$PRDO
Perdoceo Education Corp

2022 Q1 Form 10-Q Financial Statement

#000156459022018270 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $183.0M $183.6M
YoY Change -0.37% 7.39%
Cost Of Revenue $28.09M $29.00M
YoY Change -3.14% 7.81%
Gross Profit $154.9M $154.7M
YoY Change 0.11% 7.36%
Gross Profit Margin 84.65% 84.24%
Selling, General & Admin $106.3M $110.0M
YoY Change -3.37% 6.28%
% of Gross Profit 68.64% 71.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.882M $4.002M
YoY Change 21.99% 51.65%
% of Gross Profit 3.15% 2.59%
Operating Expenses $111.2M $114.0M
YoY Change -2.48% -14.73%
Operating Profit $43.69M $40.62M
YoY Change 7.57% 8.88%
Interest Expense $230.0K $300.0K
YoY Change -23.33% -78.57%
% of Operating Profit 0.53% 0.74%
Other Income/Expense, Net -$89.00K $100.0K
YoY Change -189.0%
Pretax Income $43.83M $41.01M
YoY Change 6.89% 5.87%
Income Tax $11.76M $10.25M
% Of Pretax Income 26.82% 24.98%
Net Earnings $32.08M $30.75M
YoY Change 4.31% 5.66%
Net Earnings / Revenue 17.53% 16.75%
Basic Earnings Per Share $0.47 $0.44
Diluted Earnings Per Share $461.1K $0.43
COMMON SHARES
Basic Shares Outstanding 68.75M 70.15M
Diluted Shares Outstanding 69.57M 71.48M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $498.1M $447.0M
YoY Change 11.42% 58.74%
Cash & Equivalents $191.7M $90.03M
Short-Term Investments $307.6M $361.0M
Other Short-Term Assets $13.79M $14.30M
YoY Change -3.59% 783.26%
Inventory $1.405M $600.0K
Prepaid Expenses
Receivables $34.10M $41.50M
Other Receivables $8.845M $2.700M
Total Short-Term Assets $556.2M $506.1M
YoY Change 9.9% 52.31%
LONG-TERM ASSETS
Property, Plant & Equipment $62.49M $68.10M
YoY Change -8.24% 140.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.70M $41.90M
YoY Change -26.74% 613.07%
Total Long-Term Assets $287.6M $244.3M
YoY Change 17.75% -10.93%
TOTAL ASSETS
Total Short-Term Assets $556.2M $506.1M
Total Long-Term Assets $287.6M $244.3M
Total Assets $843.8M $750.4M
YoY Change 12.46% 23.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.14M $10.80M
YoY Change 12.36% 12.22%
Accrued Expenses $38.15M $37.20M
YoY Change 2.56% -8.6%
Deferred Revenue $39.11M $37.00M
YoY Change 5.69% 27.59%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $110.3M $103.2M
YoY Change 6.93% 11.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $55.10M $58.80M
YoY Change -6.29% -14.91%
Total Long-Term Liabilities $55.10M $58.80M
YoY Change -6.29% -14.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $110.3M $103.2M
Total Long-Term Liabilities $55.10M $58.80M
Total Liabilities $165.4M $162.0M
YoY Change 2.13% 0.37%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $678.4M $588.3M
YoY Change
Total Liabilities & Shareholders Equity $843.8M $750.4M
YoY Change 12.45% 23.73%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $32.08M $30.75M
YoY Change 4.31% 5.66%
Depreciation, Depletion And Amortization $4.882M $4.002M
YoY Change 21.99% 51.65%
Cash From Operating Activities $22.15M $44.71M
YoY Change -50.45% -0.13%
INVESTING ACTIVITIES
Capital Expenditures -$4.742M -$1.000M
YoY Change 374.2% 0.0%
Acquisitions $7.000M
YoY Change
Other Investing Activities -$142.2M -$61.60M
YoY Change 130.8% -36.43%
Cash From Investing Activities -$146.9M -$62.64M
YoY Change 134.53% -33.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.169M $314.0K
YoY Change 909.24% -98.14%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.765M -1.718M
YoY Change 410.19% -90.23%
NET CHANGE
Cash From Operating Activities 22.15M 44.71M
Cash From Investing Activities -146.9M -62.64M
Cash From Financing Activities -8.765M -1.718M
Net Change In Cash -133.5M -19.65M
YoY Change 579.41% -70.56%
FREE CASH FLOW
Cash From Operating Activities $22.15M $44.71M
Capital Expenditures -$4.742M -$1.000M
Free Cash Flow $26.90M $45.71M
YoY Change -41.16% -0.13%

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 blend<span style="color:#000000;">ed learning programs. 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;">(“AIUS” or “AIU System”)</span><span style="color:#000000;"> – provide degree programs from associate through doctoral level as well as non-degree professional development and continuing education offerings. </span>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 AIUS 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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