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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2024
OR
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE TRANSITION PERIOD FROM TO
Commission File Number: 0-23245
PERDOCEO EDUCATION CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
36-3932190 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
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1750 E. Golf Road Schaumburg, Illinois |
60173 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (847) 781-3600
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading symbol(s) |
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Name of each exchange on which registered |
Common Stock, $0.01 par value |
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PRDO |
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Nasdaq Global Select Market |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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☒ |
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Accelerated filer |
☐ |
Non-accelerated filer |
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☐ |
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Smaller reporting company |
☐ |
Emerging growth company |
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☐ |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company, as defined in Rule 12b-2 of the Exchange Act. Yes ☐ No ☒
Number of shares of registrant’s common stock, par value $0.01, outstanding as of November 6, 2024: 65,716,357
PERDOCEO EDUCATION CORPORATION
FORM 10-Q
TABLE OF CONTENTS
PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
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September 30, |
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December 31, |
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(In Thousands, Except Share and Per Share Amounts) |
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2024 |
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2023 |
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ASSETS |
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(unaudited) |
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CURRENT ASSETS: |
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Cash and cash equivalents, unrestricted |
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$ |
238,049 |
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$ |
118,009 |
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Restricted cash |
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773 |
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1,012 |
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Total cash, cash equivalents and restricted cash |
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238,822 |
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119,021 |
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Short-term investments |
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483,772 |
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485,135 |
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Total cash and cash equivalents, restricted cash and short-term investments |
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722,594 |
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604,156 |
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Student receivables, gross |
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67,599 |
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64,011 |
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Allowance for credit losses |
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(35,581 |
) |
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(34,613 |
) |
Student receivables, net |
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32,018 |
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|
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29,398 |
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Receivables, other |
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4,114 |
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4,539 |
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Prepaid expenses |
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10,665 |
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|
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11,712 |
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Inventories |
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3,870 |
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|
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5,004 |
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Other current assets |
|
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263 |
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|
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155 |
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Total current assets |
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773,524 |
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654,964 |
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NON-CURRENT ASSETS: |
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Property and equipment, net of accumulated depreciation of $64,602 and $58,785
as of September 30, 2024 and December 31, 2023, respectively |
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18,099 |
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21,371 |
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Right of use asset, net |
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15,669 |
|
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19,096 |
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Goodwill |
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241,162 |
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241,162 |
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Intangible assets, net of amortization of $26,937 and $23,612 as of September 30, 2024 and December 31, 2023, respectively |
|
|
32,894 |
|
|
|
36,219 |
|
Student receivables, gross |
|
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8,656 |
|
|
|
7,028 |
|
Allowance for credit losses |
|
|
(2,752 |
) |
|
|
(3,169 |
) |
Student receivables, net |
|
|
5,904 |
|
|
|
3,859 |
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Deferred income tax assets, net |
|
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23,010 |
|
|
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23,804 |
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Other assets |
|
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6,494 |
|
|
|
6,841 |
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TOTAL ASSETS |
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$ |
1,116,756 |
|
|
$ |
1,007,316 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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CURRENT LIABILITIES: |
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Lease liability-operating |
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$ |
4,969 |
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$ |
5,701 |
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Accounts payable |
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13,647 |
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10,766 |
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Accrued expenses: |
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|
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Payroll and related benefits |
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33,517 |
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32,684 |
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Advertising and marketing costs |
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7,969 |
|
|
|
7,196 |
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Income taxes |
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10,396 |
|
|
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3,974 |
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Other |
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21,322 |
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13,503 |
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Deferred revenue |
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49,347 |
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37,215 |
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Total current liabilities |
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141,167 |
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111,039 |
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NON-CURRENT LIABILITIES: |
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|
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Lease liability-operating |
|
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17,317 |
|
|
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21,346 |
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Other liabilities |
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22,841 |
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33,510 |
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Total non-current liabilities |
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40,158 |
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54,856 |
|
Commitments and Contingencies (Note 8) |
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STOCKHOLDERS' EQUITY: |
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Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding |
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- |
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- |
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Common stock, $0.01 par value; 300,000,000 shares authorized; 91,020,793
and 90,270,306 shares issued, 65,716,357 and 65,544,539 shares
outstanding as of September 30, 2024 and December 31, 2023, respectively |
|
|
910 |
|
|
|
903 |
|
Additional paid-in capital |
|
|
704,346 |
|
|
|
694,798 |
|
Accumulated other comprehensive income (loss) |
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1,568 |
|
|
|
(666 |
) |
Retained earnings |
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573,031 |
|
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|
480,606 |
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Treasury stock, at cost; 25,304,436 and 24,725,767 shares as of September 30, 2024
and December 31, 2023, respectively |
|
|
(344,424 |
) |
|
|
(334,220 |
) |
Total stockholders' equity |
|
|
935,431 |
|
|
|
841,421 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
1,116,756 |
|
|
$ |
1,007,316 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
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For the Quarter Ended September 30, |
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|
For the Year to Date Ended September 30, |
|
(In Thousands, Except Per Share Amounts) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
Tuition and fees, net |
|
$ |
168,442 |
|
|
$ |
178,259 |
|
|
$ |
500,844 |
|
|
$ |
556,098 |
|
Other |
|
|
1,386 |
|
|
|
1,664 |
|
|
|
3,988 |
|
|
|
5,987 |
|
Total revenue |
|
|
169,828 |
|
|
|
179,923 |
|
|
|
504,832 |
|
|
|
562,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
Educational services and facilities |
|
|
28,287 |
|
|
|
33,502 |
|
|
|
85,661 |
|
|
|
100,101 |
|
General and administrative |
|
|
93,694 |
|
|
|
92,054 |
|
|
|
270,487 |
|
|
|
305,328 |
|
Depreciation and amortization |
|
|
3,053 |
|
|
|
3,914 |
|
|
|
9,138 |
|
|
|
13,438 |
|
Asset impairment |
|
|
- |
|
|
|
7,380 |
|
|
|
2,468 |
|
|
|
8,715 |
|
Total operating expenses |
|
|
125,034 |
|
|
|
136,850 |
|
|
|
367,754 |
|
|
|
427,582 |
|
Operating income |
|
|
44,794 |
|
|
|
43,073 |
|
|
|
137,078 |
|
|
|
134,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
7,702 |
|
|
|
5,210 |
|
|
|
21,685 |
|
|
|
13,559 |
|
Interest expense |
|
|
(82 |
) |
|
|
(97 |
) |
|
|
(529 |
) |
|
|
(288 |
) |
Miscellaneous (expense) income |
|
|
(52 |
) |
|
|
(98 |
) |
|
|
(7 |
) |
|
|
21,970 |
|
Total other income |
|
|
7,568 |
|
|
|
5,015 |
|
|
|
21,149 |
|
|
|
35,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRETAX INCOME |
|
|
52,362 |
|
|
|
48,088 |
|
|
|
158,227 |
|
|
|
169,744 |
|
Provision for income taxes |
|
|
14,107 |
|
|
|
6,781 |
|
|
|
42,101 |
|
|
|
39,280 |
|
NET INCOME |
|
|
38,255 |
|
|
|
41,307 |
|
|
|
116,126 |
|
|
|
130,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME PER SHARE - BASIC: |
|
$ |
0.58 |
|
|
$ |
0.63 |
|
|
$ |
1.77 |
|
|
$ |
1.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME PER SHARE - DILUTED: |
|
$ |
0.57 |
|
|
$ |
0.62 |
|
|
$ |
1.73 |
|
|
$ |
1.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
65,699 |
|
|
|
65,634 |
|
|
|
65,622 |
|
|
|
66,758 |
|
Diluted |
|
|
67,312 |
|
|
|
67,103 |
|
|
|
67,110 |
|
|
|
68,072 |
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, |
|
|
For the Year to Date Ended September 30, |
|
(In Thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
NET INCOME |
|
$ |
38,255 |
|
|
$ |
41,307 |
|
|
$ |
116,126 |
|
|
$ |
130,464 |
|
OTHER COMPREHENSIVE INCOME, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
46 |
|
|
|
(31 |
) |
|
|
7 |
|
|
|
(8 |
) |
Unrealized gain on investments |
|
|
3,243 |
|
|
|
653 |
|
|
|
2,227 |
|
|
|
456 |
|
Total other comprehensive income |
|
|
3,289 |
|
|
|
622 |
|
|
|
2,234 |
|
|
|
448 |
|
COMPREHENSIVE INCOME |
|
$ |
41,544 |
|
|
$ |
41,929 |
|
|
$ |
118,360 |
|
|
$ |
130,912 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Treasury Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands) |
|
Issued Shares |
|
|
$0.01 Par
Value |
|
|
Purchased Shares |
|
|
Cost |
|
|
Additional Paid-in Capital |
|
|
Accumulated Other Comprehensive (Loss) Income |
|
|
Retained Earnings |
|
|
Total |
|
BALANCE, July 1, 2024 |
|
|
90,978 |
|
|
$ |
910 |
|
|
|
(25,304 |
) |
|
$ |
(344,424 |
) |
|
$ |
701,153 |
|
|
$ |
(1,721 |
) |
|
$ |
543,606 |
|
|
$ |
899,524 |
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
38,255 |
|
|
|
38,255 |
|
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
46 |
|
|
|
- |
|
|
|
46 |
|
Unrealized gain on investments, net of tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,243 |
|
|
|
- |
|
|
|
3,243 |
|
Dividends to shareholders, per share $0.13 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(8,830 |
) |
|
|
(8,830 |
) |
Share-based compensation expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,828 |
|
|
|
- |
|
|
|
- |
|
|
|
2,828 |
|
Common stock issued |
|
|
43 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
365 |
|
|
|
- |
|
|
|
- |
|
|
|
365 |
|
BALANCE, September 30, 2024 |
|
|
91,021 |
|
|
$ |
910 |
|
|
|
(25,304 |
) |
|
$ |
(344,424 |
) |
|
$ |
704,346 |
|
|
$ |
1,568 |
|
|
$ |
573,031 |
|
|
$ |
935,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Treasury Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands) |
|
Issued Shares |
|
|
$0.01 Par
Value |
|
|
Purchased Shares |
|
|
Cost |
|
|
Additional Paid-in Capital |
|
|
Accumulated Other Comprehensive Loss |
|
|
Retained Earnings |
|
|
Total |
|
BALANCE, July 1, 2023 |
|
|
90,016 |
|
|
$ |
900 |
|
|
|
(24,407 |
) |
|
$ |
(328,648 |
) |
|
$ |
688,805 |
|
|
$ |
(5,621 |
) |
|
$ |
436,996 |
|
|
$ |
792,432 |
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
41,307 |
|
|
|
41,307 |
|
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(31 |
) |
|
|
- |
|
|
|
(31 |
) |
Unrealized gain on investments, net of tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
653 |
|
|
|
- |
|
|
|
653 |
|
Dividends to shareholders, per share $0.11 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(7,474 |
) |
|
|
(7,474 |
) |
Share-based compensation expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,336 |
|
|
|
- |
|
|
|
- |
|
|
|
2,336 |
|
Common stock issued |
|
|
60 |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
435 |
|
|
|
- |
|
|
|
- |
|
|
|
436 |
|
BALANCE, September 30, 2023 |
|
|
90,076 |
|
|
$ |
901 |
|
|
|
(24,407 |
) |
|
$ |
(328,648 |
) |
|
$ |
691,576 |
|
|
$ |
(4,999 |
) |
|
$ |
470,829 |
|
|
$ |
829,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Treasury Stock |
|
|
|
|
|
Accumulated Other |
|
|
|
|
|
|
|
(In Thousands) |
|
Issued Shares |
|
|
$0.01 Par
Value |
|
|
Purchased Shares |
|
|
Cost |
|
|
Additional Paid-in Capital |
|
|
Comprehensive (Loss) Income |
|
|
Retained Earnings |
|
|
Total |
|
BALANCE, January 1, 2024 |
|
|
90,270 |
|
|
$ |
903 |
|
|
|
(24,726 |
) |
|
$ |
(334,220 |
) |
|
$ |
694,798 |
|
|
$ |
(666 |
) |
|
$ |
480,606 |
|
|
$ |
841,421 |
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
116,126 |
|
|
|
116,126 |
|
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7 |
|
|
|
- |
|
|
|
7 |
|
Unrealized gain on investments, net of tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,227 |
|
|
|
- |
|
|
|
2,227 |
|
Dividends to shareholders, per share $0.35 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(23,701 |
) |
|
|
(23,701 |
) |
Treasury stock purchased |
|
|
- |
|
|
|
- |
|
|
|
(385 |
) |
|
|
(6,769 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(6,769 |
) |
Share-based compensation expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,385 |
|
|
|
- |
|
|
|
- |
|
|
|
7,385 |
|
Common stock issued |
|
|
751 |
|
|
|
7 |
|
|
|
(193 |
) |
|
|
(3,435 |
) |
|
|
2,163 |
|
|
|
- |
|
|
|
- |
|
|
|
(1,265 |
) |
BALANCE, September 30, 2024 |
|
|
91,021 |
|
|
$ |
910 |
|
|
|
(25,304 |
) |
|
$ |
(344,424 |
) |
|
$ |
704,346 |
|
|
$ |
1,568 |
|
|
$ |
573,031 |
|
|
$ |
935,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Treasury Stock |
|
|
|
|
|
Accumulated Other |
|
|
|
|
|
|
|
(In Thousands) |
|
Issued Shares |
|
|
$0.01 Par
Value |
|
|
Purchased Shares |
|
|
Cost |
|
|
Additional Paid-in Capital |
|
|
Comprehensive Loss |
|
|
Retained Earnings |
|
|
Total |
|
BALANCE, January 1, 2023 |
|
|
89,396 |
|
|
$ |
894 |
|
|
|
(22,221 |
) |
|
$ |
(301,624 |
) |
|
$ |
684,183 |
|
|
$ |
(5,447 |
) |
|
$ |
347,839 |
|
|
$ |
725,845 |
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
130,464 |
|
|
|
130,464 |
|
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(8 |
) |
|
|
- |
|
|
|
(8 |
) |
Unrealized gain on investments, net of tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
456 |
|
|
|
- |
|
|
|
456 |
|
Dividends to shareholders, per share $0.11 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(7,474 |
) |
|
|
(7,474 |
) |
Treasury stock purchased |
|
|
- |
|
|
|
- |
|
|
|
(221 |
) |
|
|
(2,729 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,729 |
) |
Treasury stock acquired upon sale of asset |
|
|
- |
|
|
|
- |
|
|
|
(1,800 |
) |
|
|
(22,086 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(22,086 |
) |
Share-based compensation expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,651 |
|
|
|
- |
|
|
|
- |
|
|
|
6,651 |
|
Common stock issued |
|
|
680 |
|
|
|
7 |
|
|
|
(165 |
) |
|
|
(2,209 |
) |
|
|
742 |
|
|
|
- |
|
|
|
- |
|
|
|
(1,460 |
) |
BALANCE, September 30, 2023 |
|
|
90,076 |
|
|
$ |
901 |
|
|
|
(24,407 |
) |
|
$ |
(328,648 |
) |
|
$ |
691,576 |
|
|
$ |
(4,999 |
) |
|
$ |
470,829 |
|
|
$ |
829,659 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
For the Year to Date Ended September 30, |
|
(In Thousands) |
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net income |
|
$ |
116,126 |
|
|
$ |
130,464 |
|
Adjustments to reconcile net income to net |
|
|
|
|
|
|
cash provided by operating activities: |
|
|
|
|
|
|
Asset impairment |
|
|
2,468 |
|
|
|
8,715 |
|
Gain on sale of asset |
|
|
- |
|
|
|
(22,086 |
) |
Depreciation and amortization expense |
|
|
9,138 |
|
|
|
13,438 |
|
Bad debt expense |
|
|
21,364 |
|
|
|
26,519 |
|
Compensation expense related to share-based awards |
|
|
7,385 |
|
|
|
6,651 |
|
Deferred income taxes |
|
|
794 |
|
|
|
4,249 |
|
Changes in operating assets and liabilities |
|
|
(13,280 |
) |
|
|
(69,117 |
) |
Net cash provided by operating activities |
|
|
143,995 |
|
|
|
98,833 |
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
Purchases of available-for-sale investments |
|
|
(266,842 |
) |
|
|
(205,529 |
) |
Sales of available-for-sale investments |
|
|
277,111 |
|
|
|
179,139 |
|
Purchases of property and equipment |
|
|
(2,997 |
) |
|
|
(4,801 |
) |
Net cash provided by (used in) investing activities |
|
|
7,272 |
|
|
|
(31,191 |
) |
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
Issuance of common stock |
|
|
2,170 |
|
|
|
749 |
|
Purchase of treasury stock |
|
|
(6,769 |
) |
|
|
(2,729 |
) |
Payments of employee tax associated with stock compensation |
|
|
(3,435 |
) |
|
|
(2,209 |
) |
Payments of cash dividends and dividend equivalents |
|
|
(23,156 |
) |
|
|
(7,222 |
) |
Release of cash held in escrow |
|
|
(276 |
) |
|
|
(1,000 |
) |
Net cash used in financing activities |
|
|
(31,466 |
) |
|
|
(12,411 |
) |
|
|
|
|
|
|
|
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
|
119,801 |
|
|
|
55,231 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period |
|
|
119,021 |
|
|
|
118,884 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period |
|
$ |
238,822 |
|
|
$ |
174,115 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. DESCRIPTION OF THE COMPANY
Perdoceo’s accredited academic institutions offer a quality postsecondary education primarily online to a diverse student population, along with campus-based and blended learning programs. The Company’s academic institutions – Colorado Technical University (“CTU”) and the American InterContinental University System (“AIUS” or “AIU System”) – provide degree programs from the associate through doctoral level as well as non-degree seeking and professional development programs. Our academic institutions offer students industry-relevant and career-focused academic programs that are designed to meet the educational needs of today’s busy adults. CTU and AIUS continue to show innovation in higher education, advancing personalized learning technologies like their intellipath® learning platform and using data analytics and technology to serve and educate students while enhancing overall learning and academic experiences. Perdoceo's institutions are committed to providing quality education that closes the gap between learners who seek to advance their careers and employers needing a qualified workforce.
