Perdoceo Education Corporation (NASDAQ:PRDO) Q1 2023 Earnings Conference Call May 4, 2023 5:30 PM ET Company Participants Davis Snyder - Investor Relations Andrew Hurst - President & Chief Executive Officer Ashish Ghia - Chief Financial Officer Conference Call Participants Operator Hello, everyone. Thank you for attending today's Perdoceo Education Corporation First Quarter 2023 Earnings Conference Call. My name is Sierra, and I will be your moderator today. All lines are in a listen-only-mode. And I would ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 0-23245 PERDOCEO EDUCATION CORPORATION (Exact name of registrant as specified in its charter) Delaware 36-3932190 (State or other j ...

Financial Data and Key Metrics Changes - The company reported a net income of $16 million or $0.23 per diluted share for Q4 2022, with adjusted earnings per diluted share at $0.31, down from $0.40 in the prior year quarter [13][21] - Full year revenue was $695.2 million, slightly up from $693 million, while Q4 revenue increased by 10.2% to $176.1 million [22][23] - Operating income for the full year decreased by 13% to $129.6 million, with adjusted operating income at $164 million, down 6.6% year-over-year [20][22] Business Line Data and Key Metrics Changes - Total enrollments at CTU increased by 2% year-over-year, while AIUS saw a decline of 10.8% [13][24] - Q4 revenue at CTU was $108.4 million, a 13.1% increase from the prior year quarter, while full year revenue increased by 2.7% to $419.6 million [26] - AIUS reported Q4 revenue of $67.4 million, up 5.9% year-over-year, but full year revenue decreased by 3.1% to $274.5 million [27] Market Data and Key Metrics Changes - The company experienced improved student retention and engagement in the second half of 2022, which helped offset earlier declines in enrollment [9][29] - The corporate partnership program at CTU saw continued growth, contributing to the increase in enrollments [11][25] Company Strategy and Development Direction - The company completed the acquisition of Coding Dojo in December 2022, aimed at enhancing professional development opportunities in technology [12][46] - Investments in technology, data analytics, and student support processes are expected to continue, with a focus on improving academic outcomes and student experiences [38][43] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the persistence of recent improvements in student retention and engagement into 2023, supported by various student loan initiatives [39][41] - The company anticipates full year adjusted operating income to range between $150 million and $170 million for 2023, reflecting a positive outlook [39] Other Important Information - The effective tax rate for Q4 was 34.7%, influenced by various factors including a full valuation allowance against deferred tax assets [31][32] - Cash flow from operations for 2022 was $148.2 million, down from $191.1 million in the prior year, with year-end cash and equivalents totaling $518.2 million [34][35] Q&A Session Summary - The Q&A session concluded without specific questions or answers being documented in the provided content [51]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-K Washington, D.C. 20549 (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 0-23245 PERDOCEO EDUCATION CORPORATION (Exact name of Registrant as specified in its charter) | Delaware | 36-3932190 | | --- | --- | | ( ...

Financial Data and Key Metrics Changes - Net income for Q3 2022 was $22.1 million, down from $27.8 million in the prior year, equating to $0.32 per diluted share compared to $0.39 [10][18] - Total revenue for the quarter was $168.4 million, approximately 3.2% lower than the prior year quarter [18] - Adjusted earnings per diluted share was $0.39, down from $0.45 in the prior year quarter [18] Business Line Data and Key Metrics Changes - Total student enrollments declined by 2.1% compared to the prior year quarter, an improvement from the 7% decline in Q2 [11][20] - At CTU, total students increased by 2.7%, while at AIU System, total students decreased by 9.5% [11][20] - Revenue at CTU was $97.6 million, a decrease of 6.9% from the prior year quarter, while AIU System revenue was $70.6 million, an increase of 2.4% due to recent acquisitions [22][23] Market Data and Key Metrics Changes - The corporate partnership program contributed to total enrollment growth at CTU, with students participating in these programs typically experiencing higher retention and better academic outcomes [19][20] - The rate of decline in total student enrollments at AIU System has moderated from double-digit declines in the first half of the year [21] Company Strategy and Development Direction - The company continues to invest in technology upgrades and data analytics to enhance student engagement and retention [7][12] - A balanced approach to capital allocation is maintained, focusing on enhancing shareholder value while investing in student-related initiatives [33] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the operating results and improvements in student engagement and retention, expecting full-year adjusted operating income to be between $157 million to $160 million [30] - The company anticipates fourth-quarter adjusted operating income to be between $25.5 million to $28.5 million, down from $42 million in the prior year quarter [31] Other Important Information - The effective tax rate for Q3 was 29.5%, impacted by a valuation allowance increase related to state net operating losses [26] - Cash and cash equivalents as of September 30, 2022, were $525.2 million, an increase from $499.4 million at year-end 2021 [27] Q&A Session Summary Question: What are the expectations for student enrollment trends moving forward? - Management noted that while total enrollments at AIU System have declined, the rate of decline has moderated, and they expect CTU enrollments to grow year-over-year [20][21] Question: How is the corporate partnership program impacting financial performance? - The corporate partnership program is expected to lead to higher retention and better academic outcomes, although it may result in lower revenue in the short term due to high tuition grants [19][20]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 0-23245 PERDOCEO EDUCATION CORPORATION (Exact name of registrant as specified in its charter) Delaware 36-3932190 (State or oth ...

Perdoceo Education Corporation (NASDAQ:PRDO) Q2 2022 Earnings Conference Call August 8, 2022 5:30 PM ET Company Participants Davis Snyder - Alpha IR Group Andrew Hurst - President and Chief Executive Officer Ashish Ghia - Chief Financial Officer Todd Nelson - Executive Chairman Conference Call Participants Alex Paris - Barrington Research Operator Good afternoon, everyone. Thank you for joining today's Perdoceo Education Corporation Second Quarter Earnings Conference Call. My name is Dante and I'll be your ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 0-23245 PERDOCEO EDUCATION CORPORATION (Exact name of registrant as specified in its charter) Delaware 36-3932190 (State or other ju ...

Perdoceo Education Corporation (NASDAQ:PRDO) Q1 2022 Earnings Conference Call May 5, 2022 5:30 PM ET Company Participants Davis Snyder – Alpha IR Group Todd Nelson – Executive Chairman Andrew Hurst – President and Chief Executive Officer Ashish Ghia – Chief Financial Officer Conference Call Participants Alex Paris – Barrington Research Operator Good afternoon. Thank you for attending today’s Perdoceo First Quarter Fiscal 2022 Conference Call. My name is Tania, and I will be your moderator for today’s call. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 0-23245 PERDOCEO EDUCATION CORPORATION (Exact name of registrant as specified in its charter) Delaware 36-3932190 (State or other j ...