$PRDO
PERDOCEO EDUCATION Corp

2021 Q2 Form 10-Q Financial Statement

#000156459021041618 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $175.5M $176.0M $171.0M
YoY Change -0.28% 12.52% 8.32%
Cost Of Revenue $28.53M $28.70M $26.90M
YoY Change -0.59% 12.99% 2.28%
Gross Profit $147.0M $147.4M $144.1M
YoY Change -0.27% 12.43% 9.58%
Gross Profit Margin 83.75% 83.73% 84.27%
Selling, General & Admin $107.1M $105.8M $103.5M
YoY Change 1.26% -17.79% 4.23%
% of Gross Profit 72.88% 71.78% 71.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.915M $4.200M $2.639M
YoY Change -6.79% 82.61% 18.18%
% of Gross Profit 2.66% 2.85% 1.83%
Operating Expenses $139.6M $110.0M $133.7M
YoY Change 26.89% -29.6% 4.54%
Operating Profit $35.96M $37.37M $37.30M
YoY Change -3.76% 20208.7% 24.46%
Interest Expense $280.0K $1.000M $1.400M
YoY Change -72.0% 2400.0% 0.0%
% of Operating Profit 0.78% 2.68% 3.75%
Other Income/Expense, Net $6.000K $100.0K $0.00
YoY Change -94.0% -93.74% -100.0%
Pretax Income $35.97M $38.46M $38.74M
YoY Change -6.48% 2059.52% 22.6%
Income Tax $9.319M $10.27M $9.604M
% Of Pretax Income 25.91% 26.71% 24.79%
Net Earnings $26.65M $28.17M $29.11M
YoY Change -5.39% -5138.82% 17.41%
Net Earnings / Revenue 15.18% 16.0% 17.02%
Basic Earnings Per Share $0.38 $0.41 $0.42
Diluted Earnings Per Share $0.37 $0.40 $0.41
COMMON SHARES
Basic Shares Outstanding 70.30M 69.09M 69.84M
Diluted Shares Outstanding 71.68M 70.90M 71.71M

