$PRDO
Perdoceo Education Corp

2022 Q3 Form 10-Q Financial Statement

#000156459022028447 Filed on August 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $168.4M $167.7M $183.0M
YoY Change -3.21% -4.47% -0.37%
Cost Of Revenue $30.15M $27.27M $28.09M
YoY Change 16.13% -4.43% -3.14%
Gross Profit $138.3M $140.4M $154.9M
YoY Change -6.6% -4.48% 0.11%
Gross Profit Margin 82.1% 83.74% 84.65%
Selling, General & Admin $103.9M $101.3M $106.3M
YoY Change -2.26% -5.41% -3.37%
% of Gross Profit 75.13% 72.17% 68.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.065M $4.909M $4.882M
YoY Change 30.31% 25.39% 21.99%
% of Gross Profit 3.66% 3.5% 3.15%
Operating Expenses $139.1M $133.7M $111.2M
YoY Change 26.25% -4.18% -2.48%
Operating Profit $29.32M $33.95M $43.69M
YoY Change -22.55% -5.61% 7.57%
Interest Expense $96.00K $99.00K $230.0K
YoY Change -122.97% -64.64% -23.33%
% of Operating Profit 0.33% 0.29% 0.53%
Other Income/Expense, Net $1.968M $769.0K -$89.00K
YoY Change -1796.55% 12716.67% -189.0%
Pretax Income $31.29M $34.72M $43.83M
YoY Change -16.17% -3.48% 6.89%
Income Tax $9.225M $8.948M $11.76M
% Of Pretax Income 29.48% 25.78% 26.82%
Net Earnings $22.07M $25.77M $32.08M
YoY Change -20.53% -3.31% 4.31%
Net Earnings / Revenue 13.1% 15.37% 17.53%
Basic Earnings Per Share $0.33 $0.38 $0.47
Diluted Earnings Per Share $0.32 $0.37 $461.1K
COMMON SHARES
Basic Shares Outstanding 67.76M 68.34M 68.75M
Diluted Shares Outstanding 68.55M 69.18M 69.57M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $523.0M $515.6M $498.1M
YoY Change 9.92% 8.17% 11.42%
Cash & Equivalents $147.1M $148.7M $191.7M
Short-Term Investments $375.9M $366.8M $307.6M
Other Short-Term Assets $521.0K $2.737M $13.79M
YoY Change -96.7% -84.47% -3.59%
Inventory $2.041M $1.168M $1.405M
Prepaid Expenses $9.251M $10.31M
Receivables $43.06M $32.19M $34.10M
Other Receivables $2.261M $8.617M $8.845M
Total Short-Term Assets $582.3M $571.8M $556.2M
YoY Change 8.41% 4.12% 9.9%
LONG-TERM ASSETS
Property, Plant & Equipment $26.29M $26.95M $62.49M
YoY Change -59.32% -58.93% -8.24%
Goodwill $184.1M $162.6M
YoY Change
Intangibles $44.26M $28.88M
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.545M $6.450M $30.70M
YoY Change -82.07% -83.03% -26.74%
Total Long-Term Assets $316.9M $284.3M $287.6M
YoY Change 5.89% 19.81% 17.75%
TOTAL ASSETS
Total Short-Term Assets $582.3M $571.8M $556.2M
Total Long-Term Assets $316.9M $284.3M $287.6M
Total Assets $899.2M $856.1M $843.8M
YoY Change 7.51% 8.86% 12.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.29M $12.42M $12.14M
YoY Change 5.02% 7.68% 12.36%
Accrued Expenses $47.51M $44.67M $38.15M
YoY Change -5.73% -6.72% 2.56%
Deferred Revenue $61.98M $35.57M $39.11M
YoY Change 8.64% -21.34% 5.69%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $140.4M $110.2M $110.3M
YoY Change 4.46% -6.43% 6.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $22.19M $21.11M $55.10M
YoY Change -60.81% -61.64% -6.29%
Total Long-Term Liabilities $52.58M $53.10M $55.10M
YoY Change -7.15% -3.51% -6.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $140.4M $110.2M $110.3M
Total Long-Term Liabilities $52.58M $53.10M $55.10M
Total Liabilities $193.0M $163.3M $165.4M
YoY Change 1.02% -5.5% 2.13%
SHAREHOLDERS EQUITY
Retained Earnings $331.9M $309.8M
YoY Change
Common Stock $682.3M $680.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $301.6M $294.2M
YoY Change
Treasury Stock Shares $22.22M $21.60M
Shareholders Equity $706.2M $692.8M $678.4M
YoY Change
Total Liabilities & Shareholders Equity $899.2M $856.1M $843.8M
YoY Change 7.51% 8.86% 12.45%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $22.07M $25.77M $32.08M
YoY Change -20.53% -3.31% 4.31%
Depreciation, Depletion And Amortization $5.065M $4.909M $4.882M
YoY Change 30.31% 25.39% 21.99%
Cash From Operating Activities $52.86M $32.63M $22.15M
YoY Change -13.99% -14.25% -50.45%
INVESTING ACTIVITIES
Capital Expenditures -$2.340M -$2.023M -$4.742M
YoY Change -27.26% -1.75% 374.2%
Acquisitions $7.000M
YoY Change
Other Investing Activities -$43.77M -$60.66M -$142.2M
YoY Change -135.92% 104.63% 130.8%
Cash From Investing Activities -$46.11M -$62.68M -$146.9M
YoY Change -138.87% 97.72% 134.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.169M
YoY Change 909.24%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.380M -11.65M -8.765M
YoY Change -4441.18% 129.27% 410.19%
NET CHANGE
Cash From Operating Activities 52.86M 32.63M 22.15M
Cash From Investing Activities -46.11M -62.68M -146.9M
Cash From Financing Activities -7.380M -11.65M -8.765M
Net Change In Cash -629.0K -41.71M -133.5M
YoY Change -100.35% -3413.19% 579.41%
FREE CASH FLOW
Cash From Operating Activities $52.86M $32.63M $22.15M
Capital Expenditures -$2.340M -$2.023M -$4.742M
Free Cash Flow $55.20M $34.65M $26.90M
YoY Change -14.65% -13.6% -41.16%