As used in this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” “the Company,” “Perdoceo” and “PEC” refer to Perdoceo Education Corporation and our wholly-owned subsidiaries.
2. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for interim financial information and with the rules and regulations for reporting the Quarterly Report on Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. This report should be read in conjunction with our 2023 Form 10-K. In our opinion, these financial statements include all normal and recurring adjustments necessary for a fair presentation.
Operating results for the quarter and year to date ended September 30, 2024 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024.
The unaudited condensed consolidated financial statements presented herein include the accounts of Perdoceo Education Corporation and our wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.
Our reporting segments are determined in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280 – Segment Reporting and are based upon how the Company analyzes performance and makes decisions. Each segment represents a postsecondary education provider that offers a variety of academic programs. We organize our business across two reporting segments: CTU and AIUS.
3. RECENT ACCOUNTING PRONOUNCEMENTS
Recent accounting guidance not yet adopted
In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU require that public business entities on an annual basis 1) disclose specific categories in the rate reconciliation, and 2) provide additional information for reconciling items that meet a quantitative threshold. The amendments require disclosure about income taxes paid by federal, state and foreign taxes, and by individual jurisdictions in which income taxes paid is equal or greater than 5 percent of total income taxes paid. The amendments also require entities to disclose income or loss from continuing operations before income tax expense disaggregated between domestic and foreign and income tax expense or benefit from continuing operations disaggregated by federal, state and foreign. For all public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024; early adoption is permitted. We are currently evaluating this guidance and believe the adoption will not significantly impact the presentation of our financial condition, results of operations and disclosures.
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update require that a public entity disclose on an annual and interim basis, 1) significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, 2) an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss, and 3) disclose the title and
position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. For all public business entities, ASU 2023-07 is effective for annual periods after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024; early adoption is permitted. We are currently evaluating this guidance and believe the adoption will not significantly impact the presentation of our financial condition, results of operations and disclosures.
In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. For all public business entities, ASU 2022-03 is effective for annual periods and interim periods beginning after December 15, 2024; early adoption is permitted. We are currently evaluating this guidance and believe the adoption will not significantly impact the presentation of our financial condition, results of operations and disclosures.
4. FINANCIAL INSTRUMENTS
Investments consist of the following as of September 30, 2024 and December 31, 2023 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
|
|
|
|
Gross Unrealized |
|
|
|
|
|
|
Cost |
|
|
Gain |
|
|
(Loss) |
|
|
Fair Value |
|
Short-term investments (available for sale): |
|
|
|
|
|
|
|
|
|
|
|
|
Non-governmental debt securities |
|
$ |
224,665 |
|
|
$ |
1,203 |
|
|
$ |
(85 |
) |
|
$ |
225,783 |
|
Treasury and federal agencies |
|
|
257,488 |
|
|
|
576 |
|
|
|
(75 |
) |
|
|
257,989 |
|
Total short-term investments (available for sale) |
|
$ |
482,153 |
|
|
$ |
1,779 |
|
|
$ |
(160 |
) |
|
$ |
483,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
|
|
|
|
Gross Unrealized |
|
|
|
|
|
|
Cost |
|
|
Gain |
|
|
(Loss) |
|
|
Fair Value |
|
Short-term investments (available for sale): |
|
|
|
|
|
|
|
|
|
|
|
|
Non-governmental debt securities |
|
|
245,886 |
|
|
|
719 |
|
|
|
(892 |
) |
|
|
245,713 |
|
Treasury and federal agencies |
|
|
239,859 |
|
|
|
393 |
|
|
|
(830 |
) |
|
|
239,422 |
|
Total short-term investments (available for sale) |
|
$ |
485,745 |
|
|
$ |
1,112 |
|
|
$ |
(1,722 |
) |
|
$ |
485,135 |
|
In the table above, unrealized holding gains (losses) relate to short-term investments that have been in a continuous unrealized gain (loss) position for less than one year.
Our non-governmental debt securities primarily consist of corporate bonds, certificates of deposit and commercial paper. Our treasury and federal agencies primarily consist of U.S. Treasury bills and federal home loan debt securities.
Realized gains or loss resulting from sales of investments were zero during the quarters and years to date ended September 30, 2024 and September 30, 2023.
Fair Value Measurements
FASB ASC Topic 820 – Fair Value Measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.
As of September 30, 2024, we held investments that are required to be measured at fair value on a recurring basis. These investments (available for sale) consist of non-governmental debt securities and treasury and federal agencies securities. Available for sale securities included in Level 2 are estimated based on observable inputs other than quoted prices in active markets for identical assets and liabilities, such as quoted prices for identical or similar assets or liabilities in inactive markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
All of our available for sale investments were measured under Level 2 as of September 30, 2024 and December 31, 2023. Additionally, money market funds of $30.5 million and $30.3 million included within cash and cash equivalents on our condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively, were measured under Level 1. Non-governmental debt securities of $20.9 million included within cash and cash equivalents on our unaudited condensed consolidated balance sheets as of September 30, 2024 were measured under Level 2. Federal agency debt securities of $53.2 million and $44.9
million included within cash and cash equivalents on our unaudited condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively, were measured under Level 2.
Equity Method Investment
Our investment in an equity affiliate, which is recorded within other noncurrent assets on our condensed consolidated balance sheets, represents an international investment in a private company. As of September 30, 2024, our investment in an equity affiliate equated to 30.7%, or $1.2 million.
During each of the quarters ended September 30, 2024 and 2023, we recorded approximately $0.1 million of loss and during the years to date ended September 30, 2024 and 2023, we recorded less than ten thousand dollars of loss and approximately $0.1 million of loss, respectively, related to our equity affiliate within miscellaneous (expense) income on our unaudited condensed consolidated statements of income.
We make periodic operating maintenance payments to our equity affiliate. The total fees recorded during the quarters and years to date ended September 30, 2024 and 2023 were as follows (dollars in thousands):
|
|
|
|
|
Maintenance Fee Payments |
|
For the quarter ended September 30, 2024 |
$ |
429 |
|
For the quarter ended September 30, 2023 |
$ |
411 |
|
For the year to date ended September 30, 2024 |
$ |
1,296 |
|
For the year to date ended September 30, 2023 |
$ |
1,256 |
|
Credit Agreement
Termination of credit agreement
On July 29, 2024, the Company gave notice of the termination of its credit agreement, dated as of September 8, 2021, as amended (the “Credit Agreement”), by and among the Company, as borrower, certain of its subsidiary guarantors thereunder, the lenders from time-to-time parties thereto and Wintrust Bank N.A. (the “Termination”).
At the time of the Termination of the Credit Agreement, the Company was not in default under the Credit Agreement, nor did it have any amounts outstanding thereunder. The Credit Agreement was due to mature on January 31, 2027. The Company made the decision to terminate the Credit Agreement due to the Company’s strong cash position and to avoid uncertainty under the Credit Agreement associated with newly effective Title IV financial responsibility requirements.
The Termination was effective on July 30, 2024. Upon effectiveness of the Termination, all security interests and pledges granted to the secured parties under the Credit Agreement were terminated and released. The Company did not incur any material early termination penalties in connection with the Termination.
5. REVENUE RECOGNITION
Disaggregation of Revenue
The following tables disaggregate our revenue by major source for the quarters and years to date ended September 30, 2024 and 2023 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, 2024 |
|
|
For the Quarter Ended September 30, 2023 |
|
|
|
CTU |
|
|
AIUS |
|
|
Corporate and Other |
|
|
Total |
|
|
CTU |
|
|
AIUS |
|
|
Corporate and Other |
|
|
Total |
|
Tuition, net (1) |
|
$ |
109,730 |
|
|
$ |
51,174 |
|
|
$ |
- |
|
|
$ |
160,904 |
|
|
$ |
114,104 |
|
|
$ |
56,212 |
|
|
$ |
- |
|
|
$ |
170,316 |
|
Technology and other fees |
|
|
5,107 |
|
|
|
2,431 |
|
|
|
- |
|
|
|
7,538 |
|
|
|
5,269 |
|
|
|
2,674 |
|
|
|
- |
|
|
|
7,943 |
|
Total tuition and fees, net |
|
|
114,837 |
|
|
|
53,605 |
|
|
|
- |
|
|
|
168,442 |
|
|
|
119,373 |
|
|
|
58,886 |
|
|
|
- |
|
|
|
178,259 |
|
Other revenue (2) |
|
|
905 |
|
|
|
282 |
|
|
|
199 |
|
|
|
1,386 |
|
|
|
1,179 |
|
|
|
340 |
|
|
|
145 |
|
|
|
1,664 |
|
Total revenue |
|
$ |
115,742 |
|
|
$ |
53,887 |
|
|
$ |
199 |
|
|
$ |
169,828 |
|
|
$ |
120,552 |
|
|
$ |
59,226 |
|
|
$ |
145 |
|
|
$ |
179,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year to Date Ended September 30, 2024 |
|
|
For the Year to Date Ended September 30, 2023 |
|
|
|
CTU |
|
|
AIUS |
|
|
Corporate and Other |
|
|
Total |
|
|
CTU |
|
|
AIUS |
|
|
Corporate and Other |
|
|
Total |
|
Tuition, net (1) |
|
$ |
324,148 |
|
|
$ |
153,969 |
|
|
$ |
- |
|
|
$ |
478,117 |
|
|
$ |
344,966 |
|
|
$ |
185,993 |
|
|
$ |
- |
|
|
$ |
530,959 |
|
Technology and other fees |
|
|
15,445 |
|
|
|
7,282 |
|
|
|
- |
|
|
|
22,727 |
|
|
|
16,112 |
|
|
|
9,027 |
|
|
|
- |
|
|
|
25,139 |
|
Total tuition and fees, net |
|
|
339,593 |
|
|
|
161,251 |
|
|
|
- |
|
|
|
500,844 |
|
|
|
361,078 |
|
|
|
195,020 |
|
|
|
- |
|
|
|
556,098 |
|
Other revenue (2) |
|
|
2,546 |
|
|
|
863 |
|
|
|
579 |
|
|
|
3,988 |
|
|
|
3,258 |
|
|
|
2,108 |
|
|
|
621 |
|
|
|
5,987 |
|
Total revenue |
|
$ |
342,139 |
|
|
$ |
162,114 |
|
|
$ |
579 |
|
|
$ |
504,832 |
|
|
$ |
364,336 |
|
|
$ |
197,128 |
|
|
$ |
621 |
|
|
$ |
562,085 |
|
__________________
(1)Tuition includes revenue earned for all degree-granting programs as well as revenue earned for non-degree and professional development programs.
(2)Other revenue primarily includes contract training revenue and miscellaneous non-student related revenue.
Performance Obligations
Our revenue, which is derived primarily from academic programs taught to students who attend our universities, is generally segregated into two categories: (1) tuition and fees, and (2) other. Tuition and fees represent costs to our students for educational services provided by our universities and are reflected net of scholarships and tuition discounts. Our universities charge tuition and fees at varying amounts, depending on the university, the type of program and specific curriculum. Our universities bill students a single charge that covers tuition, certain fees and required program materials, such as textbooks and supplies, which we treat as a single performance obligation. Generally, we bill student tuition at the beginning of each academic term for our degree programs and recognize the tuition as revenue on a straight-line basis over the academic term. As part of a student’s course of instruction, certain fees, such as technology fees and graduation fees, are billed separately to students. These fees are generally earned over the applicable term and are not considered separate performance obligations. We generally bill student tuition upon enrollment for our non-degree professional development programs and recognize the tuition as revenue on a straight-line basis over the length of the offering.
Other revenue, which primarily consists of contract training revenue and miscellaneous non-student related revenue, is billed and recognized as goods are delivered or services are performed.
Contract Assets
For each term, the portion of tuition and fee payments received from students but not yet earned is recorded as deferred revenue and reported as a current liability on our condensed consolidated balance sheets, as we expect to earn these revenues within the next year. A contract asset is recorded for each student for the current term for which they are enrolled for the amount charged for the current term that has not yet been received as payment and to which we do not have the unconditional right to receive payment because the student has not reached the point in the student’s current academic term at which the amount billed is no longer refundable to the student. On a student by student basis, the contract asset is offset against the deferred revenue balance for the current term and the net deferred revenue balance is reflected within current liabilities on our condensed consolidated balance sheets. For certain of our institutions, students are billed as they enroll in courses, including courses related to future periods. Any billings for future periods would meet the definition of a contract asset as we do not have the unconditional right to receive payment as the course has not yet started. Contract assets related to future periods are offset against the respective deferred revenue associated with the future period.
Due to the short-term nature of our academic terms, the contract asset balance which exists at the beginning of each quarter will no longer be a contract asset at the end of that quarter, with the exception of the contract assets associated with future periods. The decrease in contract asset balances are a result of one of the following: it becomes a student receivable balance once a student reaches the point in a student’s academic term where the amount billed is no longer refundable to the student; a refund is made to withdrawn students for the portion entitled to be refunded under each institutions’ refund policy; we receive funds to apply against the contract asset balance; or a student makes a change to the number of classes they are enrolled in which may cause an adjustment to their previously billed amount. As of the end of each quarter, a new contract asset is determined on a student by student basis based on the
most recently started term and a student’s progress within that term as compared to the date at which the student is no longer entitled to a refund under each institution’s refund policy. Contract assets associated with future periods remain as contract assets until the course begins and the student reaches the point in that course that they are no longer entitled to a refund.
