSETS
Property, Plant & Equipment $75.90M $26.70M $27.51M
YoY Change 184.29% -11.01% -10.69%
Goodwill $87.36M $87.36M
YoY Change
Intangibles $7.900M $7.900M
YoY Change
Long-Term Investments
YoY Change
Other Assets $55.20M $5.140M $4.951M
YoY Change 973.93% -94.52% -95.03%
Total Long-Term Assets $266.9M $245.8M $240.9M
YoY Change 8.57% 11.06% 5.59%
TOTAL ASSETS
Total Short-Term Assets $416.9M $353.0M $320.9M
Total Long-Term Assets $266.9M $245.8M $240.9M
Total Assets $683.8M $598.8M $561.8M
YoY Change 14.19% 29.78% 22.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.90M $11.04M $12.38M
YoY Change 16.81% -12.35% 9.58%
Accrued Expenses $41.50M $83.70M $75.20M
YoY Change -50.42% 108.21% 32.63%
Deferred Revenue $29.30M $23.78M $28.66M
YoY Change 23.2% 24.36%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $98.50M $132.1M $128.5M
YoY Change -25.46% 44.26% 21.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $63.60M $9.819M $52.10M
YoY Change 547.72% -67.38% 73.67%
Total Long-Term Liabilities $63.60M $64.72M $52.10M
YoY Change -1.74% 115.03% 73.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $98.50M $132.1M $128.5M
Total Long-Term Liabilities $63.60M $64.72M $52.10M
Total Liabilities $162.1M $196.9M $180.6M
YoY Change -17.66% 61.76% 32.89%
SHAREHOLDERS EQUITY
Retained Earnings -$9.445M
YoY Change
Common Stock $634.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $223.4M
YoY Change
Treasury Stock Shares $15.56M
Shareholders Equity $521.7M $401.9M $381.2M
YoY Change
Total Liabilities & Shareholders Equity $683.8M $598.8M $561.8M
YoY Change 14.19% 29.78% 22.45%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $39.94M $18.23M -$559.0K
YoY Change 119.04% 22.73% -106.39%
Depreciation, Depletion And Amortization $4.000M $2.300M $2.300M
YoY Change 73.91% 0.0% 9.52%
Cash From Operating Activities $28.40M $32.00M $40.50M
YoY Change -11.25% 814.29% 994.59%
INVESTING ACTIVITIES
Capital Expenditures -$4.100M -$1.800M -$900.0K
YoY Change 127.78% 38.46% -30.77%
Acquisitions
YoY Change
Other Investing Activities -$57.90M -$5.200M -$27.30M
YoY Change 1013.46% 20.93% -513.64%
Cash From Investing Activities -$62.00M -$7.000M -$28.20M
YoY Change 785.71% 27.27% -632.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 200.0K 1.000M 0.000
YoY Change -80.0% 233.33% -100.0%
NET CHANGE
Cash From Operating Activities 28.40M 32.00M 40.50M
Cash From Investing Activities -62.00M -7.000M -28.20M
Cash From Financing Activities 200.0K 1.000M 0.000
Net Change In Cash -33.40M 26.00M 12.30M
YoY Change -228.46% -1629.41% 35.16%
FREE CASH FLOW
Cash From Operating Activities $28.40M $32.00M $40.50M
Capital Expenditures -$4.100M -$1.800M -$900.0K
Free Cash Flow $32.50M $33.80M $41.40M
YoY Change -3.85% 604.17% 728.0%