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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prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
1894000
us-gaap Sublease Income
SubleaseIncome
545000
us-gaap Lease Cost
LeaseCost
6811000
us-gaap Operating Lease Payments
OperatingLeasePayments
8818000
prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
553000
prdo Fixed Operating Lease Expenses
FixedOperatingLeaseExpenses
5821000
prdo Variable Operating Lease Expenses
VariableOperatingLeaseExpenses
2752000
us-gaap Sublease Income
SubleaseIncome
834000
us-gaap Lease Cost
LeaseCost
7739000
us-gaap Operating Lease Payments
OperatingLeasePayments
9534000
prdo Operating Cash Flows From Subleases
OperatingCashFlowsFromSubleases
883000
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.37
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
68341000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1411000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
613612000
us-gaap Profit Loss
ProfitLoss
57845000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
9791000
us-gaap Share Based Compensation
ShareBasedCompensation
4316000
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
557000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
54779000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
330797000
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
134964000
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
6765000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-209598000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
849000
CY2020Q4 prdo Gross Deferred Revenue
GrossDeferredRevenue
85402000
prdo Current Period Charges
CurrentPeriodCharges
300220000
prdo Deferred Revenue Other Adjustments
DeferredRevenueOtherAdjustments
-769000
CY2021Q2 prdo Gross Deferred Revenue
GrossDeferredRevenue
121467000
us-gaap Net Income Loss
NetIncomeLoss
57402000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
555907000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7915000
us-gaap Share Based Compensation
ShareBasedCompensation
7430000
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-8569000
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
35968000
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9319000
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.258
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.259
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
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2022Q2 prdo Stock Repurchased During Period Value Weighted Average Price
StockRepurchasedDuringPeriodValueWeightedAveragePrice
10.60
CY2021Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
5400000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1500000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
68341000
CY2022Q2 prdo Common Stock Equivalents
CommonStockEquivalents
841000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69182000
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
127193000
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
3059000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-94303000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
623000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1612000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
325178000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
109684000

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