The amount of deferred revenue balances which are being offset with contract assets balances as of September 30, 2024 and December 31, 2023 were as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
Gross deferred revenue |
|
$ |
82,207 |
|
|
$ |
63,970 |
|
Gross contract assets |
|
|
(32,860 |
) |
|
|
(26,755 |
) |
Deferred revenue, net |
|
$ |
49,347 |
|
|
$ |
37,215 |
|
Deferred Revenue
Changes in our deferred revenue balances for the quarters and years to date ended September 30, 2024 and 2023 were as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, 2024 |
|
|
For the Quarter Ended September 30, 2023 |
|
|
|
CTU |
|
|
AIUS |
|
|
Total |
|
|
CTU |
|
|
AIUS |
|
|
Total |
|
Gross deferred revenue, July 1 |
|
$ |
67,880 |
|
|
$ |
22,905 |
|
|
$ |
90,785 |
|
|
$ |
72,702 |
|
|
$ |
32,001 |
|
|
$ |
104,703 |
|
Revenue earned from prior balances |
|
|
(57,850 |
) |
|
|
(18,951 |
) |
|
|
(76,801 |
) |
|
|
(59,047 |
) |
|
|
(25,736 |
) |
|
|
(84,783 |
) |
Billings during period(1) |
|
|
100,352 |
|
|
|
59,775 |
|
|
|
160,127 |
|
|
|
95,064 |
|
|
|
59,427 |
|
|
|
154,491 |
|
Revenue earned for new billings during the period |
|
|
(56,987 |
) |
|
|
(34,654 |
) |
|
|
(91,641 |
) |
|
|
(60,326 |
) |
|
|
(33,150 |
) |
|
|
(93,476 |
) |
Other adjustments |
|
|
(162 |
) |
|
|
(101 |
) |
|
|
(263 |
) |
|
|
(1,283 |
) |
|
|
(912 |
) |
|
|
(2,195 |
) |
Gross deferred revenue, September 30 |
|
$ |
53,233 |
|
|
$ |
28,974 |
|
|
$ |
82,207 |
|
|
$ |
47,110 |
|
|
$ |
31,630 |
|
|
$ |
78,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year to Date Ended September 30, 2024 |
|
|
For the Year to Date Ended September 30, 2023 |
|
|
|
CTU |
|
|
AIUS |
|
|
Total |
|
|
CTU |
|
|
AIUS |
|
|
Total |
|
Gross deferred revenue, January 1 |
|
$ |
42,531 |
|
|
$ |
21,439 |
|
|
$ |
63,970 |
|
|
$ |
67,245 |
|
|
$ |
39,955 |
|
|
$ |
107,200 |
|
Revenue earned from prior balances |
|
|
(38,122 |
) |
|
|
(20,431 |
) |
|
|
(58,553 |
) |
|
|
(59,458 |
) |
|
|
(33,166 |
) |
|
|
(92,624 |
) |
Billings during period(1) |
|
|
350,694 |
|
|
|
168,574 |
|
|
|
519,268 |
|
|
|
343,194 |
|
|
|
186,877 |
|
|
|
530,071 |
|
Revenue earned for new billings during the period |
|
|
(301,471 |
) |
|
|
(140,820 |
) |
|
|
(442,291 |
) |
|
|
(301,620 |
) |
|
|
(161,854 |
) |
|
|
(463,474 |
) |
Other adjustments |
|
|
(399 |
) |
|
|
212 |
|
|
|
(187 |
) |
|
|
(2,251 |
) |
|
|
(182 |
) |
|
|
(2,433 |
) |
Gross deferred revenue, September 30 |
|
$ |
53,233 |
|
|
$ |
28,974 |
|
|
$ |
82,207 |
|
|
$ |
47,110 |
|
|
$ |
31,630 |
|
|
$ |
78,740 |
|
______________
(1)Billings during period includes adjustments for prior billings.
Tuition Refunds
If a student withdraws from one of our academic institutions prior to the completion of the academic term, we refund the portion of tuition and fees already paid that, pursuant to our refund policy and applicable federal and state law and accrediting agency standards, we are not entitled to retain. Generally, the amount to be refunded to a student is calculated based upon the percent of the term attended and the amount of tuition and fees paid by the student as of their withdrawal date. In certain circumstances, we have recognized revenue for students who have withdrawn that we are not entitled to retain. We have estimated a reserve for these limited circumstances based on historical evidence in the amount of $2.0 million for each period as of September 30, 2024 and December 31, 2023. Students are typically entitled to a partial refund until approximately halfway through their term. Pursuant to each university’s policy, once a student reaches the point in the term where no refund is given, the student would not have a refund due if withdrawing from the university subsequent to that date.
6. STUDENT RECEIVABLES
Student receivables represent funds owed to us in exchange for the educational services provided to a student. Student receivables are reflected net of an allowance for credit losses at the end of the reporting period. Student receivables, net, are reflected on our condensed consolidated balance sheets as components of both current and non-current assets.
Our students pay for their costs through a variety of funding sources, including federal loan and grant programs, institutional payment plans, employer tuition assistance, Veterans’ Administration and other military funding and grants, private and institutional scholarships and cash payments, as well as private loans. Cash receipts from government related sources are typically received during the current academic term. We typically receive funds after the end of an academic term for students who receive employer tuition assistance. Students who have not applied for any type of financial aid or students whose financial aid may not fully cover the cost of their tuition and fees generally set up a payment plan with the institution and make payments on a monthly basis per the terms of the payment plan. For those balances that are not received during the academic term, the balance is typically due within the current academic year which is approximately 30 weeks in length. Generally, a student receivable balance is written off once a student is out of school and it reaches greater than 90 days past due.
Our standard student receivable allowance is based on an estimate of lifetime expected credit losses for student receivables. Our estimation methodology considers a number of quantitative and qualitative factors that, based on our collection experience, we believe have an impact on our repayment risk and ability to collect student receivables. Changes in the trends in any of these factors may impact our estimate of the allowance for credit losses. These factors include, but are not limited to: internal repayment history, changes in the current economic, legislative or regulatory environments, internal cash collection forecasts and the ability to complete the federal financial aid process with the student. These factors are monitored and assessed on a regular basis. Overall, our allowance estimation process for student receivables is validated by trend analysis and comparing estimated and actual performance.
We have an immaterial amount of student receivables that are due greater than 12 months from the date of our condensed consolidated balance sheets. As of September 30, 2024 and December 31, 2023, the amount of non-current student receivables under payment plans that are longer than 12 months in duration, net of allowance for credit losses, was $5.9 million and $3.9 million, respectively.
Allowance for Credit Losses
We define student receivables as a portfolio segment under ASC Topic 326 – Financial Instruments – Credit Losses. Changes in our current and non-current allowance for credit losses related to our student receivable portfolio in accordance with the guidance under ASU 2016-13 for the quarters and years to date ended September 30, 2024 and 2023 were as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, |
|
|
For the Year to Date Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Balance, beginning of period |
|
$ |
37,271 |
|
|
$ |
43,055 |
|
|
$ |
37,782 |
|
|
$ |
43,141 |
|
Provision for credit losses |
|
|
8,733 |
|
|
|
7,592 |
|
|
|
21,364 |
|
|
|
26,519 |
|
Amounts written-off |
|
|
(8,032 |
) |
|
|
(11,397 |
) |
|
|
(22,085 |
) |
|
|
(31,533 |
) |
Recoveries |
|
|
361 |
|
|
|
458 |
|
|
|
1,272 |
|
|
|
1,581 |
|
Balance, end of period |
|
$ |
38,333 |
|
|
$ |
39,708 |
|
|
$ |
38,333 |
|
|
$ |
39,708 |
|
Fair Value Measurements
The carrying amount reported in our condensed consolidated balance sheets for the current portion of student receivables approximates fair value because of the nature of these financial instruments as they generally have short maturity periods. It is not practicable to estimate the fair value of the non-current portion of student receivables, since observable market data is not readily available, and no reasonable estimation methodology exists.
7. LEASES
We lease most of our administrative and educational facilities under non-cancelable operating leases expiring at various dates through 2033. Lease terms generally range from five to ten years with one to four renewal options for extended terms. In most cases, we are required to make additional payments under facility operating leases for taxes, insurance and other operating expenses incurred during the operating lease period, which are typically variable in nature.
We determine if a contract contains a lease when the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Upon identification and commencement of a lease, we establish a right of use (“ROU”) asset and a lease liability.
Quantitative information related to leases is presented in the following table (dollars in thousands):
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, 2024 |
|
For the Year to Date Ended September 30, 2024 |
|
Lease expenses (1) |
|
|
|
|
Fixed lease expenses - operating |
$ |
1,104 |
|
$ |
3,670 |
|
Variable lease expenses - operating |
|
207 |
|
|
544 |
|
Total lease expenses |
$ |
1,311 |
|
$ |
4,214 |
|
|
|
|
|
|
Other information |
|
|
|
|
Gross operating cash flows for operating leases (2) |
$ |
(2,031 |
) |
$ |
(6,513 |
) |
|
|
|
|
|
|
For the Quarter Ended September 30, 2023 |
|
For the Year to Date Ended September 30, 2023 |
|
Lease expenses (1) |
|
|
|
|
Fixed lease expenses - operating |
$ |
1,572 |
|
$ |
4,906 |
|
Variable lease expenses - operating |
|
193 |
|
|
1,154 |
|
Sublease income (3) |
|
- |
|
|
(500 |
) |
Total lease expenses |
$ |
1,765 |
|
$ |
5,560 |
|
|
|
|
|
|
Other information |
|
|
|
|
Gross operating cash flows for operating leases (2) |
$ |
(2,139 |
) |
$ |
(7,722 |
) |
Operating cash flows from subleases (2) |
$ |
- |
|
$ |
488 |
|
|
|
|
|
|
|
As of September 30, 2024 |
|
As of September 30, 2023 |
|
Weighted average remaining lease term (in months) – operating leases |
|
68 |
|
|
57 |
|
Weighted average discount rate – operating leases |
|
5.2 |
% |
|
4.8 |
% |
|
|
|
|
|
__________________
(1)Lease expense and sublease income represent the amount recorded within our consolidated statements of income. Variable lease amounts represent expenses recognized as incurred which are not included in the lease liability. Fixed lease expenses and sublease income are recorded on a straight-line basis over the lease term and therefore are not necessarily representative of cash payments during the same period.
(2)Cash flows are presented on a consolidated basis and represent cash payments for fixed and variable lease costs.
(3)Historically, for certain of our leased locations we had vacated the facility and had fully or partially subleased the space. As of September 30, 2024, we no longer have any subleased locations.
8. CONTINGENCIES
An accrual for estimated legal fees of $1.9 million and $2.4 million at September 30, 2024 and December 31, 2023, respectively, is presented within other current liabilities on our condensed consolidated balance sheets.
We record a liability when we believe that it is both probable that a loss will be incurred and the amount of loss can be reasonably estimated. We evaluate, at least quarterly, developments in our legal matters that could affect the amount of liability that was previously accrued and make adjustments as further information develops, circumstances change or contingencies are resolved. Significant judgment is required to determine both probability and the estimated amount. We may be unable to estimate a possible loss or range of possible loss due to various reasons, including, among others: (1) if the damages sought are indeterminate; (2) if the proceedings are in early stages; (3) if there is uncertainty as to the outcome of pending appeals, motions or settlements; (4) if there are significant factual issues to be determined or resolved; and (5) if there are novel or unsettled legal theories presented. In such instances, there is considerable uncertainty regarding the ultimate resolution of such matters, including a possible eventual loss, if any.
United States of America, ex rel. Fiorisce LLC v. Perdoceo Education Corporation, Colorado Technical University, Inc. and American InterContinental University, Inc. On July 19, 2023, we became aware of an amended complaint filed in the U.S. District Court for the District of Colorado on May 19, 2023. The original complaint was filed under seal on February 25, 2021 by a former employee of Colorado Technical University through a limited liability company, on behalf of herself, any other interested parties affiliated with the LLC and the federal government. On July 18, 2023, the district court ordered the complaint unsealed and we were notified that the U.S. Department of Justice ("DOJ") had declined to intervene in the action on February 3, 2023. The company had
previously received a Civil Investigative Demand ("CID") on April 8, 2022 from the DOJ and had been cooperating with the DOJ in its review. After the federal government declined to intervene in this case, the relator elected to pursue the litigation on behalf of the federal government. If she is successful, she would receive a portion of the federal government’s recovery. The amended complaint alleges violations of the False Claims Act related to the company’s compliance with federal financial aid credit hour requirements in connection with its use of its learning management system. Relator claims that defendants’ conduct caused the government to make payments of federal funds to defendants which the government would not have made if not for defendants’ alleged violation of the law. Relator seeks treble damages plus civil penalties and attorneys’ fees. On January 4, 2024, the Court granted a motion to dismiss with respect to Perdoceo Education Corporation and American InterContinental University, Inc. which removes them as defendants in the case. The Court’s dismissal was “without prejudice”, which allows the relator in the case the opportunity to amend and refile a further amended complaint with respect to those two parties. The Relator has filed a motion, which is pending before the Court, that seeks permission to file a further amended complaint with respect to only Perdoceo Education Corporation.
On September 7, 2024, the Company received a new CID from the DOJ pursuant to the False Claims Act. The CID requests information and documentation from CTU regarding its compensation practices for its admissions staff as well as information about how CTU has discussed its Fast Track credit program with prospective students. The information sought covers the time period from November 13, 2017 to the present. The Company is cooperating with the DOJ with a view towards resolving this inquiry as promptly as possible.
Because of the many questions of fact and law that may arise, the outcomes of these legal proceedings is uncertain at this point. Based on information available to us at present, we cannot reasonably estimate a range of potential loss, if any, for these actions. Accordingly, we have not recognized any liability associated with these actions.
We receive from time-to-time requests from state attorneys general, federal and state government agencies and accreditors relating to our institutions, to specific complaints they have received from students or former students or to student loan forgiveness claims which seek information about students, our programs, and other matters relating to our activities. These requests can be broad and time consuming to respond to, and there is a risk that they could expand and/or lead to a formal action or claims of non-compliance. We are subject to a variety of other claims, lawsuits, arbitrations and investigations that arise from time to time out of the conduct of our business, including, but not limited to, matters involving prospective students, students or former students, alleged violations of the Telephone Consumer Protection Act, both individually and on behalf of a putative class, and employment matters. Periodically matters arise that we consider outside the scope of ordinary routine litigation incidental to our business. While we currently believe that these matters, individually or in aggregate, will not have a material adverse impact on our financial position, cash flows or results of operations, these matters are subject to inherent uncertainties, and management’s view of these matters may change in the future. Were an unfavorable outcome to occur in any one or more of these matters, there exists the possibility of a material adverse impact on our business, reputation, financial position and cash flows.
Agreement to acquire the University of St. Augustine for Health Sciences, LLC
Perdoceo Education Corporation signed a definitive agreement to acquire 100% ownership of the University of St. Augustine for Health Sciences, LLC ("USAHS"). The material terms of the transaction have been described in the Company’s Form 8-K filed with the Securities and Exchange Commission on July 16, 2024. Completion of the acquisition is subject to customary closing conditions and satisfactory regulatory approvals from the Accrediting Commission for Senior Colleges and Universities of the Western Association of Schools and Colleges ("WASC"), as well as other key regulatory bodies, and completion of the preacquisition review process with the US Department of Education. The Company expects to complete the acquisition in December 2024.
Perdoceo expects to pay approximately $142.0 million to $144.0 million in cash at closing to acquire 100% ownership of USAHS. The actual cash paid will depend on adjustments for cash, debt and working capital based on the final closing balance sheet. The acquisition is not subject to a financing condition. Perdoceo plans to use cash on hand for the purchase.
9. INCOME TAXES
The determination of the annual effective tax rate is based upon a number of significant estimates and judgments, including the estimated annual pretax income in each tax jurisdiction in which we operate and the ongoing development of tax planning strategies during the year. In addition, our provision for income taxes can be impacted by changes in tax rates or laws, the finalization of tax audits and reviews, as well as other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions.
The following is a summary of our provision for income taxes and effective tax rate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, |
|
|
For the Year to Date Ended September 30, |
|
(Dollars in Thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Pretax income |
|
$ |
52,362 |
|
|
$ |
48,088 |
|
|
$ |
158,227 |
|
|
$ |
169,744 |
|
Provision for income taxes |
|
$ |
14,107 |
|
|
$ |
6,781 |
|
|
$ |
42,101 |
|
|
$ |
39,280 |
|
Effective rate |
|
|
26.9 |
% |
|
|
14.1 |
% |
|
|
26.6 |
% |
|
|
23.1 |
% |
The effective tax rate for the quarter and year to date ended September 30, 2024 reflects federal tax credits claimed for the 2023 tax return, which decreased the effective tax rate for the quarter and year to date by 0.4% and 0.1%, respectively. Additionally, the tax effect of stock-based compensation and the release of previously recorded tax reserves reduced the effective tax rate for the quarter and year to date ended September 30, 2024 by 0.2% and 1.4%, respectively. The effective tax rate for the quarter and year to date ended September 30, 2023 was primarily impacted by a $4.5 million favorable discrete adjustment related to the recognition of the tax benefits associated with a previously disclosed prior year ordinary loss attributable to the stock of a worthless subsidiary, which decreased the effective tax rate for the quarter and year to date by 9.3% and 2.6%, respectively. The effective tax rate for the quarter and year to date ended September 30, 2023 reflects federal and state tax credits claimed for the 2022 tax return, which decreased the effective tax rate for the quarter and year to date by 0.6% and 0.2%, respectively. Additionally, the tax effect of stock-based compensation and the release of other previously recorded tax reserves reduced the effective tax rate for the quarter and year to date ended September 30, 2023 by 0.2% and 0.6%, respectively. As of September 30, 2024, a valuation allowance of $13.9 million was maintained with respect to our equity investment and state net operating losses.
