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Perdoceo Education Corporation Reports Third Quarter and Year to Date 2022 Results
SCHAUMBURG, Ill.--(BUSINESS WIRE)-- Perdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for the quarter and year to
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 to date ended September 30, 2022.\n\nThird Quarter 2022 Results as Compared to Prior Year Quarter\n\n\nRevenue decreased 3.2% to $168.4 million, with a 6.9% decrease at CTU partially offset by a 2.4% increase at AIUS.\n\n\nOperating income decreased 22.5% to $29.3 million, while adjusted operating income decreased 16.5% to $38.7 million.*\n\n\nEarnings per diluted share was $0.32 as compared to $0.39, while adjusted earnings per diluted share was $0.39 as compared to $0.45.*\n\n\nTotal student enrollments at September 30, 2022 decreased by 2.1%. CTU experienced a 2.7% increase in total student enrollments that was more than offset by a 9.5% decrease at AIUS.\n\n\nEnded the quarter with $525.2 million in cash, cash equivalents, restricted cash and available-for-sale-short-term investments.\n\n\nYear to Date 2022 Results as Compared to Prior Year to Date\n\n\nTotal revenue decreased 2.6% to $519.1 million, with a 0.5% decline at CTU and a 5.7% decline at AIUS.\n\n\nOperating income decreased 6.5% to $107.0 million, while adjusted operating income decreased 1.5% to $131.5 million.*\n\n\nEarnings per diluted share was $1.16 as compared to $1.19 for the prior year period, while adjusted earnings per diluted share was $1.32 as compared to $1.29.*\n\n\n*See GAAP (U.S. generally accepted accounting principles) to non-GAAP reconciliation attached to this press release\n\n\"During the quarter, student retention and engagement experienced meaningful improvements, and we now expect our full year operating income to be higher than the previously provided outlook,” said Andrew Hurst, Chief Executive Officer. “Our balance sheet remains strong, and we continue to make investments in data analytics and technology and evaluate acquisition opportunities that further extend the depth and breadth of our educational offerings.\"\n\nREVENUE\n\n\nFor the quarter ended September 30, 2022, total revenue of $168.4 million decreased 3.2% compared to total revenue of $174.0 million for the prior year quarter.\n\n\nFor the year to date ended September 30, 2022, total revenue of $519.1 million decreased 2.6% compared to total revenue of $533.2 million for the prior year to date.\n\n\n\n\n \n\n\n\n \n\n\n\n...