perdoceo education corporation subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) September 30, December 31, 2020. For the quarter ended March 31, 2020, adjusted operating income of $40.8 million increased 23.7 percent compared to adjusted operating income of $33.0 million for the prior year quarter. UNAUDITED SELECTED SEGMENT INFORMATION (In thousands, except percentages) For the Quarter Ended March 31, 2020. American InterContinental University A member of the American InterContinental University System. Amortization amounts relate to definite-lived intangible assets associated with the Trident acquisition. about: perdoceo education corporation (prdo) view as pdf united states securities and exchange commission ... career education corporation and subsidiaries condensed consolidated balance sheets UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1), Severance and related costs, net of cancellations (3), Adjusted Operating Income -- Total Company, UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1) (cont’d), Tax effect of change in settlement deductibility (6). AIU’s first quarter 2020 revenue and operating income include results associated with the Trident acquisition commencing on the March 2, 2020 date of acquisition. ... perdoceo education corporation and subsidiaries. First Quarter 2020 Results as Compared to Prior Year Quarter, *See GAAP (U.S. generally accepted accounting principles) to non-GAAP reconciliation attached to this press release, “The COVID-19 pandemic is posing unique challenges to our society, and our highest priority is the well-being of our students, employees and communities. For the year ended December 31, 2019, net cash provided by operating activities was $73.1 million compared to net cash provided by operating activities of $57.0 million for the prior year. The Company’s two regionally accredited universities – Colorado Technical University (“CTU”) and American InterContinental University (“AIU”) – provide degree programs through the master’s or doctoral level as well as associate and bachelor’s levels. However, only $6.7 million of this adjustment met the criteria for tax deductibility during the second quarter. FOURTH QUARTER 2019 RESULTS AS COMPARED TO THE PRIOR YEAR QUARTER, Revenue increased by 8.9 percent to $158.5 million as compared to $145.5 million with both universities contributing to this growth, Operating income increased 58.6 percent to $32.0 million as compared to $20.2 million, Adjusted operating income increased 16.3 percent to $34.6 million as compared to $29.7 million*, Earnings per diluted share of $0.38 as compared to earnings per diluted share of $0.20, Adjusted earnings per diluted share of $0.33 as compared to $0.30*, Ended the quarter with $294.2 million in cash, cash equivalents and available-for-sale short-term investments, CTU’s total student enrollments increased 4.4 percent supported by new student enrollment growth of 8.5 percent, AIU’s total student enrollments increased 10.2 percent supported by new student enrollment growth of 12.7 percent, FULL YEAR 2019 RESULTS AS COMPARED TO THE PRIOR YEAR AND OTHER HIGHLIGHTS, *See GAAP (U.S. generally accepted accounting principles) to non-GAAP reconciliation attached to this press release, “We are excited to continue the journey of educating students under our new name, Perdoceo, which in Latin means ‘to teach, inform or instruct thoroughly,’” said Todd Nelson, President and Chief Executive Officer. Interested parties can access the live webcast of the conference at www.perdoceoed.com in the Investor Relations section of the website. Net income of $29.1 million compared to net income of $24.8 million for the prior year quarter. Career Education was founded in 1994 by John M. Larson who served as the company's president, CEO and was a member of the board of directors until 2006. In addition, the Company believes that non-GAAP financial information is used by analysts and others in the investment community to analyze the Company’s historical results and to provide estimates of future performance. The company through its campuses across the US offers doctoral, master's, bachelor's and associate degrees, and diploma and certificate programs. REVENUE: Tuition and fees $ 170,394 . 99.7 % $ 467,298. Adjusted operating income and adjusted earnings per diluted share have limitations as an analytical tool, and should not be considered in isolation, or as a substitute for net income, operating income, earnings per diluted share, or any other performance measure derived in accordance and reported under GAAP or as an alternative to cash flow from operating activities or as a measure of liquidity. Significant legal settlements relate to the FTC and Oregon arbitrations matters recorded during 2019 and the Surrett and multi-state AG matters recorded during 2018. Revenue . For the year ended December 31, 2019, operating income of $86.5 million increased 21.3 percent compared to $71.3 million for the prior year. Participants can also listen to the conference call by dialing 1-844-378-6484 (domestic) or 1-412-542-4179 (international). Supported by our scalable and innovative technology infrastructure we have transitioned campus-based students to our online learning platforms. Fourth quarter results highlight the success of our operating strategy that focuses on student experiences, retention and academic outcomes, while making investments in technology and leveraging data analytics to further support our students and enhance their learning. PRDO@alpha-ir.com, Media: SCHAUMBURG, Ill.