We estimate that it is reasonably possible that the gross liability for unrecognized tax benefits for a variety of uncertain tax positions will decrease by up to $2.1 million in the next twelve months as a result of the expiration of the statute of limitations in several jurisdictions. The income tax rate for the quarter and year to date ended September 30, 2024 does not take into account the possible reduction of the liability for unrecognized tax benefits. The impact of a reduction to the liability will be treated as a discrete item in the period the reduction occurs. We recognize interest and penalties related to unrecognized tax benefits in tax expense. As of September 30, 2024, we had accrued $4.3 million as an estimate for reasonably possible interest and accrued penalties.
Our tax returns are routinely examined by federal, state and local tax authorities and these audits are at various stages of completion at any given time. The Company’s federal income tax filings are open to examinations for the tax years ended December 31, 2021 and forward.
10. SHARE-BASED COMPENSATION
Overview
The Perdoceo Education Corporation Amended and Restated 2016 Incentive Compensation Plan (the “2016 Plan”) became effective (as the Career Education Corporation 2016 Incentive Compensation Plan) on May 24, 2016, and the amendment and restatement of the 2016 Plan became effective on June 3, 2021, upon its approval by the Company’s stockholders. Under the 2016 Plan, Perdoceo may grant to eligible participants awards of stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock, performance units, annual incentive awards, and substitute awards, which generally may be settled in cash or shares of our common stock. The vesting of all types of awards is subject to possible acceleration in certain circumstances. If a plan participant terminates employment for any reason other than by death or disability during the vesting period, the right to unvested awards is generally forfeited.
Restricted Stock Units
For the years to date ended September 30, 2024 and 2023, the Company granted approximately 0.3 million and 0.4 million restricted stock units, respectively, which are not "performance-based" and which have a grant-date fair value of approximately $5.3 million and $5.9 million, respectively.
For the years to date ended September 30, 2024 and 2023, the Company granted approximately 0.2 million and 0.3 million restricted stock units, respectively, which are “performance-based” and which have a grant-date fair value of approximately $3.5 million and $4.1 million, respectively. The performance-based restricted stock units are subject to performance conditions which are determined at the time of grant and typically cover a three-year performance period. These performance conditions may result in all units being forfeited even if the requisite service period is met.
There were no restricted stock units granted during each of the quarters ended September 30, 2024 and 2023.
All restricted stock units granted in 2024 and 2023 are to be settled in shares of our common stock.
Stock Options
There were no stock options granted during each of the quarters or years to date ended September 30, 2024 and 2023.
Share-Based Compensation Expense
For the quarters ended September 30, 2024 and 2023, the total share-based compensation expense was approximately $2.8 million and $2.3 million, respectively. For the years to date ended September 30, 2024 and 2023, the total share-based compensation expense was approximately $7.4 million and $6.6 million, respectively.
As of September 30, 2024, we estimate that total compensation expense of approximately $19.0 million will be recognized over the next four years for all unvested share-based awards that have been granted to participants. This amount excludes any estimates of forfeitures.
11. STOCK REPURCHASE PROGRAM
On February 20, 2024, the Board of Directors of the Company approved a new stock repurchase program for up to $50.0 million which commenced March 1, 2024 and expires September 30, 2025. The new stock repurchase program replaced the previous stock repurchase program. The other terms of the new stock repurchase program are consistent with the Company’s previous stock repurchase program.
The timing of purchases and the number of shares repurchased under the program will be determined by the Company’s management and will depend on a variety of factors including stock price, trading volume and other general market and economic conditions, its assessment of alternative uses of capital, regulatory requirements and other factors. Repurchases will be made in open market transactions, including block purchases, conducted in accordance with Rule 10b-18 under the Exchange Act as well as may be made pursuant to trading plans established under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The stock repurchase program does not obligate the Company to purchase shares and the Company may, in its discretion, begin, suspend or terminate repurchases at any time, without any prior notice.
During the years to date ended September 30, 2024 and 2023, we repurchased approximately 0.4 million shares and 0.2 million shares of our common stock, respectively, for approximately $6.8 million at an average price of $17.60 per share during the year to date ended September 30, 2024 and for approximately $2.7 million at an average price of $12.35 per share during the year to date ended September 30, 2023. There were no shares repurchased during the quarters ended September 30, 2024 and 2023.
As of September 30, 2024, approximately $47.1 million was available under our authorized stock repurchase program to repurchase outstanding shares of our common stock. Shares of stock repurchased under the program are held as treasury shares. These repurchased shares have reduced the weighted average number of shares of common stock outstanding for basic and diluted earnings per share calculations.
12. WEIGHTED AVERAGE COMMON SHARES
Basic net income per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares assuming dilution. Dilutive common shares outstanding is computed using the Treasury Stock Method and reflects the additional shares that would be outstanding if dilutive stock options were exercised and restricted stock units were settled for common shares during the period.
The weighted average number of common shares used to compute basic and diluted net income per share for the quarters and years to date ended September 30, 2024 and 2023 were as follows (shares in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, |
|
|
For the Year to Date Ended September 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Basic common shares outstanding |
|
65,699 |
|
|
|
65,634 |
|
|
|
65,622 |
|
|
|
66,758 |
|
Common stock equivalents |
|
1,613 |
|
|
|
1,469 |
|
|
|
1,488 |
|
|
|
1,314 |
|
Diluted common shares outstanding |
|
67,312 |
|
|
|
67,103 |
|
|
|
67,110 |
|
|
|
68,072 |
|
Certain unexercised stock option awards are excluded from our computations of diluted earnings per share, as these shares were out-of-the-money and their effect would have been anti-dilutive. For each of the years to date ended September 30, 2024 and 2023, the anti-dilutive options that were excluded from our computations of diluted earnings per share were less than 0.1 million shares. For the quarter ended September 30, 2023 less than 0.1 million shares of anti-dilutive options were excluded from our computation of diluted earnings per share. There were no anti-dilutive options for the quarter ended September 30, 2024.
13. SEGMENT REPORTING
Our segments are determined in accordance with FASB ASC Topic 280—Segment Reporting and are based upon how the Company analyzes performance and makes decisions. Each segment is comprised of an accredited postsecondary education institution that offers a variety of academic programs. As of September 30, 2024, our two segments are:
♦ Colorado Technical University (CTU) is committed to providing quality and industry-relevant higher education to a diverse student population, including serving non-traditional adult learners seeking career advancement and the military community. CTU utilizes innovative technology and experienced faculty, enabling the pursuit of personal and professional goals for learners. CTU offers academic programs in the career-oriented disciplines of business and management, nursing, healthcare management, computer science, engineering, information systems and technology, project management, cybersecurity and criminal justice. Students pursue their degrees through fully-online programs, local campuses and blended formats, which combine campus-based and online education. As of September 30, 2024, students enrolled at CTU represented approximately 74% of our total enrollments. Approximately 97% of CTU’s students are enrolled in programs offered fully online. Students at CTU's ground-based campuses take both in-person and virtual classes.
♦ The American InterContinental University System (AIUS or AIU System) is committed to providing quality and accessible higher education opportunities for a diverse student population, including non-traditional adult learners and the military community. AIUS places emphasis on the educational, professional and personal growth of each student. AIUS offers academic programs in the career-oriented disciplines of business studies, information technologies, education, health sciences and criminal justice. Students pursue their degrees through fully-online programs, local campuses and blended formats, which combine campus-based and online education. As of September 30, 2024, students enrolled at AIUS represented approximately 26% of our total enrollments. Approximately 97% of AIUS’ students are enrolled in programs offered fully online. Students at AIUS' ground-based campus take both in-person and virtual classes.
Summary financial information by reporting segment is as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, |
|
|
|
Revenue |
|
|
Operating Income (Loss) |
|
|
|
2024 |
|
|
% of Total |
|
|
2023 |
|
|
% of Total |
|
|
2024 |
|
|
2023 |
|
CTU |
|
$ |
115,742 |
|
|
|
68.2 |
% |
|
$ |
120,552 |
|
|
|
67.0 |
% |
|
$ |
44,199 |
|
|
$ |
34,491 |
|
AIUS |
|
|
53,887 |
|
|
|
31.7 |
% |
|
|
59,226 |
|
|
|
32.9 |
% |
|
|
9,063 |
|
|
|
15,602 |
|
Corporate and Other |
|
|
199 |
|
|
|
0.1 |
% |
|
|
145 |
|
|
|
0.1 |
% |
|
|
(8,468 |
) |
|
|
(7,020 |
) |
Total |
|
$ |
169,828 |
|
|
|
100.0 |
% |
|
$ |
179,923 |
|
|
|
100.0 |
% |
|
$ |
44,794 |
|
|
$ |
43,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year to Date Ended September 30, |
|
|
|
Revenue |
|
|
Operating Income (Loss) |
|
|
|
2024 |
|
|
% of Total |
|
|
2023 |
|
|
% of Total |
|
|
2024 |
|
|
2023 |
|
CTU |
|
$ |
342,139 |
|
|
|
67.8 |
% |
|
$ |
364,336 |
|
|
|
64.8 |
% |
|
$ |
129,245 |
|
|
$ |
118,632 |
|
AIUS |
|
|
162,114 |
|
|
|
32.1 |
% |
|
|
197,128 |
|
|
|
35.1 |
% |
|
|
31,275 |
|
|
|
44,683 |
|
Corporate and Other |
|
|
579 |
|
|
|
0.1 |
% |
|
|
621 |
|
|
|
0.1 |
% |
|
|
(23,442 |
) |
|
|
(28,812 |
) |
Total |
|
$ |
504,832 |
|
|
|
100.0 |
% |
|
$ |
562,085 |
|
|
|
100.0 |
% |
|
$ |
137,078 |
|
|
$ |
134,503 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets as of (1) |
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
CTU |
|
$ |
212,523 |
|
|
$ |
202,728 |
|
AIUS |
|
|
171,940 |
|
|
|
161,336 |
|
Corporate and Other |
|
|
732,293 |
|
|
|
643,252 |
|
Total |
|
$ |
1,116,756 |
|
|
$ |
1,007,316 |
|
(1)Total assets are presented on a condensed consolidated basis and do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The discussion below and other items in this Quarterly Report on Form 10-Q contain “forward-looking statements,” as defined in Section 21E of the Securities Exchange Act of 1934, as amended, that reflect our current expectations regarding our future growth, results of operations, cash flows, performance and business prospects and opportunities, as well as assumptions made by, and information currently available to, our management. We have tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “expect,” “plan,” “may,” “should,” ”will,” “continue to,” “focused on” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to us and are subject to various risks, uncertainties, and other factors, including, but not limited to, those matters discussed in Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2023 that could cause our actual growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Except as expressly required by the federal securities laws, we undertake no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Among the factors that could cause actual results to differ materially from those expressed in, or implied by, our forward-looking statements are the following:
•declines in enrollment or interest in our programs or our ability to market to and contact prospective students;
•our continued compliance with and eligibility to participate in Title IV Programs under the Higher Education Act of 1965, as amended, and the regulations thereunder (including the terms of any potential changes to or conditions imposed on our continued participation in the Title IV programs under new program participation agreements, the new 90-10, financial responsibility and administrative capability standards prescribed by the U.S. Department of Education (the “Department”)), as well as applicable accreditation standards and state regulatory requirements;
•the impact of various versions of “borrower defense to repayment” regulations;
•the final outcome of various legal challenges to the Department's loan discharge and forgiveness efforts;
•rulemaking or changing interpretations of existing regulations, guidance or historical practices by the Department or any state or accreditor and increased focus by Congress and governmental agencies on, or increased negative publicity about, for-profit education institutions;
•the success of our initiatives to improve student experiences, retention and academic outcomes;
•our continued eligibility to participate in educational assistance programs for key employers, veterans and other military personnel;
•our ability to pay dividends on our common stock and execute our stock repurchase program;
•the impact of management changes; and
•changes in the overall U.S. economy.
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with the Company’s unaudited condensed consolidated financial statements and the notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. The MD&A is intended to help investors understand the results of operations, financial condition and present business environment. The MD&A is organized as follows:
•Consolidated Results of Operations
•Segment Results of Operations
•Summary of Critical Accounting Policies and Estimates
•Liquidity, Financial Position and Capital Resources
OVERVIEW
Our accredited academic institutions offer a quality postsecondary education primarily online to a diverse student population, along with campus-based and blended learning programs. The Company’s academic institutions – Colorado Technical University (“CTU”) and the American InterContinental University System (“AIUS” or “AIU System”) – provide degree programs from the
associate through doctoral level as well as non-degree seeking and professional development programs. Our academic institutions offer students industry-relevant and career-focused academic programs that are designed to meet the educational needs of today’s busy adults. CTU and AIUS continue to show innovation in higher education, advancing personalized learning technologies like their intellipath® learning platform and using data analytics and technology to serve and educate students while enhancing overall learning and academic experiences. Perdoceo's institutions are committed to providing quality education that closes the gap between learners who seek to advance their careers and employers needing a qualified workforce.
Our reporting segments are determined in accordance with Financial Accounting Standards Board (“FASB”)Accounting Standards Codification (“ASC”)Topic 280 – Segment Reporting and are based upon how the Company analyzes performance and makes decisions. Each segment represents a postsecondary education provider that offers a variety of academic programs. We organize our business across two reporting segments: CTU and AIUS.
Regulatory Environment and Political Uncertainty
We operate in a highly regulated industry, which has significant impacts on our business and creates risks and uncertainties. In recent years, Congress, the Department, states, accrediting agencies, the Consumer Financial Protection Bureau, the Federal Trade Commission, state attorneys general, consumer advocacy groups and the media have all scrutinized the for-profit postsecondary education sector. Congressional hearings and roundtable discussions were held regarding various aspects of the education industry, including issues surrounding student debt as well as publicly reported student outcomes that may be used as part of an institution’s recruiting and admissions practices, and reports were issued that are highly critical of for-profit colleges and universities. A group of influential U.S. senators, consumer advocacy groups and some media outlets have strongly and repeatedly encouraged the Department, the Department of Defense and the Department of Veterans Affairs and its state approving agencies to take action to limit or terminate the participation of institutions such as ours in existing tuition assistance programs. In several cases, these groups have received significant financial support from third parties critical of our sector and have aligned on messaging that negatively impacts our sector during policy and rulemaking discussions. In addition, the current administration has made student loan forgiveness one of its top domestic policy objectives, and it has been aggressively pursued by the Department in cooperation with special interest groups, other federal agencies, state attorneys general and others. These groups collectively have focused efforts relating to student debt forgiveness on for-profit colleges and universities, encouraging loan discharge applications and complaints by former students.
We continue to see one of the most challenging operating environments in recent memory as the Department has undertaken a complete overhaul of almost all of the major regulatory requirements associated with our participation in Title IV Programs and which disproportionally negatively impact the for-profit postsecondary education sector. Additionally, a number of the Department’s regulatory initiatives are explicitly targeted at negatively impacting the proprietary sector of education. In many cases the new regulatory requirements are unclear, require further clarification as to their interpretation or applicability or are subject or will be subject to legal challenges. We expect to continue to need to operate nimbly in this uncertain environment, making necessary changes to the extent possible to comply with the myriad of new vague or unclear rules or interpretations as well as new interpretations of existing rules. For example, in 2023, we materially reduced prospective student enrollment, marketing and outreach processes at AIUS during the year to limit the volume of new federal funding that the institution would receive and to preserve available funding for existing students under the Department’s new 90-10 Rule. Any actions that limit our participation in Title IV Programs or the amount of student financial aid for which our students are eligible would materially impact our student enrollments and profitability and could impact the continued viability of our business as currently conducted.
We encourage you to review Item 1, “Business,” and Item 1A, “Risk Factors,” in our Annual Report on Form 10-K to learn more about our highly regulated industry and related risks and uncertainties, in addition to the MD&A in our 2024 Quarterly Reports on Form 10-Q.
Note Regarding Non-GAAP measures
We believe it is useful to present non-GAAP financial measures which exclude certain significant and non-cash items as a means to understand the performance of our core business. As a general matter, we use non-GAAP financial measures in conjunction with results presented in accordance with GAAP to help analyze the performance of our core business, assist with preparing the annual operating plan, and measure performance for some forms of compensation. In addition, we believe that non-GAAP financial information is used by analysts and others in the investment community to analyze our historical results and to provide estimates of future performance.
