Business
Perdoceo Education Corporation Announces First Quarter 2021 Results
Operating income increased 8.9% supported by revenue growth across both CTU and AIU SCHAUMBURG, Ill.--(BUSINESS WIRE)-- Perdoceo Education Corporation
About this update from Perdoceo Education Corporation
[{"type":"text","content":"\nOperating income increased 8.9% supported by revenue growth across both CTU and AIU \n\n SCHAUMBURG, Ill.--(BUSINESS WIRE)--\nPerdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for the quarter ended March 31, 2021.\n\nFirst Quarter 2021 Results as Compared to Prior Year Quarter\n\n\nRevenue increased 7.4 percent to $183.6 million with both CTU and AIU contributing to the growth\n\n\nOperating income increased 8.9 percent to $40.6 million while adjusted operating income increased 11.7 percent to $44.6 million*\n\n\nEarnings per diluted share was $0.43 as compared to $0.41 while adjusted earnings per diluted share was $0.44 as compared to $0.41*\n\n\nEnded the quarter with $451.0 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments\n\n\nTotal student enrollments at March 31, 2021 increased by 9.7 percent, with CTU experiencing a 12.8 percent increase and AIU experiencing a 5.0 percent increase\n\n\n*See GAAP (U.S. generally accepted accounting principles) to non-GAAP reconciliation attached to this press release\n\n“We are pleased with our positive first quarter 2021 results. Our focus on student experiences, retention and academic outcomes, in particular through our ongoing technology initiatives, has helped us to effectively serve and educate our students as they progress through their academic programs,” said Todd Nelson, President and Chief Executive Officer. “As the year progresses, we will continue to invest in various initiatives that meet the evolving professional needs of our non-traditional learners, including working adults.”\n\nREVENUE\n\n\nThe Company experienced organic revenue growth across both CTU and AIU while growth at AIU also reflects the acquisition of substantially all of the assets of Trident University International on March 2, 2020 (the “Trident acquisition”).\n\n\n\n\n \n\n\n\n \n\n\n\nFor the Quarter Ended March 31,\n\n\n\n \n\n\n\n\n\nRevenue ($ in thousands)\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n \n\n\n\n% Change\n\n\n\n \n\n\n\n\n\nCTU\n\n\n\n \n\n\n\n$\n\n\n\n105,822\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n103,588\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n2.2\n\n\n\n%\n\n\n\n\n\nAIU (1)\n\n\n\n \n\n\n\n \n\n\n\n77,477\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n67,396\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n15.0\n...