Perdoceo Education Corporation · NASDAQ:PRDO
Perdoceo Education — Career Education — Q2 2014 Earnings Presentation
12 slides from Perdoceo Education's earnings presentation, Aug 7, 2014
Slide 1: Second Quarter 2014 Investor Conference Call
CAREER EDUCATION CORPORATION SECOND QUARTER 2014 INVESTOR CONFERENCE CALL AUGUST 7, 2014 Reid Simpson Senior Vice President & Chief Financial Officer Scott Steffey President & Chief Executive Officer Exhibit 99.2
Slide 2: Total Student Enrollments - University
Total Student Enrollments - University 32,000 32,500 32,400 33,900 30,600 (1) AIU had two start dates in 2Q 2014 and three start dates in 1Q 2014 which explains why there is a spike in total enrollments in 1Q 2014 and a corresponding decrease in 2Q 2014. 2Q, 3Q and 4Q 2013 each had two AIU start dat
Slide 3: Sequential Improvement in Decline of Total Student Enrollments - University
Sequential Improvement in Decline of Total Student Enrollments - University Q2 ‘13 Q3 ‘13 Q4 ‘13 Q1 ’14 Q2 ‘14 (4,900) (4,200) (3,300) (3,000) (1,400)
Slide 4: Total Student Enrollments – Career Schools
Total Student Enrollments – Career Schools 18,500 20,300 18,900 20,200 17,500
Slide 5: Sequential Improvement in Decline of Total Student Enrollments – Career Schools
Sequential Improvement in Decline of Total Student Enrollments – Career Schools Q2 ‘13 Q3 ‘13 Q4 ‘13 Q1 ’14 Q2 ‘14 (7,500) (5,400) (1,700) (1,300) (1,000)
Slide 6: New Student Enrollments – Career Schools
New Student Enrollments – Career Schools 4,070 7,290 3,670 5,300 3,540
Slide 7: Phase Down of Transitional School Campuses
Phase Down of Transitional School Campuses
Slide 8: Adjusted EBITDA
Adjusted EBITDA Q2 ‘13 Q3 ‘13 Q4 ‘13 Q1 ’14 Q2 ‘14 In (000’s) Numbers exclude significant items (including International segment) as disclosed in the Non-GAAP reconciliation at the end of these slides.
Slide 9: Strong Cash Position
Strong Cash Position (1) Balances presented above are quarter end balances and include both Continuing and Discontinued Operations. In (000’s) (2) The increase in 4Q is attributed to proceeds from the sale of the Company’s International segment. $363,099 (2)
Slide 10: Reconciliation of GAAP to Non-GAAP Items
Reconciliation of GAAP to Non-GAAP Items Adjusted EBITDA Q2 2014 Q1 2014 Q4 2013 Q3 2013 Q2 2013 Pre-tax loss from continuing operations (33,746) $ (41,350) $ (45,319) $ (56,411) $ (49,300) $ Transitional Schools operating loss (2) 8,841 7,308 11,227 9,004 9,716 Interest (income) expense, net (177)
Slide 11: Reconciliation of GAAP to Non-GAAP Items – con’t
Reconciliation of GAAP to Non-GAAP Items – con’t Q2 2014 Q1 2014 Q4 2013 Q3 2013 Q2 2013 CTU - $ (900) $ 1,300 $ - $ - $ Career Colleges - - 8,300 Culinary Arts 2,000 3,000 15,500 - - Corporate & Other (400) 3,750 - - - Total 1,600 $ 5,850 $ 17,000 $ $ 8,300 $ (1) The Company believes it is useful t
Slide 12: End of Presentation
End of Presentation