We believe certain non-GAAP measures allow us to compare our current operating results with respective historical periods and with the operational performance of other companies in our industry because it does not give effect to potential differences caused by items we do not consider reflective of underlying operating performance. We believe the items we are adjusting for are not normal operating expenses reflective of our underlying business. In evaluating the use of non-GAAP measures, investors should be aware that in the future we may incur expenses similar to the adjustments presented below. Our presentation of non-GAAP measures should not be construed as an inference that our future results will be unaffected by expenses that are unusual, non-routine or non-recurring. A non-GAAP measure has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for net income,
operating income, earnings per diluted share, or any other performance measure derived in accordance with and reported under GAAP or as an alternative to cash flow from operating activities or as a measure of our liquidity.
Non-GAAP financial measures, when viewed in a reconciliation to respective GAAP financial measures, provide an additional way of viewing the Company's results of operations and the factors and trends affecting the Company's business. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the respective financial results presented in accordance with GAAP.
2024 Third Quarter Overview
During the third quarter ended September 30, 2024 ("current quarter"), we continued to experience high levels of student retention and engagement at both CTU and AIUS, with student retention remaining at multi-year highs. Our faculty and student support teams remain dedicated to educating and serving our students, and we anticipate that student retention should continue to trend at these levels through the remainder of 2024.
Total student enrollments increased 11.0% at September 30, 2024 as compared to September 30, 2023, with both academic institutions contributing to this increase. CTU's total student enrollments increased 13.6% as compared to the prior year quarter end driven by student enrollment growth within our corporate engagement programs as well as a positive timing impact from the academic calendar comparability resulting in more enrollment days for the current year to date as compared to the prior year to date. Total student enrollments increased 4.0% at AIUS for the current quarter end as compared to the prior year quarter end as AIUS' total student enrollment comparability had continued to improve during the current year to date since reverting to normalized levels of operations beginning in the fourth quarter of 2023.
We view technology as a catalyst and differentiator for us and remain committed to making selective investments that deliver a more meaningful and relevant educational experience for our learners while continuing to improve the efficiency and effectiveness of our academic institutions’ student support functions. Additionally, we remained focused on investing in and improving processes that support our corporate engagement programs. Lastly, marketing and admissions spend increased during the current quarter as compared to the prior year quarter, driven by AIUS operating at normalized levels during the current year. We continue to adjust our marketing strategies to further improve our focus on identifying prospective students who are more likely to succeed at one of our universities, as well as comply with updated expectations from various federal agencies around prospective student outreach.
We expect the strong levels of student retention and engagement experienced through the current year to date, to continue through the remainder of 2024 and expect to end the year with total student enrollment growth at both of our academic institutions as of December 31, 2024. Full year revenue is expected to be lower for 2024 primarily due to the lag impact on revenue of lower beginning total student enrollments at AIUS as well as lower revenue due to simplification of our professional development offerings at CTU.
Financial Highlights
Revenue for the current quarter decreased by 5.6% or $10.1 million as compared to the prior year quarter, resulting from a decrease in revenue for CTU of 4.0% or $4.8 million and a decrease for AIUS of 9.0% or $5.3 million. The decrease in revenue at CTU was driven by changes within our professional development program offerings as well as a negative timing impact of revenue-earning days due to the academic calendar for the current quarter as compared to the prior year period. CTU's academic calendar may impact the comparability of revenue-earning days and enrollment results in any given quarter, with the impact on revenue and total student enrollments not necessarily having the same magnitude or directional impact. The decrease within AIUS was driven by a lag impact on revenue of the operational changes undertaken during 2023.
Operating income for the current quarter increased to $44.8 million as compared to operating income of $43.1 million in the prior year quarter. The increase in operating income for the current quarter was a result of decreased operating expenses, primarily in the areas of asset impairment, academics and administrative expenses, which more than offset the decrease in revenue during the current quarter as compared to the prior year quarter.
The Company believes it is useful to present non-GAAP financial measures, which exclude certain significant and non-cash items, as a means to understand the performance of its operations. (See tables below for a GAAP to non-GAAP reconciliation.) Adjusted operating income was $48.6 million for the current quarter as compared to $47.2 million for the prior year quarter.
Adjusted operating income and adjusted earnings per diluted share for the quarters and years to date ended September 30, 2024 and 2023 is presented below (dollars in thousands, unless otherwise noted):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
|
For the Year to Date Ended |
|
|
|
September 30, |
|
|
September 30, |
|
Adjusted Operating Income |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
44,794 |
|
|
$ |
43,073 |
|
|
$ |
137,078 |
|
|
$ |
134,503 |
|
Depreciation and amortization |
|
|
3,053 |
|
|
|
3,914 |
|
|
|
9,138 |
|
|
|
13,438 |
|
Legal fee expense related to certain matters (1) |
|
|
719 |
|
|
|
246 |
|
|
|
2,764 |
|
|
|
7,574 |
|
Adjusted Operating Income |
|
$ |
48,566 |
|
|
$ |
47,233 |
|
|
$ |
148,980 |
|
|
$ |
155,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
|
For the Year to Date Ended |
|
|
|
September 30, |
|
|
September 30, |
|
Adjusted Earnings Per Diluted Share |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Earnings Per Diluted Share |
|
$ |
0.57 |
|
|
$ |
0.62 |
|
|
$ |
1.73 |
|
|
$ |
1.92 |
|
Pre-tax adjustments included in operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization for acquired intangible assets |
|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.06 |
|
|
|
0.09 |
|
Legal fee expense related to certain matters (1) |
|
|
0.01 |
|
|
|
- |
|
|
|
0.04 |
|
|
|
0.11 |
|
Gain on sale of intangible asset (2) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.32 |
) |
Total pre-tax adjustments |
|
$ |
0.03 |
|
|
$ |
0.03 |
|
|
$ |
0.10 |
|
|
$ |
(0.12 |
) |
Tax effect of adjustments (3) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.03 |
) |
|
|
0.03 |
|
Total adjustments after tax |
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.07 |
|
|
|
(0.09 |
) |
Adjusted Earnings Per Diluted Share |
|
$ |
0.59 |
|
|
$ |
0.64 |
|
|
$ |
1.80 |
|
|
$ |
1.83 |
|
(1)Legal fee expense associated with (i) responses to the Department of Education (the "Department") relating to borrower defense to repayment applications from former students, and (ii) acquisition efforts.
(2)Non-cash gain associated with the sale of the LCB tradename in exchange for outstanding shares of Perdoceo's stock.
(3)The tax effect of adjustments was calculated by multiplying the pre-tax adjustments with a tax rate of 25%. This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments.
CONSOLIDATED RESULTS OF OPERATIONS
The summary of selected financial data table below should be referenced in connection with a review of the following discussion of our results of operations for the quarters and years to date ended September 30, 2024 and 2023 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, |
|
|
For the Year to Date Ended September 30, |
|
|
|
2024 |
|
|
% of Total Revenue |
|
|
2023 |
|
|
% of Total Revenue |
|
|
2024 vs 2023 % Change |
|
|
2024 |
|
|
% of Total Revenue |
|
|
2023 |
|
|
% of Total Revenue |
|
|
2024 vs 2023 % Change |
|
TOTAL REVENUE |
|
$ |
169,828 |
|
|
|
|
|
$ |
179,923 |
|
|
|
|
|
|
-5.6 |
% |
|
$ |
504,832 |
|
|
|
|
|
$ |
562,085 |
|
|
|
|
|
|
-10.2 |
% |
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Educational services and facilities (1) |
|
|
28,287 |
|
|
|
16.7 |
% |
|
|
33,502 |
|
|
|
18.6 |
% |
|
|
-15.6 |
% |
|
|
85,661 |
|
|
|
17.0 |
% |
|
|
100,101 |
|
|
|
17.8 |
% |
|
|
-14.4 |
% |
General and administrative: (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and marketing |
|
|
26,807 |
|
|
|
15.8 |
% |
|
|
22,611 |
|
|
|
12.6 |
% |
|
|
18.6 |
% |
|
|
74,178 |
|
|
|
14.7 |
% |
|
|
79,742 |
|
|
|
14.2 |
% |
|
|
-7.0 |
% |
Admissions |
|
|
20,027 |
|
|
|
11.8 |
% |
|
|
21,198 |
|
|
|
11.8 |
% |
|
|
-5.5 |
% |
|
|
60,881 |
|
|
|
12.1 |
% |
|
|
70,511 |
|
|
|
12.5 |
% |
|
|
-13.7 |
% |
Administrative |
|
|
38,127 |
|
|
|
22.5 |
% |
|
|
40,653 |
|
|
|
22.6 |
% |
|
|
-6.2 |
% |
|
|
114,064 |
|
|
|
22.6 |
% |
|
|
128,556 |
|
|
|
22.9 |
% |
|
|
-11.3 |
% |
Bad debt |
|
|
8,733 |
|
|
|
5.1 |
% |
|
|
7,592 |
|
|
|
4.2 |
% |
|
|
15.0 |
% |
|
|
21,364 |
|
|
|
4.2 |
% |
|
|
26,519 |
|
|
|
4.7 |
% |
|
|
-19.4 |
% |
Total general and administrative expense |
|
|
93,694 |
|
|
|
55.2 |
% |
|
|
92,054 |
|
|
|
51.2 |
% |
|
|
1.8 |
% |
|
|
270,487 |
|
|
|
53.6 |
% |
|
|
305,328 |
|
|
|
54.3 |
% |
|
|
-11.4 |
% |
Depreciation and amortization |
|
|
3,053 |
|
|
|
1.8 |
% |
|
|
3,914 |
|
|
|
2.2 |
% |
|
|
-22.0 |
% |
|
|
9,138 |
|
|
|
1.8 |
% |
|
|
13,438 |
|
|
|
2.4 |
% |
|
|
-32.0 |
% |
Asset impairment |
|
|
- |
|
|
|
0.0 |
% |
|
|
7,380 |
|
|
|
4.1 |
% |
|
NM |
|
|
|
2,468 |
|
|
|
0.5 |
% |
|
|
8,715 |
|
|
|
1.6 |
% |
|
NM |
|
OPERATING INCOME |
|
|
44,794 |
|
|
|
26.4 |
% |
|
|
43,073 |
|
|
|
23.9 |
% |
|
|
4.0 |
% |
|
|
137,078 |
|
|
|
27.2 |
% |
|
|
134,503 |
|
|
|
23.9 |
% |
|
|
1.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRETAX INCOME |
|
|
52,362 |
|
|
|
30.8 |
% |
|
|
48,088 |
|
|
|
26.7 |
% |
|
|
8.9 |
% |
|
|
158,227 |
|
|
|
31.3 |
% |
|
|
169,744 |
|
|
|
30.2 |
% |
|
|
-6.8 |
% |
PROVISION FOR INCOME TAXES |
|
|
14,107 |
|
|
|
8.3 |
% |
|
|
6,781 |
|
|
|
3.8 |
% |
|
|
108.0 |
% |
|
|
42,101 |
|
|
|
8.3 |
% |
|
|
39,280 |
|
|
|
7.0 |
% |
|
|
7.2 |
% |
Effective tax rate |
|
|
26.9 |
% |
|
|
|
|
|
14.1 |
% |
|
|
|
|
|
|
|
|
26.6 |
% |
|
|
|
|
|
23.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME |
|
$ |
38,255 |
|
|
|
22.5 |
% |
|
$ |
41,307 |
|
|
|
23.0 |
% |
|
|
-7.4 |
% |
|
$ |
116,126 |
|
|
|
23.0 |
% |
|
$ |
130,464 |
|
|
|
23.2 |
% |
|
|
-11.0 |
% |
(1)Educational services and facilities expense includes costs attributable to the educational activities of our campuses, including: salaries and benefits of faculty, academic administrators and student support personnel, and costs of educational supplies and facilities, such as rents on leased facilities. Also included in educational services and facilities expense are rents on leased administrative facilities, such as our corporate headquarters, and costs of other goods and services provided by our campuses, including costs of textbooks and laptop computers.
(2)General and administrative expense includes operating expenses associated with, including salaries and benefits of personnel in, corporate and campus administration, marketing, admissions, information technology, financial aid, accounting, human resources, legal and compliance. Other expenses within this expense category include costs of advertising and production of marketing materials and bad debt expense.
Revenue
The current quarter and year to date revenue decreased by 5.6% or $10.1 million and 10.2% or $57.3 million, respectively, as compared to the prior year periods, driven by decreases in revenue within both CTU and AIUS. The decline for the current quarter and year to date was primarily driven by the lag impact on revenue due to the operational changes made at AIUS in the prior year as well as changes within our professional development program offerings at CTU. Typically, total student enrollment balances at the end of any given quarter have a lag impact on revenue in the subsequent quarter. Additionally, the current quarter and current year to date had a decrease in revenue-earning days at CTU as compared to the prior year periods due to a timing impact of the academic calendar.
Educational Services and Facilities Expense (dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, |
|
For the Year to Date Ended September 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 vs 2023 % Change |
|
2024 |
|
|
2023 |
|
|
2024 vs 2023 % Change |
Educational services and facilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Academics & student related |
|
$ |
26,607 |
|
|
$ |
30,991 |
|
|
-14.1% |
|
$ |
80,273 |
|
|
$ |
92,347 |
|
|
-13.1% |
Occupancy |
|
|
1,680 |
|
|
|
2,511 |
|
|
-33.1% |
|
|
5,388 |
|
|
|
7,754 |
|
|
-30.5% |
Total educational services and facilities |
|
$ |
28,287 |
|
|
$ |
33,502 |
|
|
-15.6% |
|
$ |
85,661 |
|
|
$ |
100,101 |
|
|
-14.4% |
The educational services and facilities expense for the current quarter and year to date decreased by 15.6% or $5.2 million and 14.4% or $14.4 million, respectively, as compared to the prior year periods. Academics and student related costs decreased by 14.1% or $4.4 million and 13.1% or $12.1 million for the current quarter and year to date, respectively, as compared to the prior year periods, primarily driven by operational changes made to align with recent student enrollments trends. Occupancy expenses for the current quarter and year to date improved by 33.1% or $0.8 million and 30.5% or $2.4 million, respectively, as compared to the prior year periods, driven by the continued optimization of leased space.
General and Administrative Expense (dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, |
|
For the Year to Date Ended September 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 vs 2023 % Change |
|
2024 |
|
|
2023 |
|
|
2024 vs 2023 % Change |
General and administrative: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and marketing |
|
$ |
26,807 |
|
|
$ |
22,611 |
|
|
18.6% |
|
$ |
74,178 |
|
|
$ |
79,742 |
|
|
-7.0% |
Admissions |
|
|
20,027 |
|
|
|
21,198 |
|
|
-5.5% |
|
|
60,881 |
|
|
|
70,511 |
|
|
-13.7% |
Administrative |
|
|
38,127 |
|
|
|
40,653 |
|
|
-6.2% |
|
|
114,064 |
|
|
|
128,556 |
|
|
-11.3% |
Bad debt |
|
|
8,733 |
|
|
|
7,592 |
|
|
15.0% |
|
|
21,364 |
|
|
|
26,519 |
|
|
-19.4% |
Total general and administrative expense |
|
$ |
93,694 |
|
|
$ |
92,054 |
|
|
1.8% |
|
$ |
270,487 |
|
|
$ |
305,328 |
|
|
-11.4% |
The general and administrative expense for the current quarter increased by 1.8% or $1.6 million and decreased by 11.4% or $34.8 million for the current year to date, as compared to the prior year periods. The current quarter increase was primarily driven by increased advertising and marketing expense, which was only partially offset with a decrease in admissions and administrative expenses. The year to date improvement was driven by decreases within all expense categories as compared to comparative prior year period.
Advertising and marketing expense for the current quarter increased by 18.6% or $4.2 million and decreased by 7.0% or $5.6 million for the current year to date, as compared to the prior year periods. The current quarter increase was due to increased spending within AIUS to normalized levels versus the prior year which was decreased due to the short-term operational changes. The current year to date improvement was primarily driven by adjustments made to our marketing processes to identify prospective student interest.
Admissions expense for the current quarter and year to date decreased by 5.5% or $1.2 million and 13.7% or $9.6 million, respectively, as compared to the prior year periods. Admissions expense for the current quarter decreased within CTU, which more than offset the increase within AIUS as a result of the return to normalized operating levels. The current year to date improvement was primarily driven by decreased expenses within both CTU and AIUS as a result of the operational changes made during the prior year.
The administrative expense for the current quarter and year to date decreased by 6.2% or $2.5 million and 11.3% or $14.5 million, respectively, as compared to the prior year periods, primarily driven by operational efficiencies within our academic institutions and decreased legal fees within Corporate and Other for the year to date period.
