“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. Net income of $70.0 million compared to net income of $55.2 million for the prior year. Significant legal settlements relate to the FTC and Oregon arbitrations matters recorded during 2019. Perdoceo Education has 2,250 employees at their 1 location and $627.70 M in annual revenue in FY 2019. During the fourth quarter of 2019, the Company repurchased 0.2 million shares of its common stock in open market transactions at an aggregate cost of $3.9 million. The full year includes an expense of $11.4 million related to the FTC settlement. Operating losses related to the closed campuses were $1.0 million and $9.7 million for the quarters ended December 31, 2019 and 2018, respectively. This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments. Except as expressly required by the federal securities laws, we undertake no obligation to update or revise such factors or any of the forward-looking statements contained herein to reflect future events, developments or changed circumstances, or for any other reason. 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). 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. 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. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.). A listing of university locations and web links to Perdoceo institutions can be found at www.perdoceoed.com. 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. 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. Perdoceo Education Corporation (Perdoceo Education or "the company") is a provider of educational services. The second quarter of 2019 now reflects this adjustment. Net income of $29.1 million compared to net income of $24.8 million for the prior year quarter. This Platform is intended for and applicable only for residents of the United States. The following is a summary of the operating losses related to the closed campuses which is included within Corporate and Other for the quarters and years ended December 31, 2019 and 2018, respectively (dollars in thousands): The full year 2019 operating loss related to the closed campuses includes a legal settlement expense of $7.1 million for the Oregon arbitrations matter as compared to legal settlement expenses of $5.0 million related to the multi-state AG matter recorded during the quarter ended December 31, 2018 and $9.6 million related to the Surrett matter recorded during the full year ended December 31, 2018. Student enrollment growth was positively impacted by investments in student support functions and consistent levels of prospective student interest. History. Additionally, AIU’s full year new student enrollments were positively impacted by the timing of its academic calendar. View source version on businesswire.com: https://www.businesswire.com/news/home/20200507005939/en/, Perdoceo Education Reports Flat Q3 Adjusted Earnings, In Line with Estimates, Revenue Misses, https://www.businesswire.com/news/home/20200507005939/en/. PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES. 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. media@perdoceoed.com, PERDOCEO EDUCATION CORPORATION REPORTS FOURTH QUARTER AND FULL YEAR 2019 RESULTS, Revenue increased 8.0 percent to $627.7 million as compared to $581.3 million, supported by total student enrollment growth at both universities, Operating income increased 21.3 percent to $86.5 million as compared to $71.3 million, Adjusted operating income increased 27.7 percent to $134.3 million as compared to $105.2 million*, Earnings per diluted share of $0.97 as compared to earnings per diluted share of $0.77, Adjusted earnings per diluted share of $1.37 as compared to $1.05*, New student enrollments increased 14.6 percent contributing to total enrollment growth of 6.4 percent; positively impacting these trends was the academic calendar at AIU, Operating and cost efficiencies continue to be re-invested in student support functions, technology initiatives and data analytics, The Company expects the acquisition of Trident University International to close in early March 2020. PERDOCEO EDUCATION CORPORATION REPORTS THIRD QUARTER AND YEAR TO DATE 2020 RESULTS Revenue increased by 8.3 percent to … 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. For the quarter ended December 31, 2019, operating income of $32.0 million increased 58.6 percent compared to $20.2 million for the prior year quarter. 99.6 % Other. Colorado Technical University. Perdoceo Education Corporation (“Perdoceo” or “PEC”) was incorporated in Delaware in 1994 under the name Career Education Corporation. The quarterly reversals and adjustments of the proportional impacts of the non-deductibility has no effect for the full year 2019. The Platform is owned or controlled by Perdoceo Education Corporation ("Company"). 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. This outlook reflects the Company’s expectation of growth in new and total student enrollments at both universities for 2020. A legal settlement of $5.0 million for the multi-state AG settlement recorded during the year ended December 31, 2018 was not deductible for tax purposes and therefore does not include a tax effect. Earnings per diluted share of $0.41 compared to earnings per diluted share of $0.35 for the prior year quarter. 