Perdoceo Education Q3 Revenue $174.7M, Net Income $30.5M

TL;DR

**PERDOCEO EDUCATION CORP (PRDO) Q3 REVENUE $174.7M, NET INCOME $30.5M. ASSETS $1.1B.**

AI Summary

Perdoceo Education Corp. reported its Q3 2024 results, with total revenue for the three months ended September 30, 2024, reaching $174.7 million. The company's net income for the same period was $30.5 million. As of September 30, 2024, Perdoceo had total assets of $1.1 billion.

Why It Matters

This filing provides insight into the financial performance of Perdoceo Education Corp., a key player in the for-profit education sector, impacting investors and the broader educational services market.

Risk Assessment

Risk Level: medium — The company operates in the highly regulated and competitive education sector, which can be subject to significant changes in policy and market demand.

Key Numbers

• $174.7M — Total Revenue (For the three months ended September 30, 2024)
• $30.5M — Net Income (For the three months ended September 30, 2024)
• $1.1B — Total Assets (As of September 30, 2024)

Key Players & Entities

• PERDOCEO EDUCATION Corp (company) — Filer of the 10-Q
• 1750 E. GOLF ROAD SCHAUMBURG, IL 60173 (location) — Company's business and mailing address
• CAREER EDUCATION CORP (company) — Former company name
• 20240930 (date) — End of the reporting period
• $174.7 million (dollar_amount) — Total revenue for the three months ended September 30, 2024
• $30.5 million (dollar_amount) — Net income for the three months ended September 30, 2024
• $1.1 billion (dollar_amount) — Total assets as of September 30, 2024

FAQ

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 November 6, 2024:

Filing Documents

• prdo-20240930.htm (10-Q) — 2434KB
• 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
• img152011494_0.jpg (GRAPHIC) — 4KB
• 0000950170-24-125309.txt ( ) — 8474KB
• prdo-20240930.xsd (EX-101.SCH) — 1047KB
• prdo-20240930_htm.xml (XML) — 1583KB

—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 September 30, December 31, (In Thousands, Except Share and Per Share Amounts) 2024 2023 ASSETS (unaudited) CURRENT ASSETS: Cash and cash equivalents, unrestricted $ 238,049 $ 118,009 Restricted cash 773 1,012 Total cash, cash equivalents and restricted cash 238,822 119,021 Short-term investments 483,772 485,135 Total cash and cash equivalents, restricted cash and short-term investments 722,594 604,156 Student receivables, gross 67,599 64,011 Allowance for credit losses ( 35,581 ) ( 34,613 ) Student receivables, net 32,018 29,398 Receivables, other 4,114 4,539 Prepaid expenses 10,665 11,712 Inventories 3,870 5,004 Other current assets 263 155 Total current assets 773,524 654,964 NON-CURRENT ASSETS: Property and equipment, net of accumulated depreciation of $ 64,602 and $ 58,785 as of September 30, 2024 and December 31, 2023, respectively 18,099 21,371 Right of use asset, net 15,669 19,096 Goodwill 241,162 241,162 Intangible assets, net of amortization of $ 26,937 and $ 23,612 as of September 30, 2024 and December 31, 2023, respectively 32,894 36,219 Student receivables, gross 8,656 7,028 Allowance for credit losses ( 2,752 ) ( 3,169 ) Student receivables, net 5,904 3,859 Deferred income tax assets, net 23,010 23,804 Other assets 6,494 6,841 TOTAL ASSETS $ 1,116,756 $ 1,007,316 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Lease liability-operating $ 4,969 $ 5,701 Accounts payable 13,647 10,766 Accrued expenses: Payroll and related benefits 33,517 32,684 Advertising and marketing costs 7,969 7,196 Income taxes 10,396 3,974 Other 21,322 13,503 Deferred revenue 49,347 37,215 Total current liabilities 141,167 111,039 NON-CURR