Bad debt expense incurred by each of our segments during the quarters and years to date ended September 30, 2024 and 2023 was as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, |
|
|
For the Year to Date Ended September 30, |
|
|
|
2024 |
|
|
% of
Segment
Revenue |
|
|
2023 |
|
|
% of
Segment
Revenue |
|
|
2024 vs 2023 % Change |
|
|
2024 |
|
|
% of
Segment
Revenue |
|
|
2023 |
|
|
% of
Segment
Revenue |
|
|
2024 vs 2023 % Change |
|
Bad debt expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CTU |
|
$ |
5,003 |
|
|
|
4.3 |
% |
|
$ |
4,529 |
|
|
|
3.8 |
% |
|
|
10.5 |
% |
|
$ |
13,031 |
|
|
|
3.8 |
% |
|
$ |
16,225 |
|
|
|
4.5 |
% |
|
|
-19.7 |
% |
AIUS |
|
|
3,732 |
|
|
|
6.9 |
% |
|
|
3,068 |
|
|
|
5.2 |
% |
|
|
21.6 |
% |
|
|
8,333 |
|
|
|
5.1 |
% |
|
|
10,307 |
|
|
|
5.2 |
% |
|
|
-19.2 |
% |
Corporate and Other |
|
|
(2 |
) |
|
NM |
|
|
|
(5 |
) |
|
NM |
|
|
NM |
|
|
|
- |
|
|
NM |
|
|
|
(13 |
) |
|
NM |
|
|
NM |
|
Total bad debt expense |
|
$ |
8,733 |
|
|
|
5.1 |
% |
|
$ |
7,592 |
|
|
|
4.2 |
% |
|
|
15.0 |
% |
|
$ |
21,364 |
|
|
|
4.2 |
% |
|
$ |
26,519 |
|
|
|
4.7 |
% |
|
|
-19.4 |
% |
Bad debt expense for the current quarter increased by 15.0% or $1.1 million and decreased by 19.4% or $5.2 million for the current year to date, as compared to the prior year periods. We regularly evaluate our reserve rates, which includes a quarterly update of our analysis of historical student receivable collectability based on the most recent data available and a review of current known factors which we believe could affect future collectability of our student receivables, such as the number of students that do not complete the financial aid process. We continue to expect quarterly fluctuations in bad debt expense.
Operating Income
Operating income increased by 4.0% or $1.7 million and 1.9% or $2.6 million for the current quarter and year to date, respectively, as compared to the prior year periods. The current quarter improvement was benefitted by lower academics, admissions and administrative expenses which more than offset the decrease in revenue as compared to the prior year quarter. The year to date improvement was supported by lower operating expenses across all categories which more than offset the decrease in revenue as compared to the prior year period. The current quarter and year to date also included lower asset impairment charges of $7.4 million and $6.2 million, respectively, as compared to the comparative prior year periods.
Provision for Income Taxes
For the quarter and year to date ended September 30, 2024, we recorded a provision for income taxes of $14.1 million reflecting an effective tax rate of 26.9% and $42.1 million reflecting an effective tax rate of 26.6%, respectively, as compared to a provision for income taxes of $6.8 million reflecting an effective tax rate of 14.1% and $39.3 million reflecting an effective tax rate of 23.1% for the respective prior year periods.
The effective tax rate for the quarter and year to date ended September 30, 2024 reflects federal tax credits claimed for the 2023 tax return, which decreased the effective tax rate for the quarter and year to date by 0.4% and 0.1%, respectively. Additionally, the tax effect of stock-based compensation and the release of previously recorded tax reserves reduced the effective tax rate for the quarter and year to date ended September 30, 2024 by 0.2% and 1.4%, respectively. The effective tax rate for the quarter and year to date ended September 30, 2023 was primarily impacted by a $4.5 million favorable discrete adjustment related to the recognition of the tax benefits associated with a previously disclosed prior year ordinary loss attributable to the stock of a worthless subsidiary, which decreased the effective tax rate for the quarter and year to date by 9.3% and 2.6%, respectively. The effective tax rate for the quarter and year to date ended September 30, 2023 reflects federal and state tax credits claimed for the 2022 tax return, which decreased the effective tax rate for the quarter and year to date by 0.6% and 0.2%, respectively. Additionally, the tax effect of stock-based compensation and the release of other previously recorded tax reserves reduced the effective tax rate for the quarter and year to date ended September 30, 2023 by 0.2% and 0.6%, respectively.
For the full year 2024, we expect our effective tax rate to be between 26.0% and 27.0%.
SEGMENT RESULTS OF OPERATIONS
The following tables present unaudited segment results for the reported periods (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, |
|
|
|
REVENUE |
|
|
OPERATING INCOME (LOSS) |
|
|
OPERATING MARGIN |
|
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
2023 |
|
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CTU |
|
$ |
115,742 |
|
|
$ |
120,552 |
|
|
|
-4.0 |
% |
|
$ |
44,199 |
|
|
$ |
34,491 |
|
|
|
28.1 |
% |
|
|
38.2 |
% |
|
|
28.6 |
% |
AIUS |
|
|
53,887 |
|
|
|
59,226 |
|
|
|
-9.0 |
% |
|
|
9,063 |
|
|
|
15,602 |
|
|
|
-41.9 |
% |
|
|
16.8 |
% |
|
|
26.3 |
% |
Corporate and other |
|
|
199 |
|
|
|
145 |
|
|
|
37.2 |
% |
|
|
(8,468 |
) |
|
|
(7,020 |
) |
|
|
-20.6 |
% |
|
NM |
|
|
NM |
|
Total |
|
$ |
169,828 |
|
|
$ |
179,923 |
|
|
|
-5.6 |
% |
|
$ |
44,794 |
|
|
$ |
43,073 |
|
|
|
4.0 |
% |
|
|
26.4 |
% |
|
|
23.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year to Date Ended September 30, |
|
|
|
REVENUE |
|
|
OPERATING INCOME (LOSS) |
|
|
OPERATING MARGIN |
|
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
2023 |
|
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CTU |
|
$ |
342,139 |
|
|
$ |
364,336 |
|
|
|
-6.1 |
% |
|
$ |
129,245 |
|
|
$ |
118,632 |
|
|
|
8.9 |
% |
|
|
37.8 |
% |
|
|
32.6 |
% |
AIUS |
|
|
162,114 |
|
|
|
197,128 |
|
|
|
-17.8 |
% |
|
|
31,275 |
|
|
|
44,683 |
|
|
|
-30.0 |
% |
|
|
19.3 |
% |
|
|
22.7 |
% |
Corporate and other |
|
|
579 |
|
|
|
621 |
|
|
|
-6.8 |
% |
|
|
(23,442 |
) |
|
|
(28,812 |
) |
|
|
18.6 |
% |
|
NM |
|
|
NM |
|
Total |
|
$ |
504,832 |
|
|
$ |
562,085 |
|
|
|
-10.2 |
% |
|
$ |
137,078 |
|
|
$ |
134,503 |
|
|
|
1.9 |
% |
|
|
27.2 |
% |
|
|
23.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL STUDENT ENROLLMENTS |
|
|
|
As of September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
CTU |
|
|
30,000 |
|
|
|
26,400 |
|
|
|
13.6 |
% |
AIUS |
|
|
10,400 |
|
|
|
10,000 |
|
|
|
4.0 |
% |
Total |
|
|
40,400 |
|
|
|
36,400 |
|
|
|
11.0 |
% |
Total student enrollments represent all students who are active as of the last day of the reporting period. Active students are defined as those students who are considered in attendance by participating in class related activities during the previous two weeks. Total student enrollments do not include learners pursuing: a) non-degree seeking and professional development programs, and b) degree seeking, non-Title IV, self-paced programs at our universities.
CTU. Current quarter and year to date revenue decreased by 4.0% or $4.8 million and 6.1% or $22.2 million, respectively, as compared to the prior year periods. The decrease was primarily driven by changes within the professional development program offerings at CTU as well as a negative timing impact of revenue-earning days due to the academic calendar for the current quarter and
year to date as compared to the prior year periods. CTU experienced total student enrollment growth of 13.6% at September 30, 2024 as compared to the prior year quarter end which was driven by growth in student enrollments from corporate engagement programs as well as a positive timing impact of the academic calendar on enrollment days. CTU's academic calendar may impact the comparability of revenue-earning days and enrollment results in any given quarter, with the impact on revenue and total student enrollments not necessarily having the same magnitude or directional impact.
Current quarter and year to date operating income for CTU increased by 28.1% or $9.7 million and 8.9% or $10.6 million, respectively, as compared to the prior year periods. The improvement in operating income was primarily supported by lower academics and admissions expenses as well as right-sizing of the cost structure to align with more simplified professional development offerings, which more than offset the declines in revenue. The current quarter and year to date also included lower asset impairment charges of $7.4 million and $6.2 million, respectively, as compared to the comparative prior year periods.
AIUS. Current quarter and year to date revenue decreased by 9.0% or $5.3 million and 17.8% or $35.0 million, respectively, as compared to the prior year periods. The decreases were driven by a lag impact from the operational changes made during the latter half of 2023. AIUS' experienced total student enrollment growth of 4.0% at September 30, 2024 as compared to the prior year quarter end as the return to normalized operating levels in the fourth quarter of 2023 contributed to increased student enrollments.
Current quarter and year to date operating income for AIUS decreased by 41.9% or $6.5 million and 30.0% or $13.4 million, respectively, as compared to the prior year periods, driven by the decrease in revenue discussed above.
Corporate and Other. This category includes unallocated costs that are incurred on behalf of the entire company. Total Corporate and Other operating loss for the current quarter increased by 20.6% or $1.4 million as compared to the prior year quarter primarily driven by acquisition costs and increased legal fees for the current quarter. The year to date operating loss improved by 18.6% or $5.4 million as compared to the prior year period primarily as a result of lower legal expenses.
SUMMARY OF CRITICAL ACCOUNTING POLICIES AND ESTIMATES
A detailed discussion of the accounting policies and estimates that we believe are most critical to our financial condition and results of operations that require management’s most subjective and complex judgments in estimating the effect of inherent uncertainties is included under the caption “Summary of Critical Accounting Policies and Estimates” included in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2023. Note 2 “Summary of Significant Accounting Policies” of the notes to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023 also includes a discussion of these and other significant accounting policies.
LIQUIDITY, FINANCIAL POSITION AND CAPITAL RESOURCES
As of September 30, 2024, cash, cash equivalents, restricted cash and available-for-sale short-term investments (“cash balances”) totaled $722.6 million. Our cash flows from operating activities have historically been adequate to fulfill our liquidity requirements. We have historically financed our operating activities, organic growth and acquisitions primarily through cash generated from operations and existing cash balances. We expect to continue to generate cash during the remainder of 2024. We anticipate that we will be able to satisfy the cash requirements associated with, among other things, our working capital needs, capital expenditures, lease commitments, quarterly dividends payments and pending acquisition through at least the next 12 months primarily with cash generated by operations and existing cash balances.
We maintain a balanced capital allocation strategy that focuses on maintaining a strong balance sheet and adequate liquidity, while (i) investing in organic projects at our universities, in particular technology-related initiatives which are designed to benefit our students, and (ii) evaluating diverse strategies to enhance stockholder value, including acquisitions, quarterly dividend payments and share repurchases. Ultimately, our goal is to deploy resources in a way that drives long term stockholder value while supporting and enhancing the academic value of our institutions.
On February 20, 2024, the Board of Directors of the Company approved a new stock repurchase program for up to $50.0 million which commenced March 1, 2024 and expires September 30, 2025. The new stock repurchase program replaced the previous stock repurchase program. The timing of purchases and the number of shares repurchased under the program will be determined by the Company’s management and will depend on a variety of factors including stock price, trading volume and other general market and economic conditions, its assessment of alternative uses of capital, regulatory requirements and other factors.
The Board of Directors approved the aforementioned stock repurchase programs believing it advantageous to the Company and its stockholders to repurchase shares of the Company’s common stock from time to time at prices below what the Board of Directors believed to be the intrinsic value of the Company’s common stock.
The discussion above reflects management’s expectations regarding liquidity; however, as a result of the significance of the Title IV Program funds received by our students, we are highly dependent on these funds to operate our business. Any reduction in the level of Title IV funds that our students are eligible to receive or any impact on timing or our ability to receive Title IV Program
funds, or any requirement to post a significant letter of credit to the Department, may have a significant impact on our operations and our financial condition. In addition, our financial performance is dependent on the level of student enrollments which could be impacted by external factors. See Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2023.
Sources and Uses of Cash
Operating Cash Flows
During the years to date ended September 30, 2024 and 2023, net cash flows provided by operating activities totaled $144.0 million and $98.8 million, respectively. The increase in net cash flows provided by operating activities for the current year to date as compared to the prior year to date was primarily driven by timing of working capital payments and Title IV cash drawdowns, as well as certain compensation-related payments.
Our primary source of cash flows from operating activities is tuition collected from our students. Our students derive the ability to pay tuition costs through the use of a variety of funding sources, including, among others, federal loan and grant programs, state grant programs, private loans and grants, institutional payment plans, private and institutional scholarships and cash payments.
For further discussion of Title IV Program funding and other funding sources for our students, see Item 1, “Business - Student Financial Aid and Related Federal Regulation,” in our Annual Report on Form 10-K for the year ended December 31, 2023.
Our primary uses of cash to support our operating activities include, among other things, cash paid and benefits provided to our employees for services, to vendors for products and services, to lessors for rents and operating costs related to leased facilities, to suppliers for textbooks and other institution supplies, and to federal, state and local governments for income and other taxes.
Investing Cash Flows
During the year to date ended September 30, 2024, net cash flows provided by investing activities totaled $7.3 million compared to net cash flows used in investing activities of $31.2 million for the prior year to date.
Purchases and Sales of Available-for-Sale Investments. Purchases and sales of available-for-sale investments resulted in a net cash inflow of $10.3 million for the current year to date as compared to a net cash outflow of $26.4 million for the prior year to date.
Capital Expenditures. Capital expenditures decreased to $3.0 million for the year to date ended September 30, 2024 as compared to $4.8 million for the year to date ended September 30, 2023. For the full year 2024, we expect capital expenditures to be approximately 1.0% of revenue.
Financing Cash Flows
During the years to date ended September 30, 2024 and 2023, net cash flows used in financing activities totaled $31.5 million and $12.4 million, respectively. Payments to repurchase shares of our common stock were $6.8 million for the year to date ended September 30, 2024 and $2.7 million for the year to date ended September 30, 2023.
Payments of employee tax associated with stock compensation. Payments of employee tax associated with stock compensation were $3.4 million and $2.2 million for the years to date ended September 30, 2024 and 2023, respectively.
Payments of cash dividends and dividend equivalents. During the years to date ended September 30, 2024 and 2023, the Company made dividend payments of $23.2 million and $7.2 million, respectively.
Changes in Financial Position
Selected condensed consolidated balance sheet account changes from December 31, 2023 to September 30, 2024 were as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
ASSETS |
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS: |
|
|
|
|
|
|
|
|
|
Right of use asset, net |
|
|
15,669 |
|
|
|
19,096 |
|
|
|
-18 |
% |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
10,396 |
|
|
|
3,974 |
|
|
|
162 |
% |
Deferred revenue |
|
|
49,347 |
|
|
|
37,215 |
|
|
|
33 |
% |
Right of use asset, net: The decrease is driven by recurring amortization of remaining ROU assets as well as impairment of certain leased assets which the Company made the decision to vacate during the current year to date.
Income taxes: The increase primarily relates to amounts owed with respect to estimated payments of federal and state income tax for 2024.
Deferred revenue: The increase is primarily related to the timing impact of the academic terms within CTU and AIUS along with an increase in total student enrollments.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to financial market risks, primarily changes in interest rates. We use various techniques to manage our interest rate risk. We have no derivative financial instruments or derivative commodity instruments, and believe the risk related to cash equivalents and available for sale investments is limited due to the adherence to our investment policy, which focuses on capital preservation and liquidity. In addition, we use asset managers who conduct initial and ongoing credit analyses on our investment portfolio and monitor that investments are in compliance with our investment policy. Despite the investment risk mitigation strategies we employ, we may incur investment losses as a result of unusual and unpredictable market developments and may experience reduced investment earnings if the yields on investments deemed to be low risk remain low or decline.
Interest Rate Exposure
Our future investment income may fall short of expectations due to changes in interest rates or we may suffer losses in principal if we are forced to sell investments that have declined in market value due to changes in interest rates. At September 30, 2024, a 10% increase or decrease in interest rates applicable to our investments would not have a material impact on our future earnings, fair values or cash flows.