--(BUSINESS WIRE)--Perdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for the quarter and year ended December 31, 2019. Perdoceo Education Corporation will host a conference call on Wednesday, February 19, 2020 at 5:30 p.m. Eastern time to discuss its fourth quarter and full year 2019 results and 2020 outlook. 1,791. The Company believes adjusted operating income and adjusted earnings per diluted share allow it to analyze and assess its operations and compare current operating results with the operational performance of other companies in its industry because it does not give effect to potential differences caused by items it does not consider reflective of underlying operating performance, such as restructuring charges and significant legal settlements. The tax effect of adjustments was calculated by multiplying the pre-tax adjustments with a tax rate of 25.0%. PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES. 2019 (unaudited) ASSETS. 99.6 % Other. For the year ended December 31, 2019, total revenue of $627.7 million increased 8.0 percent compared to total revenue of $581.3 million for the prior year. This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments. This outlook reflects the Company’s expectation of growth in new and total student enrollments at both universities for 2020. During the fourth quarter of 2019, an additional $23.0 million related to the FTC settlement met the criteria to be deductible for tax purposes. For the quarter ended December 31, 2019, new student enrollments at CTU and AIU increased 8.5 percent and 12.7 percent, respectively, as compared to the prior year quarter. New student enrollments, however, decreased by 14.2 percent, negatively impacted by the academic calendar. Career Education Corporation (CEC) and its subsidiaries, American InterContinental University, Inc., AIU Online, LLC, Marlin Acquisition Corporation (CEC) and its subsidiaries, American InterContinental University, Inc., AIU Online, LLC, Marlin Acquisition Corporation Revenue. Both universities contributed to the revenue growth that has been supported by positive student enrollment trends. Revenue increased 8.3% supported by total student enrollment growth across both universities. In January 2020, the company changed its name to Perdoceo Education Corporation. For the quarter ended December 31, 2019, net cash used in operating activities was $12.3 million compared to net cash provided by operating activities of $38.7 million for the prior year quarter. Except for the historical and present factual information contained herein, the matters set forth in this release, including statements identified by words such as “believe,” “will,” “expect,” “continue,” “outlook,” “remain,” “look forward to,” “should” and similar expressions, are forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended. As a result, the tax benefit of the change in deductibility for the $23.0 million is reflected during the fourth quarter of 2019 and has been adjusted to fully reflect the proportional impact of the tax non-deductibility on the second and third quarters of 2019. CTU and AIU continue to show innovation in higher education, advancing new personalized learning technologies like their intellipath® learning platform and using data analytics and technology to support students and enhance learning. A legal settlement of $5.0 million for the year ended December 31, 2018 related to the multi-state AG matter was not deductible for tax purposes and therefore does not include a tax effect. This amount was previously considered a non-deductible permanent item for tax purposes through September 30, 2019. Perdoceo Education Corporation (Perdoceo Education or "the company") is a provider of educational services. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details. AIU’s first quarter of 2020 operating income includes results associated with the Trident acquisition commencing on the March 2, 2020 date of acquisition. Find related and similar companies as … Further, for the first quarter of 2020, the Company expects growth in CTU’s new student enrollments as compared to the prior year quarter. We have leveraged our technology and processes to move our students and employees to a remote environment, while delivering on our commitments and responsibilities to serve our students,” said Todd Nelson, President and Chief Executive Officer. OTHER COMPREHENSIVE (LOSS) INCOME, net of tax: UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS. REVENUE: Tuition and fees $ 170,394. 2019. Career Education Corporation (CEC) is the Schaumburg-based for-profit college operator. Lease expenses for vacated space include both fixed and variable lease costs offset with sublease income. In addition, decisions we make in the future as we continue to evaluate diverse strategies to enhance shareholder value may impact the outlook provided above. 