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $476.7M $341.8M $281.6M
YoY Change 39.45% 21.97% 17.53%
Cash & Equivalents $91.34M $95.54M $41.93M
Short-Term Investments $389.3M $250.3M $243.7M
Other Short-Term Assets $17.62M $14.60M $1.619M
YoY Change 20.71% 3910.99% -82.96%
Inventory $619.0K $600.0K $553.0K
Prepaid Expenses $10.39M
Receivables $51.68M $35.60M $32.60M
Other Receivables $2.568M $1.500M $1.500M
Total Short-Term Assets $549.1M $394.1M $332.3M
YoY Change 39.34% 22.8% 17.75%
LONG-TERM ASSETS
Property, Plant & Equipment $65.63M $77.20M $28.35M
YoY Change -14.99% 180.66% -60.52%
Goodwill $118.8M
YoY Change
Intangibles $18.30M
YoY Change
Long-Term Investments
YoY Change
Other Assets $38.01M $47.20M $5.876M
YoY Change -19.47% 853.34% -92.66%
Total Long-Term Assets $237.3M $261.0M $274.2M
YoY Change -9.09% 8.36% 10.58%
TOTAL ASSETS
Total Short-Term Assets $549.1M $394.1M $332.3M
Total Long-Term Assets $237.3M $261.0M $274.2M
Total Assets $786.4M $655.1M $606.5M
YoY Change 20.05% 16.61% 14.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.53M $11.90M $9.624M
YoY Change -3.08% -3.89% -26.53%
Accrued Expenses $47.89M $46.80M $40.70M
YoY Change 2.32% -37.77% -3.78%
Deferred Revenue $45.21M $38.54M $29.00M
YoY Change 17.32% 34.45%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $117.8M $110.4M $92.29M
YoY Change 6.68% -14.09% -0.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $55.04M $17.31M $69.10M
YoY Change 217.94% -66.78% 20.8%
Total Long-Term Liabilities $55.04M $65.99M $69.10M
YoY Change -16.59% 26.65% 20.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $117.8M $110.4M $92.29M
Total Long-Term Liabilities $55.04M $65.99M $69.10M
Total Liabilities $172.8M $176.4M $161.4M
YoY Change -2.04% -2.33% 7.74%
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 $613.6M $478.7M $445.1M
YoY Change
Total Liabilities & Shareholders Equity $786.4M $655.1M $606.5M
YoY Change 20.05% 16.61% 14.39%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income $26.65M $28.17M $29.11M
YoY Change -5.39% -5138.82% 17.41%
Depreciation, Depletion And Amortization $3.915M $4.200M $2.639M
YoY Change -6.79% 82.61% 18.18%
Cash From Operating Activities $38.05M $60.60M $44.77M
YoY Change -37.22% 49.63% 245.83%
INVESTING ACTIVITIES
Capital Expenditures -$2.059M -$2.400M -$1.000M
YoY Change -14.21% 166.67% 100.0%
Acquisitions $34.07M
YoY Change
Other Investing Activities -$29.64M -$5.200M -$96.90M
YoY Change 470.08% -80.95% 2591.67%
Cash From Investing Activities -$31.70M -$7.600M -$93.94M
YoY Change 317.14% -73.05% 2181.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $16.90M
YoY Change 15400.92%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.083M 600.0K -17.58M
YoY Change -947.17% 625.67%
NET CHANGE
Cash From Operating Activities 38.05M 60.60M 44.77M
Cash From Investing Activities -31.70M -7.600M -93.94M
Cash From Financing Activities -5.083M 600.0K -17.58M
Net Change In Cash 1.259M 53.60M -66.76M
YoY Change -97.65% 335.77% -1142.23%
FREE CASH FLOW
Cash From Operating Activities $38.05M $60.60M $44.77M
Capital Expenditures -$2.059M -$2.400M -$1.000M
Free Cash Flow $40.10M $63.00M $45.77M
YoY Change -36.34% 52.17% 240.41%

Facts In Submission

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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 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 academic 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%;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.</span></p>
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EffectiveIncomeTaxRateReconciliationChangeFromDiscreteTaxItems
0.003
prdo Effective Income Tax Rate Reconciliation Change From Discrete Tax Items
EffectiveIncomeTaxRateReconciliationChangeFromDiscreteTaxItems
-0.008
CY2021Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
1600000
CY2021Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1800000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7421000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6255000
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
21000000.0
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P4Y
CY2019Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000.0
CY2021Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
5400000
CY2021Q2 prdo Stock Repurchased During Period Value Weighted Average Price
StockRepurchasedDuringPeriodValueWeightedAveragePrice
12.23
prdo Stock Repurchased During Period Value Weighted Average Price
StockRepurchasedDuringPeriodValueWeightedAveragePrice
12.23
CY2021Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
22900000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70299000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69094000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70224000
CY2021Q2 prdo Common Stock Equivalents
CommonStockEquivalents
1380000
CY2020Q2 prdo Common Stock Equivalents
CommonStockEquivalents
1806000
prdo Common Stock Equivalents
CommonStockEquivalents
1392000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71679000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
70900000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71616000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
175539000
CY2021Q2 prdo Percentage Of Revenue
PercentageOfRevenue
1.000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
176035000
CY2020Q2 prdo Percentage Of Revenue
PercentageOfRevenue
1.000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
35962000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
37368000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
359177000
prdo Percentage Of Revenue
PercentageOfRevenue
1.000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
347029000
prdo Percentage Of Revenue
PercentageOfRevenue
1.000
us-gaap Operating Income Loss
OperatingIncomeLoss
76579000
us-gaap Operating Income Loss
OperatingIncomeLoss
74671000
CY2021Q2 us-gaap Assets
Assets
786419000
CY2020Q4 us-gaap Assets
Assets
721517000

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