Perdoceo Education Corporation Announces First Quarter 2023 Results

About this update from Perdoceo Education Corporation

[{"type":"text","content":" SCHAUMBURG, Ill.--(BUSINESS WIRE)--\nPerdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for the quarter ended March 31, 2023.\n\n\nFirst Quarter 2023 Results as Compared to Prior Year Quarter\n\n\n\nRevenue increased 6.9% to $195.6 million, with a 10.0% increase at CTU and a 1.9% increase at AIUS.\n\n\n\nOperating income decreased 0.8% to $43.3 million, while adjusted operating income increased 4.3% to $53.1 million.*\n\n\n\nEarnings per diluted share was $0.50 as compared to $0.46, while adjusted earnings per diluted share was $0.58 as compared to $0.50.*\n\n\n\nTotal student enrollments at March 31, 2023 increased by 0.8%.\n\n\n\nEnded the quarter with $520.3 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\n\"During the quarter, student retention and engagement continued to improve at our academic institutions and our overall operating performance was in line with our expectations,” said Andrew Hurst, President and Chief Executive Officer. “The Perdoceo team remains committed to prioritizing student experiences, retention and academic outcomes and we continue to invest in technology across our student processes to make them more efficient and effective.\"\n\n\nREVENUE\n\n\n\nFor the quarter ended March 31, 2023, revenue of $195.6 million increased 6.9% compared to revenue of $183.0 million for the prior year quarter.\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nFor the Quarter Ended March 31,\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nRevenue ($ in thousands)\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nCTU\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n124,492\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n113,148\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n10.0\n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\nAIUS\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n70,840\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n69,532\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n1.9\n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\nCorporate and Other\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n266\n\n\n\n\n\n\n \n\...

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