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 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. AIU’s quarterly new student enrollments were negatively impacted by the academic calendar which resulted in 31 percent less enrollment days for the quarter. Revenue REVENUE: Tuition and fees $ 170,394 PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES. Career Education Corporation (CEC) has made a career of handing out diplomas. As of December 31, 2019 and December 31, 2018, cash, cash equivalents, restricted cash and available-for-sale short-term investments totaled $294.2 million and $229.2 million, respectively. 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. UNAUDITED SELECTED SEGMENT INFORMATION (In thousands, except percentages) For the Year to Date Ended September 30, 2020 2019 REVENUE: CTU $ 302,766 $ 289,650 AIU (1) 213,279 179,559 Total University Group 516,045 469,209 Corporate and Other (2) 110 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. 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. PRDO@alpha-ir.com, Media: 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. COMPREHENSIVE INCOME (In thousands, except per share amounts and percentages) For the Quarter Ended March 31, 2020 % of. 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. 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. Lease expenses for vacated space include both fixed and variable lease costs offset with sublease income for our closed campuses. Perdoceo Education Corporation (PEC), formerly known as Career Education Corporation has made a career of handing out diplomas. 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. Perdoceo Education Corporation will provide reasonable accommodations during the job application process to all qualified individuals with disabilities. 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. The Company is providing the following outlook, subject to the key assumptions identified below. 2019 % of. Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. For the quarter ended December 31, 2019, total revenue of $158.5 million increased 8.9 percent compared to total revenue of $145.5 million for the prior year quarter. The Company believes it is useful to present non-GAAP financial measures which exclude certain significant and non-cash items as a means to understand the performance of its operations. ... perdoceo education corporation and subsidiaries. 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 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. As of March 31, 2020, CTU’s and AIU’s total student enrollments increased 4.8 percent and 26.0 percent, respectively, as compared to the prior year. Revenue 2019 % of. The impact of the non-deductibility was not proportionally reflected in the 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. 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. about: perdoceo education corporation (prdo) view as pdf united states securities and exchange commission ... career education corporation and subsidiaries condensed consolidated balance sheets “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. The current year operating loss includes a legal settlement expense of $7.1 million related to the Oregon arbitrations matter as compared to $5.0 million related to the multi-state AG matter and $9.6 million related to the Surrett matter in the prior year. UNAUDITED SELECTED SEGMENT INFORMATION (In thousands, except percentages) … 2019. 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. Operating losses related to the closed campuses were $13.8 million and $31.9 million for the years ended December 31, 2019 and 2018, respectively. 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. 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. 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. 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. SCHAUMBURG, Ill.--(BUSINESS WIRE)--Perdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for the quarter and year ended December 31, 2019. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.). UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1), Adjusted Operating Income -- Total Company, UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1) (cont’d), Tax effect of change in settlement deductibility (7). (312) 445-2870 The prior year quarter operating loss for the closed campuses includes a legal settlement expense of $5.0 related to the multi-state AG matter. 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. Perdoceo Education Corporation However, only $6.7 million of this adjustment met the criteria for tax deductibility during the second quarter. ), Adjusted Operating Income ($ in thousands). 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. Net income of $27.5 million compared to net income of $14.1 million for the prior year quarter. AIU’s second quarter new student enrollments are expected to show significant growth due to 50 percent more enrollment days in the second quarter of 2020 as compared to the prior year quarter, as well as the Trident acquisition. 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. CURRENT ASSETS: 1,791. 2019 % of Total Revenue. Perdoceo’s academic institutions offer a quality postsecondary education primarily online to a diverse student population, along with campus-based and blended learning programs. 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. 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. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details. NET INCOME AND EARNINGS PER DILUTED SHARE. See insights on Perdoceo Education including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. 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