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Perdoceo Education Corporation Reports Fourth Quarter and Full Year 2022 Results
SCHAUMBURG, Ill.--(BUSINESS WIRE)-- Perdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for the quarter and year
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 and year ended December 31, 2022.\n\nFull Year 2022 Results as Compared to Prior Year\n\n\nRevenue increased 0.3% to $695.2 million, with a 2.7% increase at CTU mostly offset by a 3.1% decline at AIUS.\n\n\nOperating income decreased 13.0% to $129.6 million, while adjusted operating income decreased 6.6% to $164.0 million.*\n\n\nEarnings per diluted share was $1.39 as compared to $1.55, while adjusted earnings per diluted share was $1.63 as compared to $1.70.*\n\n\nTotal student enrollments at December 31, 2022 decreased by 3.0%. AIUS experienced a 10.8% decrease in total student enrollments that was partially offset by a 2.0% increase at CTU.\n\n\nEnded the year with $518.2 million in cash, cash equivalents, restricted cash and available-for-sale-short-term investments.\n\n\nFourth Quarter 2022 Results as Compared to Prior Year Quarter\n\n\nRevenue increased 10.2% to $176.1 million, with a 13.1% increase at CTU and a 5.9% increase at AIUS.\n\n\nOperating income decreased 34.4% to $22.7 million, while adjusted operating income decreased 22.9% to $32.4 million, primarily due to certain one-time investments within our academic institutions.*\n\n\nEarnings per diluted share was $0.23 as compared to $0.35, while adjusted earnings per diluted share was $0.31 as compared to $0.40.*\n\n\n*See GAAP (U.S. generally accepted accounting principles) to non-GAAP reconciliation attached to this press release\n\n\"Overall, we ended 2022 on a positive note as we experienced further improvement in student retention and engagement during the second half of 2022,” said Andrew Hurst, President and Chief Executive Officer. “As we look to 2023, we will continue to optimize investments in technology that will drive operational efficiencies across our academic institutions, while remaining committed to further enhancing student experiences and academic outcomes.\"\n\nREVENUE\n\n\nFor the quarter ended December 31, 2022, revenue of $176.1 million increased 10.2% compared to revenue of $159.9 million for the prior year quarter.\n\n\nFor the year ended December 31, 2022, revenue of $695.2 million increased 0.3% compared to revenue of $693.0 million for the prior year.\n\n\n\n\n \n\n\n\n \n\n\n\nFor the Quarter ...