This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments. Corporate and Other includes closed campuses which no longer meet the criteria to be reported as a separate operating segment. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details. UNAUDITED SELECTED SEGMENT INFORMATION (In thousands, except percentages) For the Quarter Ended March 31, 2020. Additionally, AIU’s full year new student enrollments were positively impacted by the timing of its academic calendar. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.). For the quarter ended December 31, 2019, the Company recorded: For the year ended December 31, 2019, the Company recorded: Pre-tax adjustments included in operating expenses: Tax effect of change in settlement deductibility (5). 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. Adjusted earnings per diluted share of $0.42 compared to adjusted earnings per diluted share of $0.36 for the prior year quarter. The average price per share was $16.49. 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. 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. Career Education Corporation, recently renamed Perdoceo Inc., reached a $30 million settlement last July with the FTC, which had been investigating whether it used deceptive marketing and advertising to identify prospective students. NET INCOME AND EARNINGS PER DILUTED SHARE. PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES. ), Adjusted Operating Income ($ in thousands). COMPREHENSIVE INCOME (In thousands, except per share amounts and percentages) For the Quarter Ended March 31, 2020 % of. As a result, the tax benefit of the change in deductibility for the $23.0 million reflected during the fourth quarter of 2019 has been adjusted to fully reflect the proportional impact of the tax non-deductibility on the second and third quarters of 2019. Net income of $27.5 million compared to net income of $14.1 million for the prior year quarter. Under his leadership, Career Education grew to include over 24 U.S. campuses. A legal settlement of $30.0 million related to the FTC matter was an adjustment from operating income during the second quarter of 2019 to calculate adjusted operating income. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding financial results presented in accordance with GAAP. 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. American InterContinental University A member of the American InterContinental University System. The Company expects that AIU’s enrollment days for the third and fourth quarters of 2020 will be relatively comparable to the respective prior year periods. Revenue. 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. 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. SCHAUMBURG, Ill.--(BUSINESS WIRE)--Perdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for the quarter and year ended December 31, 2019. The operating income, adjusted operating income, earnings per share, adjusted earnings per share and enrollment outlook provided above for 2020 are based on the following key assumptions and factors, among others: (i) prospective student interest in the Company’s programs remains consistent with recent experience, (ii) initiatives and investments in student-serving operations continue to positively impact enrollment trends, (iii) no material changes in the current legal or regulatory environment, and excludes legal and regulatory liabilities and other related impacts which are not probable and estimable at this time, and any impact of new or proposed regulations, including the “borrower defense to repayment” regulations, (iv) no significant operating impacts from the settlements with the U.S. Federal Trade Commission and state attorneys general or other legal or regulatory matters, including the March 2020 letter from the U.S. Department of Veterans Affairs (the “VA”) regarding the potential disapproval, for purposes of educational assistance programs administered by the VA, of the enrollment of individuals at the Company’s institutions if the Company fails to remedy the deficiency identified in the letter, (v) no significant operating or financial impacts from the COVID-19 pandemic beyond the known costs which have been incorporated in the outlook, (vi) earnings per diluted share outlook assumes an effective income tax rate of approximately 26% for the second quarter and the full year, and (vii) any future impact from the Company’s stock repurchase program is excluded. Enrollment days attributable to any given period are the available days in the period during which a prospective student may apply to start school during that period. 512 reviews from Perdoceo Education Corporation employees about Perdoceo Education Corporation culture, salaries, benefits, work-life balance, management, job security, and more. Supported by our scalable and innovative technology infrastructure we have transitioned campus-based students to our online learning platforms. The tax effect of adjustments was calculated by multiplying the pre-tax adjustments with a tax rate of 25.0%. For the quarter ended March 31, 2020, the Company recorded: Pre-tax adjustments included in operating expenses: Lease expenses for vacated space include both fixed and variable lease costs offset with sublease income for closed campuses. The tax effect of adjustments was calculated by multiplying the pre-tax adjustments with a tax rate of 25.0%. The full year includes an expense of $18.6 million related to the FTC settlement. Further, for the second quarter of 2020, the Company expects growth in CTU’s new student enrollments as compared to the prior year quarter. 99.6 % Other. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts and percentages) For the Year to Date Ended September 30, 2020 % of Total Revenue. Corporate and Other includes closed campuses which no longer meet the criteria to be reported as a separate operating segment. 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. (312) 445-2870 EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS: NET INCREASE IN CASH AND CASH EQUIVALENTS, CASH AND CASH EQUIVALENTS, beginning of the period, CASH AND CASH EQUIVALENTS, end of the period. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND . (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details. PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES, Total cash and cash equivalents, restricted cash and short-term investments, Accumulated other comprehensive income (loss), TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY, UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND, (In thousands, except per share amounts and percentages), (Loss) income from discontinued operations, net of tax, (Loss) income from discontinued operations, Loss from discontinued operations, net of tax. These statements are based on information currently available to us and are subject to various assumptions, risks, uncertainties and other factors that could cause our results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding financial results presented in accordance with GAAP. COMPREHENSIVE INCOME (In thousands, except per share amounts and percentages) For the Quarter Ended March 31, 2020 % of. This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments. Corporate and Other includes closed campuses which no longer meet the criteria to be reported as a separate operating segment. Corporate and Other includes closed campuses which no longer meet the criteria to be reported as a separate operating segment. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND . The Company is providing the following outlook, subject to the key assumptions identified below. 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. 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. 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). PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES, Total cash and cash equivalents, restricted cash and short-term investments, Accumulated other comprehensive (loss) income, TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY, UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND, (In thousands, except per share amounts and percentages), Loss from discontinued operations, net of tax. As a result, the tax benefit of the change in deductibility for the $23.0 million is reflected during the fourth quarter of 2019 and has been adjusted to fully reflect the proportional impact of the tax non-deductibility on the second and third quarters of 2019. Both universities contributed to the revenue growth that has been supported by positive student enrollment trends. 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. 2019 % of Total Revenue. Total. 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. Participants can also listen to the conference call by dialing 1-844-378-6484 (domestic) or 1-412-542-4179 (international). Adjusted earnings per diluted share of $1.37 compared to adjusted earnings per diluted share of $1.05 for the prior year. For the full year 2019, approximately $29.7 million is now considered deductible for tax purposes. 2019 (unaudited) ASSETS. Perdoceo Education Corporation will host a conference call on Thursday, May 7, 2020 at 5:30 p.m. Eastern time to discuss its first quarter 2020 results and 2020 outlook. 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 The Company expects to pay an additional estimated amount of $6.0 million, related to the final post-closing purchase price and working capital adjustments, upon finalization of the closing balance sheet. Lease expenses for vacated space include both fixed and variable lease costs offset with sublease income. 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 year ended December 31, 2019, operating income of $86.5 million increased 21.3 percent compared to $71.3 million for the prior year. 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. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND . Lease expenses for vacated space include both fixed and variable lease costs offset with sublease income for our closed campuses. An archived version of the webcast will be accessible for 90 days at www.perdoceoed.com in the Investor Relations section of the website. The operating income, adjusted operating income, earnings per share, adjusted earnings per share and enrollment outlook provided above for 2020 are based on the following key assumptions and factors, among others: (i) prospective student interest in the Company’s programs remains consistent with recent experience, (ii) initiatives and investments in student-serving operations continue to positively impact enrollment trends within the University Group, (iii) no material changes in the current legal or regulatory environment, and excludes legal and regulatory liabilities and other related impacts which are not probable and estimable at this time, and any impact of new or proposed regulations, including the “borrower defense to repayment” regulations, (iv) no significant operating impacts from the settlements with the U.S. Federal Trade Commission and state attorneys general or other legal or regulatory matters, (v) no material changes in the estimated amount of compensation expense that could be impacted by changes in the Company’s stock price, (vi) earnings per diluted share outlook assumes an effective income tax rate of approximately 25% for the first quarter and 26% for the full year, (vii) any future impact from the Company’s stock repurchase program is excluded, and (viii) any results of operations from Trident University are excluded. Perdoceo Education Corporation today reported operating and financial results for the quarter ended March 31, 2020. These restructuring charges do not regularly occur and are not considered part of ongoing operating results. PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES. about: perdoceo education corporation (prdo) view as pdf united states securities and exchange commission ... career education corporation and subsidiaries condensed consolidated balance sheets Perdoceo Education Corporation (Perdoceo Education or "the company") is a provider of educational services. AIU’s first quarter new student enrollments, however, are expected to decline due to 31 percent less enrollment days in the first quarter of 2020 as compared to the prior year quarter, although this decline is expected to be more than offset with new student enrollment growth in the second quarter which has approximately 50 percent more enrollment days than the prior year quarter. The outlook continues to reflect the Company’s expectation of growth in new and total student enrollments at both universities for the full year of 2020. PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES. perdoceo education corporation reports fourth quarter and full year 2019 results. 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. Perdoceo is committed to providing quality education that closes the gap between learners who seek to advance their careers and employers needing a qualified workforce. 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. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.). Perdoceo Education Corporation will host a conference call on Wednesday, February 19, 2020 at 5:30 p.m. Eastern time to discuss its fourth quarter and full year 2019 results and 2020 outlook. Perdoceo Education Corporation (“Perdoceo” or “PEC”) was incorporated in Delaware in 1994 under the name Career Education Corporation. 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. Perdoceo Education (PRDO) Perdoceo Education Corporation operates colleges, institutions, and universities that provide education to student population in various career-oriented disciplines through online, campus based, and blended learning programs in the United States. For the full year 2019, approximately $29.7 million was considered deductible for tax purposes. unaudited consolidated statements of income and . 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