Perdoceo Education Corporation · NASDAQ:PRDO
Perdoceo Education — Career Education — Q1 2014 Earnings Presentation
10 slides from Perdoceo Education's earnings presentation, May 8, 2014
Slide 1: Career Education Corporation First Quarter 2014 Investor Conference Call
CAREER EDUCATION CORPORATION FIRST QUARTER 2014 INVESTOR CONFERENCE CALL MAY 8, 2014 Scott Steffey President & Chief Executive Officer Colleen O’Sullivan Senior Vice President & Chief Financial Officer Exhibit 99.2
Slide 2: University New Student Enrollments – 1Q 2014 vs. 1Q 2013
University New Student Enrollments – 1Q 2014 vs. 1Q 2013 2014 2013 (1) % Change AIU 5,900 5,510 7% CTU 4,820 4,900 -2% University 10,720 10,410 3% (1) In the first quarter of 2014, we implemented a new student orientation process which replaced our previously provided student readiness programs. Thi
Slide 3: Sequential Improvement in Decline of Total Student Enrollments
Q1 ‘13 Q2 ‘13 Q3 ‘13 Q4 ’13 Q1 ‘14 Sequential Improvement in Decline of Total Student Enrollments ( 14,300 ) ( 12,500 ) ( 9,800 ) (5,100) (4,400) (5,400) (5,000) (4,400) (3,400) (3,100) (8,900) (7,500) (5,400) (1,700) (1,300) (16,000) (14,000) (12,000) (10,000) (8,000) (6,000) (4,000) (2,000) - Univ
Slide 4: Key Objectives to Turnaround Strategy
Key Objectives to Turnaround Strategy Generate Modest University Total Student Enrollment Growth. Improvement in rate of decline of total student enrollments. Anticipate total enrollment growth at University in the nd half of 2014. Stabilize Career School Enrollments. Consolidated three brands into
Slide 5: Total Student Enrollments - University
Total Student Enrollments - University 37,000 32,100 32,500 32,400 33,900 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 CTU AIU
Slide 6: Balanced & Strong Portfolio of Sanford Brown Schools
Balanced & Strong Portfolio of Sanford Brown Schools Sanford-Brown College Atlanta, GA Mendota Heights, MN Brooklyn Center, MN Chicago, IL Orlando, FL Tampa, FL Dallas, TX San Antonio, TX Houston, TX Seattle, WA Las Vegas, NV Online Sanford-Brown Institute Fort Lauderdale, FL Jacksonville, FL Garden
Slide 7: Continued Progress in Lowering Operating Expenses
Continued Progress in Lowering Operating Expenses First Quarter $277 $271 $33 $20 Operating Expenses (in millions) $310 $291 $0 $50 $100 $150 $200 $250 $300 $350 1Q 2013 1Q 2014 Ongoing Transitional
Slide 8: Estimated Phasing of 2014 Transitional Schools Closures
Estimated Phasing of 2014 Transitional Schools Closures (20 Schools) 1Q 2014 9 Campuses Successfully Taught-Out 2Q 2014 7 Campuses Complete Teach-Out 3Q 2014 3 Campuses Complete Teach-Out 4Q 2014 1 Campus Completes Teach-Out At the end of 2014, we estimate that 10 campuses will remain in our Transit
Slide 9: Stabilization of Ongoing Revenue
Stabilization of Ongoing Revenue Revenue (in millions) $235 $235 $262 $247 $275 $297 $269 $330 $0 $50 $100 $150 $200 $250 $300 $350 1Q '12 2Q '12 3Q '12 4Q '12 1Q 13 2Q '13 3Q '13 4Q '13 1Q '14 University Career Schools $235
Slide 10: End of Presentation
End of Presentation