99.6 % $ … Career Education Corporation, recently renamed Perdoceo Inc., reached a $30 million settlement last July with the FTC, which had been investigating whether it used deceptive marketing and advertising to identify prospective students. View Perdoceo Education Corporation (perdoceoed.com) location in Illinois, United States , revenue, industry and description. AIU’s new and total student enrollments for the first quarter of 2020 include enrollments related to the Trident acquisition commencing on the March 2, 2020 date of acquisition and as of March 31, 2020. PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES. Adjustments to reconcile net income to net cash provided by operating activities: Compensation expense related to share-based awards, Changes in operating assets and liabilities, Purchases of available-for-sale investments, Payments of employee tax associated with stock compensation, NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH, CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period, CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period. PERDOCEO EDUCATION CORPORATION REPORTS THIRD QUARTER AND YEAR TO DATE 2020 RESULTS These statements are based on information currently available to us and are subject to various assumptions, risks, uncertainties and other factors that could cause our results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Both universities offer students industry relevant and career-focused degree programs that are designed to meet the educational needs of today’s busy adults. PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES. Perdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for the quarter ended March 31, 2020. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding financial results presented in accordance with GAAP. Revenue . Both universities offer students industry relevant and career-focused degree programs that are designed to meet the educational needs of today’s busy adults. For the quarter ended March 31, 2020, operating income of $37.3 million increased 24.5 percent compared to $30.0 million for the prior year quarter. Perdoceo Education has 2,250 employees at their 1 location and $627.70 M in annual revenue in FY 2019. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details. This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments. PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES. Significant legal settlements relate to the FTC and Oregon arbitrations matters recorded during 2019. UNAUDITED SELECTED SEGMENT INFORMATION (In thousands, except percentages) … Further information about these and other relevant risks and uncertainties may be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and its subsequent filings with the Securities and Exchange Commission. “Although the pandemic has not had a material impact on our operating results to date, we are closely monitoring the situation and remain focused on executing against our strategy of sustainable and responsible growth.”, Nelson further added, “We entered 2020 with positive momentum and experienced student enrollment growth at both universities, which resulted in first quarter results coming in ahead of our expectations. Perdoceo Education (PRDO) Perdoceo Education Corporation operates colleges, institutions, and universities that provide education to student population in various career-oriented disciplines through online, campus based, and blended learning programs in the United States. A legal settlement of $30.0 million related to the FTC matter was an adjustment from operating income during the second quarter of 2019 to calculate adjusted operating income. 2019 % of. 05.11.2020 - Perdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for the quarter and year to date ended September 30, … The presentation of adjusted operating income and adjusted earnings per diluted share should not be construed as an inference that the Company's future results will be unaffected by expenses that are unusual, non-routine or non-recurring. The following is a summary of the operating losses related to closed campuses which are included within Corporate and Other for the quarters ended March 31, 2020 and 2019, respectively. AIU’s total student enrollments increased 26.0 percent, as a result of the acquisition of the assets of Trident University International (the “Trident acquisition”). Adjusted earnings per diluted share of $0.33 compared to adjusted earnings per diluted share of $0.30 for the prior year quarter. As a general matter, the Company uses non-GAAP financial measures in conjunction with results presented in accordance with GAAP to help analyze the performance of its operations, assist with preparing the annual operating plan, and measure performance for some forms of compensation. 512 reviews from Perdoceo Education Corporation employees about Perdoceo Education Corporation culture, salaries, benefits, work-life balance, management, job security, and more. Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. Revenue increased by 8.3 percent to … Our balance sheet continues to strengthen, and we are strategically investing in initiatives that further enhance our student’s experiences, retention and academic outcomes.”. perdoceo education corporation reports fourth quarter and full year 2019 results. The Platform is owned or controlled by Perdoceo Education Corporation ("Company"). Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. Please see the GAAP to non-GAAP reconciliation for adjusted operating income and adjusted earnings per diluted share attached to this press release for further details. Third quarter revenue increased 9.1% supported by enrollment growth at both CTU and AIU ... | November 5, 2020 As a result, all of our students are now taking classes online with no major disruption to the level of service they are used to experiencing from our institutions, faculty and staff. (312) 445-2870 The second quarter of 2019 now reflects this adjustment. Non-GAAP financial measures, when viewed in a reconciliation to corresponding GAAP financial measures, provide an additional way of viewing the Company’s results of operations and the factors and trends affecting the Company’s business. Total. Career Education Corporation (CEC) has made a career of handing out diplomas. The Company expects that AIU’s enrollment days for the third and fourth quarters of 2020 will be relatively comparable to the respective prior year periods. During the fourth quarter of 2019, an additional $23.0 million related to the FTC settlement met the criteria to be deductible for tax purposes. The outlook continues to reflect the Company’s expectation of growth in new and total student enrollments at both universities for the full year of 2020. NET INCOME AND EARNINGS PER DILUTED SHARE. The full year includes an expense of $11.4 million related to the FTC settlement. Total. As a result, the tax benefit of the change in deductibility for the $23.0 million reflected during the fourth quarter of 2019 has been adjusted to fully reflect the proportional impact of the tax non-deductibility on the second and third quarters of 2019. As of December 31, 2019, CTU’s and AIU’s total student enrollments increased 4.4 percent and 10.2 percent, respectively, supported by new student enrollment growth of 7.0 percent and 26.6 percent, respectively, as compared to the prior year. Career Education Corporation | Federal Trade Commission Best www.ftc.gov Career Education Corporation (CEC) and its subsidiaries, American InterContinental University, Inc., AIU Online, LLC, Marlin Acquisition Corporation , Colorado Technical University, Inc., and Colorado … Enrollment days attributable to any given period are the available days in the period during which a prospective student may apply to start school during that period. The Company expects to pay an additional estimated amount of $6.0 million, related to the final post-closing purchase price and working capital adjustments, upon finalization of the closing balance sheet. In evaluating adjusted operating income and adjusted earnings per diluted share, investors should be aware that in the future the Company may incur expenses similar to the adjustments presented above. Further information about these and other relevant risks and uncertainties may be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and its subsequent filings with the Securities and Exchange Commission. AIU’s quarterly new student enrollments were negatively impacted by the academic calendar which resulted in 31 percent less enrollment days for the quarter. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND . Total. The impact of the non-deductibility was not proportionally reflected in the originally reported adjusted earnings per diluted share for the second and third quarters of 2019 which would have decreased by $0.05 and increased by $0.02, respectively. Perdoceo’s academic institutions offer a quality postsecondary education primarily online to a diverse student population, along with campus-based and blended learning programs. The for-profit company owns and operates almost 90 US campuses (a third of which are slated for closure) and online programs that offer post-secondary education to about 53,700 enrolled students. COMPREHENSIVE INCOME (In thousands, except per share amounts and percentages) For the Quarter Ended March 31, 2020 % of. The quarterly reversals and adjustments of the proportional impacts of the non-deductibility had no effect for the full year 2019. For the quarter ended March 31, 2020, net cash provided by operating activities was $48.8 million compared to $12.9 million for the prior year quarter. In addition, the Company believes that non-GAAP financial information is used by analysts and others in the investment community to analyze the Company’s historical results and to provide estimates of future performance. Significant legal settlements relate to the FTC and Oregon arbitrations matters recorded during 2019 and the multi-state AG and Surrett matters recorded during 2018. Earnings per diluted share of $0.97 compared to earnings per diluted share of $0.77 for the prior year. For the quarter ended March 31, 2020, new student enrollments increased 16.8 percent within CTU and decreased 14.2 percent within AIU, in each case as compared to the prior year quarter. 