Perdoceo Education Corporation · NASDAQ:PRDO
Perdoceo Education — Career Education — Q4 2013 Earnings Presentation
15 slides from Perdoceo Education's earnings presentation, Feb 27, 2014
Slide 1: Fourth Quarter 2013 Investor Conference Call
CAREER EDUCATION CORPORATION FOURTH QUARTER 2013 INVESTOR CONFERENCE CALL FEBRUARY 27, 2014 Exhibit 99.2
Slide 2: Sequential Improvement in Decline of New Enrollments
Sequential Improvement in Decline of New Enrollments
Slide 3: Sequential Improvement in Decline of Total Enrollments
Sequential Improvement in Decline of Total Enrollments
Slide 4: October 2013 – February 2014 New Enrollments
October 2013 – February 2014 New Enrollments (1) January & February 2013 new enrollments for AIU & CTU have been recast to align with 2014 metric reporting. (2) Based on reporting structure as of 12/31/13. (3) With the exception of Health, December data reflects cancellations as there were no new st
Slide 5: Winter Weather Factor
Winter Weather Factor Instances of Closures or Delayed Starts at Career Schools
Slide 6: Key Improvements – 4Q 2013 compared to 4Q 2012
Key Improvements – 4Q 2013 compared to 4Q 2012 New student enrollment growth for CTU (4%), Health Education (21%) and Design & Technology (12%). A 49% improvement in the rate at which we convert a prospective student to a new student enrollment, cumulatively reflecting improvement across all segment
Slide 7: Significantly Reduced Operating Expenses in 2013 Full Year Fourth Quarter
Significantly Reduced Operating Expenses in 2013 Full Year Fourth Quarter Operating Expenses (in millions) exclude significant items as disclosed in Non-GAAP reconciliation. Right sized & reengineered the organization. Optimized real estate footprint. Managed Transitional Schools cost structure. Imp
Slide 8: Lower Cash Burn in 2nd Half of 2013
Lower Cash Burn in 2 nd Half of 2013 2016 / 17 2Q 2013 3Q 2013 4Q 2013
Slide 9: Estimated Phasing of 2014 Transitional Schools Closures (20 Schools)
Estimated Phasing of 2014 Transitional Schools Closures (20 Schools) 1Q 2014 9 Campuses Complete Teach-Out 2Q 2014 7 Campuses Complete Teach-Out 3Q 2014 3 Campuses Complete Teach-Out 4Q 2014 1 Campus Complete Teach-Out 6 Campuses Already Completed 2014 1Q 2014 4Q
Slide 10: Estimated 2014 Operating Losses of Transitional Schools
Estimated 2014 Operating Losses of Transitional Schools
Slide 11: Path to Being EBITDA Positive in 2015
Path to Being EBITDA Positive in 2015 2013 Operating Loss of $160 million excludes significant items as disclosed in Non-GAAP reconciliation.
Slide 12: Lower Operating Cost Trends
Lower Operating Cost Trends 2012 & 2013 Operating Expenses exclude significant items as disclosed in Non-GAAP reconciliation. Numbers in millions.
Slide 13: Average Acquisition Costs Per Student
Average Acquisition Costs Per Student
Slide 14: End of Presentation
End of Presentation
Slide 15: Non-GAAP Reconciliation
Non-GAAP Reconciliation Operating Loss Loss per Diluted Share (2) Operating Loss Loss per Diluted Share (2) As Reported (59.0) $ (1.61) $ (91.5) $ (1.07) $ Reconciling Items: Legal Settlements (3) 15.7 0.15 - - Asset Impairments (4) 7.0 0.07 40.8 0.40 Severance and Related Costs (5) 1.8 0.02 13.1 0.