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Perdoceo Education Corporation Reports Second Quarter and Year to Date 2023 Results
Company Declares Inaugural Quarterly Cash Dividend on Common Stock SCHAUMBURG, Ill.--(BUSINESS WIRE)-- Perdoceo Education Corporation (NASDAQ: PRDO) today
About this update from Perdoceo Education Corporation
[{"type":"text","content":"\nCompany Declares Inaugural Quarterly Cash Dividend on Common Stock\n\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, 2023.\n\n\nSecond Quarter 2023 Results as Compared to Prior Year Quarter\n\n\n\nRevenue increased 11.3% to $186.6 million, primarily driven by an 18.7% increase at CTU.\n\n\n\nOperating income increased 41.7% to $48.1 million, while adjusted operating income increased 31.5% to $55.2 million.*\n\n\n\nEarnings per diluted share were $0.80 as compared to $0.37, while adjusted earnings per diluted share were $0.61 as compared to $0.42.*\n\n\n\nTotal student enrollments at June 30, 2023 decreased by 5.2%. AIUS experienced a 14.2% decrease in total student enrollments while CTU remained relatively flat.\n\n\n\nEnded the quarter with $578.1 million in cash, cash equivalents, restricted cash and available-for-sale-short-term investments.\n\n\n\nBoard of Directors declared inaugural dividend for the second quarter of $0.11 per share payable on September 15, 2023.\n\n\n\nYear to Date 2023 Results as Compared to Prior Year to Date\n\n\n\nRevenue increased 9.0% to $382.2 million, primarily driven by a 14.1% increase at CTU.\n\n\n\nOperating income increased 17.8% to $91.4 million, while adjusted operating income increased 16.6% to $108.3 million.*\n\n\n\nEarnings per diluted share were $1.30 as compared to $0.83, while adjusted earnings per diluted share were $1.19 as compared to $0.93.*\n\n\n\n*See GAAP (U.S. generally accepted accounting principles) to non-GAAP reconciliation attached to this press release\n\n\n\"Second quarter results came in ahead of our expectations, as we experienced further improvements in student retention and engagement, supported by various operating changes and technology upgrades within our onboarding, academic and student support processes,” said Andrew Hurst, Chief Executive Officer.\n\n\nREVENUE\n\n\n\nFor the quarter ended June 30, 2023, revenue of $186.6 million increased 11.3% compared to revenue of $167.7 million for the prior year quarter.\n\n\n\nFor the year to date ended June 30, 2023, revenue of $382.2 million increased 9.0% compared to revenue of $350.6 million for the prior year to date.\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nFor the Quarter Ended J...