PERDOCEO EDUCATION Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>PERDOCEO EDUCATION Corp filed its Q1 2024 10-Q, detailing financial performance and position.</b>

AI Summary

PERDOCEO EDUCATION Corp (PRDO) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. PERDOCEO EDUCATION Corp filed a 10-Q for the period ending March 31, 2024. The filing includes data related to the company's financial position and operations. Key financial statement items and disclosures are presented. The report covers the first quarter of the fiscal year. Specific details on credit agreements and investment types are mentioned.

Why It Matters

For investors and stakeholders tracking PERDOCEO EDUCATION Corp, this filing contains several important signals. This filing provides investors with an updated view of the company's financial health and operational status for the most recent quarter. Understanding the details within this 10-Q is crucial for assessing PERDOCEO EDUCATION Corp's current performance and future outlook.

Risk Assessment

Risk Level: medium — PERDOCEO EDUCATION Corp shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains a mix of positive and negative financial information, requiring detailed analysis to determine overall sentiment.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-Q to understand PERDOCEO EDUCATION Corp's current financial standing and operational performance.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-05-01 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Reporting period for Q1 2024)
• 2023-01-01 — Prior Year Quarter Start Date (Comparative period)

Key Players & Entities

• PERDOCEO EDUCATION Corp (company) — Filer name
• CAREER EDUCATION CORP (company) — Former company name
• Wintrust Bank (company) — Mentioned in relation to credit agreements
• 1750 E. GOLF ROAD (location) — Business and mail address
• SCHAUMBURG (location) — Business and mail city
• IL (location) — Business and mail state
• 60173 (location) — Business and mail zip code

FAQ

Industry Context

PERDOCEO EDUCATION Corp operates within the educational services sector, providing post-secondary education.

Regulatory Implications

The filing is a 10-Q, a quarterly report required by the SEC for publicly traded companies.

What Investors Should Do

1. Analyze the revenue streams and segment performance detailed in the 10-Q.
2. Examine the company's liquidity and debt position as presented in the financial statements.
3. Review any new or updated risk factors disclosed in the filing.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing an update from the previous fiscal year's filings.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value PRDO Nasdaq Global Select
• $0 — of registrant's common stock, par value $0.01, outstanding as of April 26, 2024: 6

Filing Documents

• prdo-20240331.htm (10-Q) — 1631KB
• prdo-ex31_1.htm (EX-31.1) — 12KB
• prdo-ex31_2.htm (EX-31.2) — 12KB
• prdo-ex32_1.htm (EX-32.1) — 6KB
• prdo-ex32_2.htm (EX-32.2) — 7KB
• img152005729_0.jpg (GRAPHIC) — 4KB
• 0000950170-24-051293.txt (&nbsp;) — 6474KB
• prdo-20240331.xsd (EX-101.SCH) — 1031KB
• prdo-20240331_htm.xml (XML) — 1018KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Income (Unaudited) 2 Condensed Consolidated Statements of Comprehensive Income (Unaudited) 2 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) 3 Condensed Consolidated Statements of Cash Flows (Unaudited) 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 5. Other Information 26 Item 6. Exhibits 26

SIGNATURES

SIGNATURES 28 PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDA TED BALANCE SHEETS March 31, December 31, (In Thousands, Except Share and Per Share Amounts) 2024 2023 ASSETS (unaudited) CURRENT ASSETS: Cash and cash equivalents, unrestricted $ 125,807 $ 118,009 Restricted cash 1,024 1,012 Total cash, cash equivalents and restricted cash 126,831 119,021 Short-term investments 515,602 485,135 Total cash and cash equivalents, restricted cash and short-term investments 642,433 604,156 Student receivables, gross 77,410 64,011 Allowance for credit losses ( 35,468 ) ( 34,613 ) Student receivables, net 41,942 29,398 Receivables, other 5,289 4,539 Prepaid expenses 11,912 11,712 Inventories 4,251 5,004 Other current assets 196 155 Total current assets 706,023 654,964 NON-CURRENT ASSETS: Property and equipment, net of accumulated depreciation of $ 60,694 and $ 58,785 as of March 31, 2024 and December 31, 2023, respectively 20,938 21,371 Right of use asset, net 13,963 19,096 Goodwill 241,162 241,162 Intangible assets, net of amortization of $ 24,720 and $ 23,612 as of March 31, 2024 and December 31, 2023, respectively 35,110 36,219 Student receivables, gross 7,946 7,028 Allowance for credit losses ( 3,086 ) ( 3,169 ) Student receivables, net 4,860 3,859 Deferred income tax assets, net 23,063 23,804 Other assets 6,846 6,841 TOTAL ASSETS $ 1,051,965 $ 1,007,316 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Lease liability-operating $ 5,989 $ 5,701 Accounts payable 11,830 10,766 Accrued expenses: Payroll and related benefits 18,726 32,684 Advertising and marketing costs 6,810 7,196 Income taxes 16,543 3,974 Other 21,112 13,503 Deferred revenue 61,498 37,215 Total current liabilities 142,508 111,039 NON-CURRENT LIABIL