Business
Perdoceo Education Corporation Announces First Quarter 2020 Results
Revenue increased 8.3% supported by total student enrollment growth across both universities SCHAUMBURG, Ill.--(BUSINESS WIRE)-- Perdoceo Education
About this update from Perdoceo Education Corporation
[{"type":"text","content":"\nRevenue increased 8.3% supported by total student enrollment growth across both universities \n\n SCHAUMBURG, Ill.--(BUSINESS WIRE)--\nPerdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for the quarter ended March 31, 2020.\n\n\nCOVID-19 Update\n\n\nThe health and well-being of our students, employees and communities are our top priority. Supported by our scalable and innovative technology infrastructure we have transitioned campus-based students to our online learning platforms. As a result, all of our students are now taking classes online with no major disruption to the level of service they are used to experiencing from our institutions, faculty and staff. Additionally, substantially all of our employees are now working remotely. There has been no material impact to our operating results from the COVID-19 pandemic thus far, but we continue to closely monitor future developments and will strive to optimize our resources to best serve our students.\n\n\nFirst Quarter 2020 Results as Compared to Prior Year Quarter\n\n\nFinancial Results\n\n\n\nRevenue increased by 8.3 percent to $171.0 million with both universities contributing to this growth\n\n\nOperating income increased 24.5 percent to $37.3 million\n\n\nAdjusted operating income increased 23.7 percent to $40.8 million*\n\n\nEarnings per diluted share of $0.41 as compared to earnings per diluted share of $0.35\n\n\nAdjusted earnings per diluted share of $0.42 as compared to $0.36*\n\n\nEnded the quarter with $285.6 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments\n\n\n\n*See GAAP (U.S. generally accepted accounting principles) to non-GAAP reconciliation attached to this press release\n\n\nEnrollment Metrics\n\n\n\nCTU’s total student enrollments increased 4.8 percent, supported by new student enrollment growth of 16.8 percent\n\n\nAIU’s total student enrollments increased 26.0 percent, as a result of the acquisition of the assets of Trident University International (the “Trident acquisition”). New student enrollments, however, decreased by 14.2 percent, negatively impacted by the academic calendar. Excluding the impact of the Trident acquisition, AIU’s new student enrollments would have decreased 22.9 percent as a result of approximately 31 percent less enrollment days for the quart...