Perdoceo Education Corporation Announces First Quarter 2024 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, 2024.\n\n\nFirst Quarter 2024 Results as Compared to Prior Year Quarter\n\n\n\nOperating income increased 6.8% to $46.3 million, while adjusted operating income decreased 6.8% to $49.5 million.*\n\n\n\nEarnings per diluted share was $0.59 as compared to $0.50, while adjusted earnings per diluted share was $0.60 as compared to $0.58.*\n\n\n\nRevenue decreased 14.0% to $168.3 million while total student enrollments at March 31, 2024 increased by 9.0%.\n\n\n\nEnded the quarter with $642.4 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\"First quarter results were better than expected, as both academic institutions continue to experience positive trends within student retention and engagement,” said Todd Nelson, President and Chief Executive Officer. “These results and trends give us confidence that we are making effective investments in student resources and technology, and we remain focused on prioritizing student experiences and academic outcomes across our academic institutions.\"\n\n\nREVENUE\n\n\n\nFor the quarter ended March 31, 2024, revenue of $168.3 million decreased 14.0% compared to revenue of $195.6 million for the prior year quarter.\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nFor the Quarter Ended March 31,\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nRevenue ($ in thousands)\n\n\n\n\n\n\n \n\n\n\n\n\n\n2024\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% 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$\n\n\n\n\n\n\n113,569\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\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-8.8\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\n54,505\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\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\n-23.1\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\n190\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\n266\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nNM\n\n\n\n\n\n\n \n\n\n...

More updates from Perdoceo Education Corporation