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Perdoceo Education Corporation Reports Third Quarter and Year to Date 2020 Results
Third quarter revenue increased 9.1% supported by enrollment growth at both CTU and AIU SCHAUMBURG, Ill.--(BUSINESS WIRE)-- Perdoceo Education Corporation
About this update from Perdoceo Education Corporation
[{"type":"text","content":"\nThird quarter revenue increased 9.1% supported by enrollment growth at both CTU and AIU \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 September 30, 2020.\n\nThird Quarter 2020 Results as Compared to the Prior Year Quarter\n\nFinancial Results\n\n\nRevenue increased by 9.1 percent to $169.1 million, with both CTU and AIU contributing to the growth\n\n\nOperating income increased to $32.1 million as compared to $24.3 million\n\n\nAdjusted operating income increased to $36.3 million as compared to $34.0 million*\n\n\nEarnings per diluted share of $0.56 compared to earnings per diluted share of $0.25\n\n\nAdjusted earnings per diluted share of $0.35 as compared to $0.35*\n\n\nEnded the quarter with $367.7 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments\n\n\nEnrollment Metrics\n\n\nTotal student enrollments at September 30, 2020 increased 17.2 percent. CTU’s total student enrollments increased 4.8 percent while AIU’s total student enrollments increased 37.7 percent. AIU’s total student enrollments were positively impacted by the acquisition of substantially all of the assets of Trident University International (the “Trident acquisition”) while also experiencing underlying organic growth.\n\n\nNew student enrollments increased 17.5 percent. New student enrollments increased 5.2 percent within CTU and 29.4 percent within AIU. AIU’s new student enrollments were positively impacted by the Trident acquisition while also experiencing underlying organic growth.\n\n\nYear to Date 2020 Results as Compared to the Prior Year to Date\n\nFinancial Results\n\n\nRevenue increased by 10.0 percent to $516.2 million, with both CTU and AIU contributing to the growth\n\n\nOperating income increased to $106.7 million as compared to $54.4 million\n\n\nAdjusted operating income increased to $118.8 million as compared to $99.8 million*\n\n\nEarnings per diluted share of $1.36 as compared to $0.59\n\n\nAdjusted earnings per diluted share of $1.17 as compared to $1.04*\n\n\nEnrollment Metrics\n\n\nNew student enrollments increased 19.8 percent. New student enrollments increased 8.8 percent within CTU and 33.1 percent within AIU. AIU’s year to date new student enrollments were positiv...