Our financial instruments are recorded at their fair values as of September 30, 2024 and December 31, 2023. We believe that the exposure of our consolidated financial position and results of operations and cash flows to adverse changes in interest rates applicable to our investments is not significant.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
We completed an evaluation as of the end of the period covered by this Quarterly Report on Form 10-Q (“Report”) under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2024, our disclosure controls and procedures were effective to provide reasonable assurance that (i) the information required to be disclosed by us in this Report was recorded, processed, summarized and reported within the time periods specified in the rules and forms provided by the U.S. Securities and Exchange Commission (“SEC”), and (ii) information required to be disclosed by us in our reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations on the Effectiveness of Controls
Our management does not expect that our disclosure controls and procedures or our internal controls will prevent or detect all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in a cost-effective control system, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within our Company have been detected.
These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
Note 8 “Contingencies” to our unaudited condensed consolidated financial statements is incorporated herein by reference.
Item 1A. Risk Factors
In addition to the information set forth in this Quarterly Report on Form 10-Q, the reader should carefully consider the factors discussed in Part I, Item 1A “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission on February 21, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
On February 20, 2024, the Board of Directors of the Company approved a new stock repurchase program which authorizes the Company to repurchase up to $50.0 million of the Company’s outstanding common stock. See Note 11 “Stock Repurchase Program” to our unaudited condensed consolidated financial statements for further information.
The following table sets forth information regarding purchases made by us of shares of our common stock on a monthly basis during the year to date ended September 30, 2024:
Issuer Purchases of Equity Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period |
|
Total Number
of Shares
Purchased (1) |
|
|
Average Price
Paid per Share |
|
|
Total Number
of Shares
Purchased as
Part of Publicly
Announced Plans
or Programs |
|
|
Maximum
Approximate
Dollar Value of
Shares that
May Yet Be
Purchased
Under the Plans
or Programs (2) |
|
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
$ |
18,528,794 |
|
January 1, 2024—January 31, 2024 |
|
|
- |
|
|
$ |
- |
|
|
|
- |
|
|
|
18,528,794 |
|
February 1, 2024—February 29, 2024 |
|
|
220,000 |
|
|
|
17.63 |
|
|
|
220,000 |
|
|
|
14,646,422 |
|
March 1, 2024—March 31, 2024 |
|
|
358,669 |
|
|
|
17.64 |
|
|
|
164,571 |
|
|
|
47,106,022 |
|
April 1, 2024—April 30, 2024 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
47,106,022 |
|
May 1, 2024—May 31, 2024 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
47,106,022 |
|
June 1, 2024—June 30, 2024 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
47,106,022 |
|
July 1, 2024—July 31, 2024 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
47,106,022 |
|
August 1, 2024—August 31, 2024 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
47,106,022 |
|
September 1, 2024—September 30, 2024 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
47,106,022 |
|
Total |
|
|
578,669 |
|
|
|
|
|
|
384,571 |
|
|
|
|
(1)Includes 194,098 shares delivered back to the Company for payment of withholding taxes from employees for vesting restricted stock units pursuant to the terms of the Perdoceo Education Corporation Amended and Restated 2016 Incentive Compensation Plan.
(2)On February 20, 2024, the Board of Directors of the Company approved a new stock repurchase program of up to $50.0 million which commenced on March 1, 2024 and expires on September 30, 2025.
Item 5. Other Information
Rule 10b5-1 Plan Elections
Todd Nelson, President and Chief Executive Officer, entered into a pre-arranged stock trading plan on August 13, 2024. Mr. Nelson's plan provides for the sale between January 2, 2025 and July 31, 2025 of up to 12,472 shares of the Company's common stock which Mr. Nelson has the right to acquire under outstanding vested stock options, and 25% of net vested restricted stock held by Mr. Nelson upon the vesting of restricted stock units that will vest prior to July 31, 2025.
Elise Baskel, Senior Vice President – Colorado Technical University, entered into a pre-arranged stock trading plan on August 5, 2024. Ms. Baskel’s plan provides for the sale between November 6, 2024 and August 5, 2025 of up to 18,918 shares of the
Company's common stock owned by Ms. Baskel, and 50% of net vested restricted stock held by Ms. Baskel upon the vesting of performance shares and restricted stock units that will vest prior to August 5, 2025.
John Kline, Senior Vice President - American InterContinental University System, entered into a pre-arranged stock trading plan on August 5, 2024. Mr. Kline's plan provides for the sale between November 11, 2024 and August 5, 2025 of up to 54,722 shares of the Company's common stock owned by Mr. Kline, or which Mr. Kline has the right to acquire under outstanding vested stock options.
Each of the trading plans was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, and the Company's policies regarding transactions in Company securities.
Executive Officer Appointment
On September 26, 2024, Sunitha Araamudhu was appointed to the positions of Senior Vice President – American InterContinental University System and President of American InterContinental University System. Ms. Araamudhu previously served as Chief Operating Officer of AIUS since February 23, 2022. John R. Kline will continue to serve as Senior Vice President – American InterContinental University System and was also appointed to the position of Chancellor of American InterContinental University System.
Item 6. Exhibits
The exhibits required to be filed by Item 601 of Regulation S-K are listed in the “Exhibit Index,” which is attached hereto and incorporated by reference herein.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
|
|
|
PERDOCEO EDUCATION CORPORATION |
|
|
|
|
Date: November 12, 2024 |
By: |
|
/s/ TODD S. NELSON |
|
|
|
Todd S. Nelson President and Chief Executive Officer (Principal Executive Officer) |
|
|
|
|
Date: November 12, 2024 |
By: |
|
/s/ ASHISH R. GHIA |
|
|
|
Ashish R. Ghia Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
EXHIBIT 31.1
CERTIFICATION
I, Todd S. Nelson, President and Chief Executive Officer of Perdoceo Education Corporation, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Perdoceo Education Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 12, 2024
|
/s/ TODD S. NELSON |
Todd S. Nelson |
President and Chief Executive Officer |
EXHIBIT 31.2
CERTIFICATION
I, Ashish R. Ghia, Senior Vice President and Chief Financial Officer of Perdoceo Education Corporation, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Perdoceo Education Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 12, 2024
|
/s/ ASHISH R. GHIA |
Ashish R. Ghia |
Senior Vice President and Chief Financial Officer |
EXHIBIT 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of Perdoceo Education Corporation (the “Company”) for the quarter ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Todd S. Nelson, President and Chief Executive Officer of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(i)the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and
(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ TODD S. NELSON |
Todd S. Nelson |
President and Chief Executive Officer |
November 12, 2024
This certification accompanies this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
EXHIBIT 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of Perdoceo Education Corporation (the “Company”) for the quarter ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ashish R. Ghia, Senior Vice President and Chief Financial Officer of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(i)the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and
(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ ASHISH R. GHIA |
Ashish R. Ghia |
Senior Vice President and Chief Financial Officer |
November 12, 2024
This certification accompanies this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
v3.24.3
Document and Entity Information - shares
|
9 Months Ended |
|
Sep. 30, 2024 |
Nov. 06, 2024 |
| Document Information [Line Items] |
|
|
| Document Type |
10-Q
|
|
| Amendment Flag |
false
|
|
| Document Period End Date |
Sep. 30, 2024
|
|
| Document Fiscal Year Focus |
2024
|
|
| Document Fiscal Period Focus |
Q3
|
|
| Trading Symbol |
PRDO
|
|
| Title of 12(b) Security |
Common Stock, $0.01 par value
|
|
| Security Exchange Name |
NASDAQ
|
|
| Entity Registrant Name |
PERDOCEO EDUCATION CORP
|
|
| Entity Central Index Key |
0001046568
|
|
| Current Fiscal Year End Date |
--12-31
|
|
| Entity Filer Category |
Large Accelerated Filer
|
|
| Entity Small Business |
false
|
|
| Entity Emerging Growth Company |
false
|
|
| Entity Common Stock, Shares Outstanding |
|
65,716,357
|
| Entity Current Reporting Status |
Yes
|
|
| Entity Interactive Data Current |
Yes
|
|
| Entity Shell Company |
false
|
|
| Document Quarterly Report |
true
|
|
| Document Transition Report |
false
|
|
| Entity File Number |
0-23245
|
|
| Entity Incorporation, State or Country Code |
DE
|
|
| Entity Tax Identification Number |
36-3932190
|
|
| Entity Address, Address Line One |
1750 E. Golf Road
|
|
| Entity Address, City or Town |
Schaumburg
|
|
| Entity Address, State or Province |
IL
|
|
| Entity Address, Postal Zip Code |
60173
|
|
| City Area Code |
847
|
|
| Local Phone Number |
781-3600
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v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| CURRENT ASSETS: |
|
|
|
| Cash and cash equivalents, unrestricted |
|
$ 238,049
|
$ 118,009
|
| Restricted cash |
|
773
|
1,012
|
| Total cash, cash equivalents and restricted cash |
|
238,822
|
119,021
|
| Short-term investments |
|
483,772
|
485,135
|
| Total cash and cash equivalents, restricted cash and short-term investments |
|
722,594
|
604,156
|
| Student receivables, gross |
|
67,599
|
64,011
|
| Allowance for credit losses |
|
(35,581)
|
(34,613)
|
| Student receivables, net |
|
32,018
|
29,398
|
| Receivables, other |
|
4,114
|
4,539
|
| Prepaid expenses |
|
10,665
|
11,712
|
| Inventories |
|
3,870
|
5,004
|
| Other current assets |
|
263
|
155
|
| Total current assets |
|
773,524
|
654,964
|
| NON-CURRENT ASSETS: |
|
|
|
| Property and equipment, net of accumulated depreciation of $64,602 and $58,785 as of September 30, 2024 and December 31, 2023, respectively |
|
18,099
|
21,371
|
| Right of use asset, net |
|
15,669
|
19,096
|
| Goodwill |
|
241,162
|
241,162
|
| Intangible assets, net of amortization of $26,937 and $23,612 as of September 30, 2024 and December 31, 2023, respectively |
|
32,894
|
36,219
|
| Student receivables, gross |
|
8,656
|
7,028
|
| Allowance for credit losses |
|
(2,752)
|
(3,169)
|
| Student receivables, net |
|
5,904
|
3,859
|
| Deferred income tax assets, net |
|
23,010
|
23,804
|
| Other assets |
|
6,494
|
6,841
|
| TOTAL ASSETS |
[1] |
1,116,756
|
1,007,316
|
| CURRENT LIABILITIES: |
|
|
|
| Lease liability-operating |
|
4,969
|
5,701
|
| Accounts payable |
|
13,647
|
10,766
|
| Accrued expenses: |
|
|
|
| Payroll and related benefits |
|
33,517
|
32,684
|
| Advertising and marketing costs |
|
7,969
|
7,196
|
| Income taxes |
|
10,396
|
3,974
|
| Other |
|
21,322
|
13,503
|
| Deferred revenue |
|
49,347
|
37,215
|
| Total current liabilities |
|
141,167
|
111,039
|
| NON-CURRENT LIABILITIES: |
|
|
|
| Lease liability-operating |
|
17,317
|
21,346
|
| Other liabilities |
|
22,841
|
33,510
|
| Total non-current liabilities |
|
40,158
|
54,856
|
| Commitments and Contingencies (Note 8) |
|
|
|
| STOCKHOLDERS' EQUITY: |
|
|
|
| Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding |
|
|
|
| Common stock, $0.01 par value; 300,000,000 shares authorized; 91,020,793 and 90,270,306 shares issued, 65,716,357 and 65,544,539 shares outstanding as of September 30, 2024 and December 31, 2023, respectively |
|
910
|
903
|
| Additional paid-in capital |
|
704,346
|
694,798
|
| Accumulated other comprehensive income (loss) |
|
1,568
|
(666)
|
| Retained earnings |
|
573,031
|
480,606
|
| Treasury stock, at cost; 25,304,436 and 24,725,767 shares as of September 30, 2024 and December 31, 2023, respectively |
|
(344,424)
|
(334,220)
|
| Total stockholders' equity |
|
935,431
|
841,421
|
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ 1,116,756
|
$ 1,007,316
|
|
|
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v3.24.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Statement Of Financial Position [Abstract] |
|
|
| Property and equipment, accumulated depreciation |
$ 64,602
|
$ 58,785
|
| Intangible assets, amortization |
$ 26,937
|
$ 23,612
|
| Preferred stock, par value |
$ 0.01
|
$ 0.01
|
| Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
| Preferred stock, shares issued |
0
|
0
|
| Preferred stock, shares outstanding |
0
|
0
|
| Common stock, par value |
$ 0.01
|
$ 0.01
|
| Common stock, shares authorized |
300,000,000
|
300,000,000
|
| Common stock, shares issued |
91,020,793
|
90,270,306
|
| Common stock, shares outstanding |
65,716,357
|
65,544,539
|
| Treasury stock, shares |
25,304,436
|
24,725,767
|
| X |
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v3.24.3
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| REVENUE: |
|
|
|
|
|
| Total revenue |
|
$ 169,828
|
$ 179,923
|
$ 504,832
|
$ 562,085
|
| OPERATING EXPENSES: |
|
|
|
|
|
| Educational services and facilities |
|
28,287
|
33,502
|
85,661
|
100,101
|
| General and administrative |
|
93,694
|
92,054
|
270,487
|
305,328
|
| Depreciation and amortization |
|
3,053
|
3,914
|
9,138
|
13,438
|
| Asset impairment |
|
|
7,380
|
2,468
|
8,715
|
| Total operating expenses |
|
125,034
|
136,850
|
367,754
|
427,582
|
| Operating income |
|
44,794
|
43,073
|
137,078
|
134,503
|
| OTHER INCOME: |
|
|
|
|
|
| Interest income |
|
7,702
|
5,210
|
21,685
|
13,559
|
| Interest expense |
|
(82)
|
(97)
|
(529)
|
(288)
|
| Miscellaneous (expense) income |
|
(52)
|
(98)
|
(7)
|
21,970
|
| Total other income |
|
7,568
|
5,015
|
21,149
|
35,241
|
| PRETAX INCOME |
|
52,362
|
48,088
|
158,227
|
169,744
|
| Provision for income taxes |
|
14,107
|
6,781
|
42,101
|
39,280
|
| NET INCOME |
|
$ 38,255
|
$ 41,307
|
$ 116,126
|
$ 130,464
|
| NET INCOME PER SHARE - BASIC: |
|
$ 0.58
|
$ 0.63
|
$ 1.77
|
$ 1.95
|
| NET INCOME PER SHARE - DILUTED: |
|
$ 0.57
|
$ 0.62
|
$ 1.73
|
$ 1.92
|
| WEIGHTED AVERAGE SHARES OUTSTANDING: |
|
|
|
|
|
| Basic |
|
65,699
|
65,634
|
65,622
|
66,758
|
| Diluted |
|
67,312
|
67,103
|
67,110
|
68,072
|
| Tuition and Fees, Net [Member] |
|
|
|
|
|
| REVENUE: |
|
|
|
|
|
| Total revenue |
|
$ 168,442
|
$ 178,259
|
$ 500,844
|
$ 556,098
|
| Other [Member] |
|
|
|
|
|
| REVENUE: |
|
|
|
|
|
| Total revenue |
[1] |
$ 1,386
|
$ 1,664
|
$ 3,988
|
$ 5,987
|
|
|
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v3.24.3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Income Statement [Abstract] |
|
|
|
|
| Net Income (Loss) |
$ 38,255
|
$ 41,307
|
$ 116,126
|
$ 130,464
|
| OTHER COMPREHENSIVE (LOSS) INCOME, net of tax: |
|
|
|
|
| Foreign currency translation adjustments |
46
|
(31)
|
7
|
(8)
|
| Unrealized gain on inestments |
3,243
|
653
|
2,227
|
456
|
| Total other comprehensive income |
3,289
|
622
|
2,234
|
448
|
| COMPREHENSIVE INCOME |
$ 41,544
|
$ 41,929
|
$ 118,360
|
$ 130,912
|
| X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B
Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482739/220-10-55-15
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A
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-Topic 320
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands |
Total |
Common Stock [Member] |
Treasury Stock [Member] |
Additional Paid-in Capital [Member] |
Accumulated Other Comprehensive Loss [Member] |
Retained Earnings [Member] |
| BALANCE at Dec. 31, 2022 |
$ 725,845
|
$ 894
|
$ (301,624)
|
$ 684,183
|
$ (5,447)
|
$ 347,839
|
| BALANCE, shares at Dec. 31, 2022 |
|
89,396,000
|
|
|
|
|
| BALANCE, shares at Dec. 31, 2022 |
|
|
(22,221,000)
|
|
|
|
| Net income |
130,464
|
|
|
|
|
130,464
|
| Foreign currency translation |
(8)
|
|
|
|
(8)
|
|
| Unrealized gain on investments, net of tax |
456
|
|
|
|
456
|
|
| Dividends to shareholders |
(7,474)
|
|
|
|
|
(7,474)
|
| Treasury stock purchased |
(2,729)
|
|
$ (2,729)
|
|
|
|
| Treasury stock purchased, shares |
|
|
(221,000)
|
|
|
|
| Treasury stock acquired upon sale of asset |
(22,086)
|
|
$ (22,086)
|
|
|
|
| Treasury stock acquired upon sale of asset, shares |
|
|
(1,800,000)
|
|
|
|
| Share-based compensation expense |
6,651
|
|
|
6,651
|
|
|
| Common stock issued |
(1,460)
|
$ 7
|
$ (2,209)
|
742
|
|
|
| Common stock issued, shares |
|
680,000
|
(165,000)
|
|
|
|
| BALANCE at Sep. 30, 2023 |
829,659
|
$ 901
|
$ (328,648)
|
691,576
|
(4,999)
|
470,829
|
| BALANCE, shares at Sep. 30, 2023 |
|
90,076,000
|
|
|
|
|
| BALANCE, shares at Sep. 30, 2023 |
|
|
(24,407,000)
|
|
|
|
| BALANCE at Jun. 30, 2023 |
