PERDOCEO EDUCATION Corp Files 2023 Annual Report

TL;DR

<b>PERDOCEO EDUCATION Corp has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

PERDOCEO EDUCATION Corp (PRDO) filed a Annual Report (10-K) with the SEC on February 21, 2024. PERDOCEO EDUCATION Corp filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key dates mentioned include 2023-12-31 and 2024-02-21. The company was formerly known as CAREER EDUCATION CORP. The filing is a Public Document with 105 pages.

Why It Matters

For investors and stakeholders tracking PERDOCEO EDUCATION Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of PERDOCEO EDUCATION Corp's financial performance, operations, and strategic initiatives for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, identify potential risks, and evaluate future growth prospects.

Risk Assessment

Risk Level: — PERDOCEO EDUCATION Corp shows moderate risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant negative news or events that would suggest a high risk.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand PERDOCEO EDUCATION Corp's performance and outlook.

Key Numbers

• 105 — Public Document Count (Number of documents in the filing)
• 2023-12-31 — Fiscal Year End (End date of the reporting period)
• 2024-02-21 — Filing Date (Date the report was filed with the SEC)

Key Players & Entities

• PERDOCEO EDUCATION Corp (company) — Filer of the 10-K report
• CAREER EDUCATION CORP (company) — Former name of PERDOCEO EDUCATION Corp
• 2023-12-31 (date) — Fiscal year end date
• 2024-02-21 (date) — Filing date

FAQ

Industry Context

PERDOCEO EDUCATION Corp operates within the educational services sector, providing various educational programs and degrees.

Regulatory Implications

The filing adheres to the regulations set forth by the Securities and Exchange Commission (SEC) for annual reports (10-K).

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and debt levels.
2. Examine the risk factors section for potential challenges and mitigation strategies.
3. Review management's discussion and analysis (MD&A) for insights into business performance and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-02-21: Filing Date — Date the 10-K was officially submitted to the SEC

Year-Over-Year Comparison

This is the 2023 annual report filing (10-K), providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value PRDO Nasdaq Global Select
• $12.27 — iates of the Registrant, based upon the $12.27 per share closing sale price of the Reg

Filing Documents

• prdo-20231231.htm (10-K) — 4151KB
• prdo-ex21.htm (EX-21) — 17KB
• prdo-ex23_1.htm (EX-23.1) — 5KB
• prdo-ex31_1.htm (EX-31.1) — 13KB
• prdo-ex31_2.htm (EX-31.2) — 13KB
• prdo-ex32_1.htm (EX-32.1) — 8KB
• prdo-ex32_2.htm (EX-32.2) — 8KB
• prdo-ex97_1.htm (EX-97.1) — 47KB
• img112702134_0.jpg (GRAPHIC) — 18KB
• img151111038_0.jpg (GRAPHIC) — 64KB
• 0000950170-24-017946.txt (&nbsp;) — 16057KB
• prdo-20231231.xsd (EX-101.SCH) — 1958KB
• prdo-20231231_htm.xml (XML) — 3248KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 28 ITEM 1B. UNRESOLVED STAFF COMMENTS 42 ITEM 1C. CYBERSECURITY 43 ITEM 2.

PROPERTIES

PROPERTIES 44 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 44 ITEM 4. MINE SAFETY DISCLOSURES 44 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 45 ITEM 6. RESERVED 47 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 48 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 60 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 60 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 60 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 60 ITEM 9B. OTHER INFORMATION 61 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 61 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 62 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 62 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 62 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 63 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 63 PART IV ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES 64 ITEM 16. FORM 10-K SUMMARY 64 INDEX TO EXHIBITS 65

SIGNATURES

SIGNATURES 68 INDEX TO FINANCIAL STATEMENTS 69 PART I Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K contains "forward-looking statements," as defined in Section 21E of the Securities Exchange Act of 1934, as amended, that reflect our current expectations regarding our future growth, results of operations, cash flows, performance and business prospects and opportunities, as well as assumptions made by, and information currently available to, our management. We have tried to identify forward-looking statements by using words such as "anticipate," "believe," "expect," "plan," "seek," "should," "will," "continue to," "outlook," "focused on" and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to us and are subject to various risks, uncertainties, and other factors, including, but not limited to, those matters discussed herein under the caption "Risk Factors" that could cause our actual growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Except as expressly required by the federal securities laws, we undertake no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason.

BUSINESS

ITEM 1. BUSINESS OVERVIEW Perdoceo's accredited academic institutions offer a quality postsecondary education primarily online to a diverse student population, along with campus-based and blended learning programs. The Company's academic institutions – Colorado Technical University (" CTU ") and the American InterContinental University System (" AIUS " or " AIU System ") – provide degree programs from the associate through doctoral level as well as non-degree seeking and professional development programs. Our academic institutions 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 intellipath learning platform and using data analytics and technology to serve and educate students while enhancing overall learning and academic experiences. Perdoceo's institutions are committed to providing quality education that closes the gap between learners who seek to advance their careers and employers needing a qualified workforce. When used in this Annual Report on Form 10-K, the terms "we," "us," "our," "the Company," "Perdoceo" and "PEC" refer to Perdoceo Education Corporation and our wholly-owned subsidiaries. Our reporting segments correspond to our accredited institutions. CTU CTU is committed to providing quality and industry-relevant higher education to a diverse student population through innovative technology and experienced faculty, enabling the pursuit of personal and professional goals. CTU is focused on serving adult, non-traditional students seeking career advancement, as well as addressing employer's needs for a well-educated workforce. CTU offers academic programs in the career-oriented disciplines of business and management, nursing, healthcare management, computer science, engineering, information systems and technology, project management, cyb