Business
Perdoceo Education Corporation Reports Third Quarter and Year to Date 2021 Results
SCHAUMBURG, Ill.--(BUSINESS WIRE)-- Perdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for quarter and year to date
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 quarter and year to date ended September 30, 2021.\n\nThird Quarter 2021 Results as Compared to Prior Year Quarter\n\n\nRevenue increased 2.9 percent to $174.0 million, with growth at CTU being partially offset with a decline at AIU.\n\n\nOperating income increased 18.0 percent to $37.9 million while adjusted operating income increased 28.4 percent to $46.3 million.*\n\n\nEarnings per diluted share was $0.39 as compared to $0.56 while adjusted earnings per diluted share was $0.45 as compared to $0.35.*\n\n\nTotal student enrollments at September 30, 2021 decreased by 0.9 percent, with CTU experiencing a 7.5 percent increase that was offset by an 11.6 percent decrease within AIU. Total student enrollments at CTU were positively impacted by the academic calendar redesign.\n\n\nEnded the quarter with $481.0 million in cash, cash equivalents, restricted cash and available-for-sale-short-term investments.\n\n\nYear to Date 2021 Results as Compared to Prior Year to Date\n\n\nRevenue increased 3.3 percent to $533.2 million, with both CTU and AIU contributing to the growth.\n\n\nOperating income increased 7.2 percent to $114.4 million while adjusted operating income increased 13.4 percent to $133.5 million.*\n\n\nEarnings per diluted share was $1.19 as compared to $1.36 while adjusted earnings per diluted share was $1.29 as compared to $1.16.*\n\n\n\n\n*See GAAP (U.S. generally accepted accounting principles) to non-GAAP reconciliation attached to this press release\n\n\n\n\n“During the quarter, we continued to focus on serving and educating our students while adjusting our processes and continuing to prioritize academic outcomes and retention of our students,” said Todd Nelson, President and Chief Executive Officer. “We also completed the acquisitions of DigitalCrafts and Hippo Education which expand our professional development and continuing education offerings, providing learners with valuable upskilling and reskilling opportunities.”\n\nBUSINESS ACQUISTIONS\n\nDuring the quarter ended September 30, 2021, the Company completed the acquisition of substantially all of the assets of DigitalCrafts (the “DigitalCrafts acquisition”) as of August 2, 2021 and the acquisition of Hippo Education LLC (the “Hipp...