Facts In Submission

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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%;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 regionally accredited institutions – Colorado Technical University </span><span style="font-style:italic;color:#000000;">(“CTU”)</span><span style="color:#000000;"> and the American InterContinental University System </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. Our 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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CY2019Q3 us-gaap Contract With Customer Receivable Allowance For Credit Loss
ContractWithCustomerReceivableAllowanceForCreditLoss
28997000
prdo Operating Lease Expiration Date
OperatingLeaseExpirationDate
2028
CY2020Q3 prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
3059000
prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
9323000
CY2020Q3 prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
1204000
prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
4746000
CY2020Q3 us-gaap Sublease Income
SubleaseIncome
494000
us-gaap Sublease Income
SubleaseIncome
1845000
CY2020Q3 us-gaap Lease Cost
LeaseCost
3769000
us-gaap Lease Cost
LeaseCost
12224000
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
5063000
us-gaap Operating Lease Payments
OperatingLeasePayments
17183000
CY2020Q3 prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
486000
prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
1720000
CY2019Q3 prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
3046000
prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
9751000
CY2019Q3 prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
2196000
prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
6830000
CY2019Q3 us-gaap Sublease Income
SubleaseIncome
1075000
us-gaap Sublease Income
SubleaseIncome
3332000
CY2019Q3 us-gaap Lease Cost
LeaseCost
4167000
us-gaap Lease Cost
LeaseCost
13249000
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
7400000
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.052
CY2020Q3 prdo Number Of Subleases
NumberOfSubleases
5
CY2020Q3 prdo Number Of Leased Facilities Which Are Subleased
NumberOfLeasedFacilitiesWhichAreSubleased
4
CY2020Q3 us-gaap Sublease Income
SubleaseIncome
500000
CY2019Q3 us-gaap Sublease Income
SubleaseIncome
1100000
us-gaap Sublease Income
SubleaseIncome
1800000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
600000
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
32755000
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
26046000
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
109952000
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
59422000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-7206000
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7653000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12670000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16362000
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.220
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.294
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.115
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.275
CY2020Q2 prdo Deferred Tax Assets Valuation Allowance Related To Foreign Tax Credits State Net Operating Loss
DeferredTaxAssetsValuationAllowanceRelatedToForeignTaxCreditsStateNetOperatingLoss
45000000.0
CY2019Q4 prdo Deferred Tax Assets Valuation Allowance Related To Foreign Tax Credits State Net Operating Loss
DeferredTaxAssetsValuationAllowanceRelatedToForeignTaxCreditsStateNetOperatingLoss
45000000.0
CY2020Q3 us-gaap Deferred Tax Assets Tax Credit Carryforwards Foreign
DeferredTaxAssetsTaxCreditCarryforwardsForeign
16000.0
prdo Foreign Tax Credit Carryforwards Expiration Year
ForeignTaxCreditCarryforwardsExpirationYear
2022
CY2020Q3 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-16000000.0
CY2020Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
45000000.0
CY2020Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
29000000.0
CY2020Q3 prdo Deferred Tax Assets Valuation Allowance Related To Foreign Tax Credits State Net Operating Loss
DeferredTaxAssetsValuationAllowanceRelatedToForeignTaxCreditsStateNetOperatingLoss
29000000.0
CY2020Q3 prdo Effective Income Tax Rate Reconciliation Valuation Allowance
EffectiveIncomeTaxRateReconciliationValuationAllowance
0.490
prdo Effective Income Tax Rate Reconciliation Valuation Allowance
EffectiveIncomeTaxRateReconciliationValuationAllowance
0.146
prdo Effective Income Tax Rate Reconciliation Change From Discrete Tax Items
EffectiveIncomeTaxRateReconciliationChangeFromDiscreteTaxItems
0.006
CY2019Q3 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.057
us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.065
CY2019Q3 prdo Effective Income Tax Rate Reconciliation Change From Discreet Tax Items
EffectiveIncomeTaxRateReconciliationChangeFromDiscreetTaxItems
0.024
prdo Effective Income Tax Rate Reconciliation Change From Discreet Tax Items
EffectiveIncomeTaxRateReconciliationChangeFromDiscreetTaxItems
0.048
CY2020Q3 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
1400000
CY2020Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1800000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
100000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
100000
CY2019Q3 prdo Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodFairValue
600000
prdo Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodFairValue
600000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3227000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1853000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9482000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5688000
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
23000000.0
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P4Y
prdo Percentage Of Revenue
PercentageOfRevenue
1.000
CY2019Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000.0
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1300000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
17900000
prdo Stock Repurchased During Period Value Weighted Average Price
StockRepurchasedDuringPeriodValueWeightedAveragePrice
13.53
CY2020Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
100000
CY2020Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
600000
CY2020Q3 prdo Stock Repurchased During Period Value Weighted Average Price
StockRepurchasedDuringPeriodValueWeightedAveragePrice
15.31
CY2020Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
28200000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69167000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70142000
us-gaap Operating Income Loss
OperatingIncomeLoss
106745000
CY2020Q3 prdo Percentage Of Revenue
PercentageOfRevenue
1.000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
154959000
CY2019Q3 prdo Percentage Of Revenue
PercentageOfRevenue
1.000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
32074000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
24294000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
516155000
prdo Percentage Of Revenue
PercentageOfRevenue
1.000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
469253000
us-gaap Operating Income Loss
OperatingIncomeLoss
54449000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69366000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70029000
CY2020Q3 prdo Common Stock Equivalents
CommonStockEquivalents
1849000
CY2019Q3 prdo Common Stock Equivalents
CommonStockEquivalents
2000000
prdo Common Stock Equivalents
CommonStockEquivalents
1901000
prdo Common Stock Equivalents
CommonStockEquivalents
1872000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71016000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72142000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71267000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71901000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
169126000
CY2020Q3 us-gaap Assets
Assets
683751000
CY2019Q4 us-gaap Assets
Assets
599146000

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