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. Revenue 2019 % of. OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Adjustments to reconcile net income to net cash provided by operating activities: Compensation expense related to share-based awards. These risks and uncertainties, the outcomes of which could materially and adversely affect our financial condition and operations, include, but are not limited to, the following: declines in enrollment or interest in our programs; our continued compliance with and eligibility to participate in Title IV Programs under the Higher Education Act of 1965, as amended, and the regulations thereunder (including the 90-10, financial responsibility and administrative capability standards prescribed by the U.S. Department of Education), as well as applicable accreditation standards and state regulatory requirements; the impact of various versions of “borrower defense to repayment” regulations; rulemaking by the U.S. Department of Education or any state or accreditor and increased focus by Congress and governmental agencies on, or increased negative publicity about, for-profit education institutions (in particular as these risks and uncertainties may be exacerbated leading up to and following the 2020 U.S. presidential election); the operating impact of the settlements with the U.S. Federal Trade Commission and state attorneys general; the success of our initiatives to improve student experiences, retention and academic outcomes; the ability of our student admissions and advising functions to achieve anticipated operating performance; our continued eligibility to participate in educational assistance programs for veterans or other military personnel; the impact of the global COVID-19 pandemic; difficulties with integrating the assets of Trident University International into AIU’s operations; increased competition; the impact of management changes; and changes in the overall U.S. economy. Additionally, AIU’s full year new student enrollments were positively impacted by the timing of its academic calendar. Perdoceo Education Corporation (“Perdoceo” or “PEC”) was incorporated in Delaware in 1994 under the name Career Education Corporation. REVENUE: Tuition and fees $ 514,364. Operating income, which is the most directly comparable GAAP measure to adjusted operating income, and earnings per diluted share may not follow the same trends stated in the outlook above because of adjustments made for certain significant and non-cash items such as lease expenses for vacated space offset with any sublease income as well as depreciation, amortization, asset impairment charges, significant restructuring charges and significant legal settlements. The tax effect of adjustments was calculated by multiplying the pre-tax adjustments with a tax rate of 25.0%. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts and percentages) For the Year to Date Ended September 30, 2020 % of Total Revenue. The tax effect of adjustments was calculated by multiplying the pre-tax adjustments with a tax rate of 25.0%. Both universities contributed to the revenue growth that has been supported by positive underlying student enrollment trends. “Fourth quarter 2019 marked a positive close to the year and we are proud to serve over 36,000 students pursuing postsecondary studies across our academic institutions. unaudited consolidated statements of income and . Chris Hodges or Brooks Hamilton Significant legal settlements relate to the FTC and the Oregon arbitrations matters recorded during 2019 and the multi-state AG and Surrett matters recorded during 2018. History. Participants can also listen to the conference call by dialing 1-844-378-6484 (domestic) or 1-412-542-4179 (international). For the quarter ended March 31, 2020, the Company recorded: Pre-tax adjustments included in operating expenses: Lease expenses for vacated space include both fixed and variable lease costs offset with sublease income for closed campuses. PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES. Investors: Revenue REVENUE: Tuition and fees $ 170,394 AIU’s total student enrollments were positively impacted by the Trident acquisition. For the year ended December 31, 2019, adjusted operating income of $134.3 million increased 27.7 percent compared to adjusted operating income of $105.2 million for the prior year. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND . Perdoceo Education Corporation will provide reasonable accommodations during the job application process to all qualified individuals with disabilities. Although these estimates and assumptions are based upon management’s good faith beliefs regarding current and future circumstances and actions that may be undertaken, actual results could differ materially from these estimates. Except for the historical and present factual information contained herein, the matters set forth in this release, including statements identified by words such as “believe,” “will,” “expect,” “continue,” “outlook,” “remain,” “look forward to,” “should” and similar expressions, are forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended. This increase is expected to more than offset the decline in new student enrollments from the first quarter of 2020 such that on a combined basis AIU is expected to show growth for the first half of 2020, even after excluding the positive impact from the Trident acquisition. 8.3 % supported by positive student enrollment trends increased by 8.3 percent …! 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