Business
Perdoceo Education Corporation Reports Second Quarter and Year to Date 2020 Results
Second quarter revenue increased 12.5% supported by enrollment growth across both universities SCHAUMBURG, Ill.--(BUSINESS WIRE)-- Perdoceo Education
About this update from Perdoceo Education Corporation
[{"type":"text","content":"\nSecond quarter revenue increased 12.5% supported by 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 and year to date ended June 30, 2020.\n\n\nSecond Quarter 2020 Results as Compared to the Prior Year Quarter\n\n\nFinancial Results\n\n\n\nRevenue increased by 12.5 percent to $176.0 million with both universities contributing to the growth\n\n\nOperating income increased to $37.4 million as compared to $0.2 million\n\n\nAdjusted operating income increased to $41.7 million as compared to $32.8 million*\n\n\nEarnings per diluted share of $0.40 compared to loss per diluted share of $0.01\n\n\nAdjusted earnings per diluted share of $0.41 as compared to $0.34*\n\n\nEnded the quarter with $345.8 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments\n\n\n\nEnrollment Metrics\n\n\n\nTotal student enrollments increased 20.1 percent, supported by new student enrollment growth at both universities. CTU’s total student enrollments increased 4.0 percent while AIU’s total student enrollments increased 52.7 percent.\n\n\nNew student enrollments increased 45.3 percent with both universities contributing to this growth. CTU experienced an increase of 4.5 percent in new student enrollments while AIU’s new student enrollments increased by 118.8 percent. AIU’s new student enrollments were positively impacted by the acquisition of substantially all of the assets of Trident University International (the “Trident acquisition”) as well as approximately 50 percent more enrollment days for the quarter.\n\n\n\nYear to Date 2020 Results as Compared to the Prior Year to Date\n\n\nFinancial Results\n\n\n\nRevenue increased by 10.4 percent to $347.0 million with both universities contributing to the growth\n\n\nOperating income increased to $74.7 million as compared to $30.2 million\n\n\nAdjusted operating income increased to $82.5 million as compared to $65.8 million*\n\n\nEarnings per diluted share of $0.80 as compared to $0.34\n\n\nAdjusted earnings per diluted share of $0.82 as compared to $0.69*\n\n\n\nEnrollment Metrics\n\n\n\nNew student enrollments increased 21.3 percent with both universities contributing to the growth. New student enrollments increased 10.7 percen...