Perdoceo Education Q2 2024: $331.8M Revenue
Ticker: PRDO · Form: 10-Q · Filed: 2024-07-31T00:00:00.000Z
Sentiment: neutral
Topics: earnings, revenue, credit-facility, education
TL;DR
Perdoceo Education Corp. Q2 2024 revenue at $331.8M. Credit facility with Wintrust Bank in place.
AI Summary
Perdoceo Education Corp. reported its Q2 2024 results, with total revenues for the six months ending June 30, 2024, reaching $331.8 million. The company's financial statements indicate a strong focus on tuition and fees, with specific segments like AIUS and TuitionNet contributing significantly. The filing also details credit agreements, including a Senior Secured Revolving Credit Facility with Wintrust Bank.
Why It Matters
This filing provides insight into the financial health and revenue streams of Perdoceo Education Corp., a key player in the educational services sector, impacting investors and students.
Risk Assessment
Risk Level: medium — The company operates in the highly regulated and competitive educational services sector, which can be subject to changes in government policy and economic conditions.
Key Numbers
- $331.8M — Total Revenues (For the six months ended June 30, 2024)
- 20240630 — Fiscal Period End (Quarterly reporting period)
- 1750 E. GOLF ROAD — Business Address (Company headquarters location)
- 847-781-3600 — Business Phone (Contact number for the company)
- DE — State of Incorporation (Legal domicile of the company)
Key Players & Entities
- Perdoceo Education Corp. (company) — Filer of the 10-Q
- 331.8 million (dollar_amount) — Total revenues for the six months ending June 30, 2024
- June 30, 2024 (date) — End of reporting period
- Wintrust Bank (company) — Lender for Senior Secured Revolving Credit Facility
- CAREER EDUCATION CORP (company) — Former company name
FAQ
What were Perdoceo Education Corp.'s total revenues for the six months ending June 30, 2024?
Total revenues for the six months ended June 30, 2024, were $331.8 million.
What is the company's business address?
The business address is 1750 E. GOLF ROAD, SCHAUMBURG, IL 60173.
Who is the lender for the Senior Secured Revolving Credit Facility?
Wintrust Bank is the lender for the Senior Secured Revolving Credit Facility.
When did the company change its name from CAREER EDUCATION CORP?
The company changed its name from CAREER EDUCATION CORP on September 23, 1997.
What is the SEC file number for this filing?
The SEC file number is 000-23245.
Filing Stats: 4,467 words · 18 min read · ~15 pages · Grade level 16.7 · Accepted 2024-07-31 16:16:25
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 July 26, 2024: 65
Filing Documents
- prdo-20240630.htm (10-Q) — 2412KB
- prdo-ex31_1.htm (EX-31.1) — 12KB
- prdo-ex31_2.htm (EX-31.2) — 12KB
- prdo-ex32_1.htm (EX-32.1) — 7KB
- prdo-ex32_2.htm (EX-32.2) — 7KB
- img152008611_0.jpg (GRAPHIC) — 4KB
- 0000950170-24-088599.txt ( ) — 8400KB
- prdo-20240630.xsd (EX-101.SCH) — 1076KB
- prdo-20240630_htm.xml (XML) — 1569KB
—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 17 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 26 Item 4.
Controls and Procedures
Controls and Procedures 26
—OTHER INFORMATION
PART II—OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 28 Item 1A.
Risk Factors
Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 5. Other Information 28 Item 6. Exhibits 29
SIGNATURES
SIGNATURES 30 PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDA TED BALANCE SHEETS June 30, December 31, (In Thousands, Except Share and Per Share Amounts) 2024 2023 ASSETS (unaudited) CURRENT ASSETS: Cash and cash equivalents, unrestricted $ 127,852 $ 118,009 Restricted cash 1,037 1,012 Total cash, cash equivalents and restricted cash 128,889 119,021 Short-term investments 546,273 485,135 Total cash and cash equivalents, restricted cash and short-term investments 675,162 604,156 Student receivables, gross 69,237 64,011 Allowance for credit losses ( 34,382 ) ( 34,613 ) Student receivables, net 34,855 29,398 Receivables, other 4,982 4,539 Prepaid expenses 12,558 11,712 Inventories 4,467 5,004 Other current assets 457 155 Total current assets 732,481 654,964 NON-CURRENT ASSETS: Property and equipment, net of accumulated depreciation of $ 62,654 and $ 58,785 as of June 30, 2024 and December 31, 2023, respectively 19,087 21,371 Right of use asset, net 16,455 19,096 Goodwill 241,162 241,162 Intangible assets, net of amortization of $ 25,828 and $ 23,612 as of June 30, 2024 and December 31, 2023, respectively 34,002 36,219 Student receivables, gross 8,156 7,028 Allowance for credit losses ( 2,889 ) ( 3,169 ) Student receivables, net 5,267 3,859 Deferred income tax assets, net 23,242 23,804 Other assets 6,545 6,841 TOTAL ASSETS $ 1,078,241 $ 1,007,316 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Lease liability-operating $ 5,397 $ 5,701 Accounts payable 13,267 10,766 Accrued expenses: Payroll and related benefits 25,295 32,684 Advertising and marketing costs 6,984 7,196 Income taxes 6,502 3,974 Other 22,023 13,503 Deferred revenue 55,390 37,215 Total current liabilities 134,858 111,039 NON-CURRENT LIABILITIE