792,432
|
$ 900
|
$ (328,648)
|
688,805
|
(5,621)
|
436,996
|
| BALANCE, shares at Jun. 30, 2023 |
|
90,016,000
|
|
|
|
|
| BALANCE, shares at Jun. 30, 2023 |
|
|
(24,407,000)
|
|
|
|
| Net income |
41,307
|
|
|
|
|
41,307
|
| Foreign currency translation |
(31)
|
|
|
|
(31)
|
|
| Unrealized gain on investments, net of tax |
653
|
|
|
|
653
|
|
| Dividends to shareholders |
(7,474)
|
|
|
|
|
(7,474)
|
| Share-based compensation expense |
2,336
|
|
|
2,336
|
|
|
| Common stock issued |
436
|
$ 1
|
|
435
|
|
|
| Common stock issued, shares |
|
60,000
|
|
|
|
|
| BALANCE at Sep. 30, 2023 |
829,659
|
$ 901
|
$ (328,648)
|
691,576
|
(4,999)
|
470,829
|
| BALANCE, shares at Sep. 30, 2023 |
|
90,076,000
|
|
|
|
|
| BALANCE, shares at Sep. 30, 2023 |
|
|
(24,407,000)
|
|
|
|
| BALANCE at Dec. 31, 2023 |
$ 841,421
|
$ 903
|
$ (334,220)
|
694,798
|
(666)
|
480,606
|
| BALANCE, shares at Dec. 31, 2023 |
90,270,306
|
90,270,000
|
|
|
|
|
| BALANCE, shares at Dec. 31, 2023 |
(24,725,767)
|
|
(24,726,000)
|
|
|
|
| Net income |
$ 116,126
|
|
|
|
|
116,126
|
| Foreign currency translation |
7
|
|
|
|
7
|
|
| Unrealized gain on investments, net of tax |
2,227
|
|
|
|
2,227
|
|
| Dividends to shareholders |
(23,701)
|
|
|
|
|
(23,701)
|
| Treasury stock purchased |
(6,769)
|
|
$ (6,769)
|
|
|
|
| Treasury stock purchased, shares |
|
|
(385,000)
|
|
|
|
| Share-based compensation expense |
7,385
|
|
|
7,385
|
|
|
| Common stock issued |
(1,265)
|
$ 7
|
$ (3,435)
|
2,163
|
|
|
| Common stock issued, shares |
|
751,000
|
(193,000)
|
|
|
|
| BALANCE at Sep. 30, 2024 |
$ 935,431
|
$ 910
|
$ (344,424)
|
704,346
|
1,568
|
573,031
|
| BALANCE, shares at Sep. 30, 2024 |
91,020,793
|
91,021,000
|
|
|
|
|
| BALANCE, shares at Sep. 30, 2024 |
(25,304,436)
|
|
(25,304,000)
|
|
|
|
| BALANCE at Jun. 30, 2024 |
$ 899,524
|
$ 910
|
$ (344,424)
|
701,153
|
(1,721)
|
543,606
|
| BALANCE, shares at Jun. 30, 2024 |
|
90,978,000
|
|
|
|
|
| BALANCE, shares at Jun. 30, 2024 |
|
|
(25,304,000)
|
|
|
|
| Net income |
38,255
|
|
|
|
|
38,255
|
| Foreign currency translation |
46
|
|
|
|
46
|
|
| Unrealized gain on investments, net of tax |
3,243
|
|
|
|
3,243
|
|
| Dividends to shareholders |
(8,830)
|
|
|
|
|
(8,830)
|
| Share-based compensation expense |
2,828
|
|
|
2,828
|
|
|
| Common stock issued |
365
|
|
|
365
|
|
|
| Common stock issued, shares |
|
43,000
|
|
|
|
|
| BALANCE at Sep. 30, 2024 |
$ 935,431
|
$ 910
|
$ (344,424)
|
$ 704,346
|
$ 1,568
|
$ 573,031
|
| BALANCE, shares at Sep. 30, 2024 |
91,020,793
|
91,021,000
|
|
|
|
|
| BALANCE, shares at Sep. 30, 2024 |
(25,304,436)
|
|
(25,304,000)
|
|
|
|
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|
| X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481089/718-20-55-13
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481089/718-20-55-12
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| X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
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-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4
Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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-Section S99
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
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-Section S99
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net income |
$ 116,126
|
$ 130,464
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Asset impairment |
2,468
|
8,715
|
| Gain on sale of asset |
|
(22,086)
|
| Depreciation and amortization expense |
9,138
|
13,438
|
| Bad debt expense |
21,364
|
26,519
|
| Compensation expense related to share-based awards |
7,385
|
6,651
|
| Deferred income taxes |
794
|
4,249
|
| Changes in operating assets and liabilities |
(13,280)
|
(69,117)
|
| Net cash provided by operating activities |
143,995
|
98,833
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Purchases of available-for-sale investments |
(266,842)
|
(205,529)
|
| Sales of available-for-sale investments |
277,111
|
179,139
|
| Purchases of property and equipment |
(2,997)
|
(4,801)
|
| Net cash provided by (used in) investing activities |
7,272
|
(31,191)
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Issuance of common stock |
2,170
|
749
|
| Purchase of treasury stock |
(6,769)
|
(2,729)
|
| Payments of employee tax associated with stock compensation |
(3,435)
|
(2,209)
|
| Payments of cash dividends and dividend equivalents |
(23,156)
|
(7,222)
|
| Release of cash held in escrow |
(276)
|
(1,000)
|
| Net cash used in financing activities |
(31,466)
|
(12,411)
|
| NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
119,801
|
55,231
|
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period |
119,021
|
118,884
|
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period |
$ 238,822
|
$ 174,115
|
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v3.24.3
Insider Trading Arrangements
|
3 Months Ended |
|
Sep. 30, 2024
shares
|
|---|
| Trading Arrangements, by Individual |
|
| Material Terms of Trading Arrangement |
Todd Nelson, President and Chief Executive Officer, entered into a pre-arranged stock trading plan on August 13, 2024. Mr. Nelson's plan provides for the sale between January 2, 2025 and July 31, 2025 of up to 12,472 shares of the Company's common stock which Mr. Nelson has the right to acquire under outstanding vested stock options, and 25% of net vested restricted stock held by Mr. Nelson upon the vesting of restricted stock units that will vest prior to July 31, 2025. Elise Baskel, Senior Vice President – Colorado Technical University, entered into a pre-arranged stock trading plan on August 5, 2024. Ms. Baskel’s plan provides for the sale between November 6, 2024 and August 5, 2025 of up to 18,918 shares of the Company's common stock owned by Ms. Baskel, and 50% of net vested restricted stock held by Ms. Baskel upon the vesting of performance shares and restricted stock units that will vest prior to August 5, 2025. John Kline, Senior Vice President - American InterContinental University System, entered into a pre-arranged stock trading plan on August 5, 2024. Mr. Kline's plan provides for the sale between November 11, 2024 and August 5, 2025 of up to 54,722 shares of the Company's common stock owned by Mr. Kline, or which Mr. Kline has the right to acquire under outstanding vested stock options. Each of the trading plans was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, and the Company's policies regarding transactions in Company securities. Executive Officer Appointment On September 26, 2024, Sunitha Araamudhu was appointed to the positions of Senior Vice President – American InterContinental University System and President of American InterContinental University System. Ms. Araamudhu previously served as Chief Operating Officer of AIUS since February 23, 2022. John R. Kline will continue to serve as Senior Vice President – American InterContinental University System and was also appointed to the position of Chancellor of American InterContinental University System.
|
| Todd Nelson |
|
| Trading Arrangements, by Individual |
|
| Name |
Todd Nelson
|
| Title |
President and Chief Executive Officer
|
| Rule 10b5-1 Arrangement Adopted |
true
|
| Adoption Date |
August 13, 2024
|
| Aggregate Available |
12,472
|
| Elise Baskel |
|
| Trading Arrangements, by Individual |
|
| Name |
Elise Baskel
|
| Title |
Senior Vice President
|
| Rule 10b5-1 Arrangement Adopted |
true
|
| Adoption Date |
August 5, 2024
|
| Aggregate Available |
18,918
|
| John Kline |
|
| Trading Arrangements, by Individual |
|
| Name |
John Kline
|
| Title |
Senior Vice President
|
| Rule 10b5-1 Arrangement Adopted |
true
|
| Adoption Date |
August 5, 2024
|
| Aggregate Available |
54,722
|
| Sunitha Araamudhu |
|
| Trading Arrangements, by Individual |
|
| Name |
Sunitha Araamudhu
|
| Title |
Senior Vice President
|
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v3.24.3
Description of the Company
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization Consolidation And Presentation Of Financial Statements [Abstract] |
|
| Description of the Company |
1. DESCRIPTION OF THE COMPANY Perdoceo’s accredited academic institutions offer a quality postsecondary education primarily online to a diverse student population, along with campus-based and blended learning programs. The Company’s academic institutions – Colorado Technical University (“CTU”) and the American InterContinental University System (“AIUS” or “AIU System”) – provide degree programs from the associate through doctoral level as well as non-degree seeking and professional development programs. Our academic institutions offer students industry-relevant and career-focused academic programs that are designed to meet the educational needs of today’s busy adults. CTU and AIUS continue to show innovation in higher education, advancing personalized learning technologies like their intellipath® learning platform and using data analytics and technology to serve and educate students while enhancing overall learning and academic experiences. Perdoceo's institutions are committed to providing quality education that closes the gap between learners who seek to advance their careers and employers needing a qualified workforce. As used in this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” “the Company,” “Perdoceo” and “PEC” refer to Perdoceo Education Corporation and our wholly-owned subsidiaries.
|
| X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Basis of Presentation
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization Consolidation And Presentation Of Financial Statements [Abstract] |
|
| Basis of Presentation |
2. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for interim financial information and with the rules and regulations for reporting the Quarterly Report on Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. This report should be read in conjunction with our 2023 Form 10-K. In our opinion, these financial statements include all normal and recurring adjustments necessary for a fair presentation. Operating results for the quarter and year to date ended September 30, 2024 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024. The unaudited condensed consolidated financial statements presented herein include the accounts of Perdoceo Education Corporation and our wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. Our reporting segments are determined in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280 – Segment Reporting and are based upon how the Company analyzes performance and makes decisions. Each segment represents a postsecondary education provider that offers a variety of academic programs. We organize our business across two reporting segments: CTU and AIUS.
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-Topic 946
-SubTopic 10
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-Section 50
-Paragraph 1
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v3.24.3
Recent Accounting Pronouncements
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| New Accounting Pronouncements And Changes In Accounting Principles [Abstract] |
|
| Recent Accounting Pronouncements |
3. RECENT ACCOUNTING PRONOUNCEMENTS Recent accounting guidance not yet adopted In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU require that public business entities on an annual basis 1) disclose specific categories in the rate reconciliation, and 2) provide additional information for reconciling items that meet a quantitative threshold. The amendments require disclosure about income taxes paid by federal, state and foreign taxes, and by individual jurisdictions in which income taxes paid is equal or greater than 5 percent of total income taxes paid. The amendments also require entities to disclose income or loss from continuing operations before income tax expense disaggregated between domestic and foreign and income tax expense or benefit from continuing operations disaggregated by federal, state and foreign. For all public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024; early adoption is permitted. We are currently evaluating this guidance and believe the adoption will not significantly impact the presentation of our financial condition, results of operations and disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update require that a public entity disclose on an annual and interim basis, 1) significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, 2) an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss, and 3) disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. For all public business entities, ASU 2023-07 is effective for annual periods after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024; early adoption is permitted. We are currently evaluating this guidance and believe the adoption will not significantly impact the presentation of our financial condition, results of operations and disclosures. In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. For all public business entities, ASU 2022-03 is effective for annual periods and interim periods beginning after December 15, 2024; early adoption is permitted. We are currently evaluating this guidance and believe the adoption will not significantly impact the presentation of our financial condition, results of operations and disclosures.
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-Section 65
-Paragraph 1
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-Paragraph 7
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
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-URI https://asc.fasb.org/1943274/2147483550/848-10-65-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-5
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
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-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-6
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1
Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1
Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
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-URI https://asc.fasb.org/250/tableOfContent
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-Topic 815
-SubTopic 40
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-Section 65
-Paragraph 1
-Subparagraph (e)(1)
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v3.24.3
Financial Instruments
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Financial Instruments |
4. FINANCIAL INSTRUMENTS Investments consist of the following as of September 30, 2024 and December 31, 2023 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
|
|
|
|
Gross Unrealized |
|
|
|
|
|
|
Cost |
|
|
Gain |
|
|
(Loss) |
|
|
Fair Value |
|
Short-term investments (available for sale): |
|
|
|
|
|
|
|
|
|
|
|
|
Non-governmental debt securities |
|
$ |
224,665 |
|
|
$ |
1,203 |
|
|
$ |
(85 |
) |
|
$ |
225,783 |
|
Treasury and federal agencies |
|
|
257,488 |
|
|
|
576 |
|
|
|
(75 |
) |
|
|
257,989 |
|
Total short-term investments (available for sale) |
|
$ |
482,153 |
|
|
$ |
1,779 |
|
|
$ |
(160 |
) |
|
$ |
483,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
|
|
|
|
Gross Unrealized |
|
|
|
|
|
|
Cost |
|
|
Gain |
|
|
(Loss) |
|
|
Fair Value |
|
Short-term investments (available for sale): |
|
|
|
|
|
|
|
|
|
|
|
|
Non-governmental debt securities |
|
|
245,886 |
|
|
|
719 |
|
|
|
(892 |
) |
|
|
245,713 |
|
Treasury and federal agencies |
|
|
239,859 |
|
|
|
393 |
|
|
|
(830 |
) |
|
|
239,422 |
|
Total short-term investments (available for sale) |
|
$ |
485,745 |
|
|
$ |
1,112 |
|
|
$ |
(1,722 |
) |
|
$ |
485,135 |
|
In the table above, unrealized holding gains (losses) relate to short-term investments that have been in a continuous unrealized gain (loss) position for less than one year. Our non-governmental debt securities primarily consist of corporate bonds, certificates of deposit and commercial paper. Our treasury and federal agencies primarily consist of U.S. Treasury bills and federal home loan debt securities. Realized gains or loss resulting from sales of investments were zero during the quarters and years to date ended September 30, 2024 and September 30, 2023. Fair Value Measurements FASB ASC Topic 820 – Fair Value Measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of September 30, 2024, we held investments that are required to be measured at fair value on a recurring basis. These investments (available for sale) consist of non-governmental debt securities and treasury and federal agencies securities. Available for sale securities included in Level 2 are estimated based on observable inputs other than quoted prices in active markets for identical assets and liabilities, such as quoted prices for identical or similar assets or liabilities in inactive markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. All of our available for sale investments were measured under Level 2 as of September 30, 2024 and December 31, 2023. Additionally, money market funds of $30.5 million and $30.3 million included within cash and cash equivalents on our condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively, were measured under Level 1. Non-governmental debt securities of $20.9 million included within cash and cash equivalents on our unaudited condensed consolidated balance sheets as of September 30, 2024 were measured under Level 2. Federal agency debt securities of $53.2 million and $44.9 million included within cash and cash equivalents on our unaudited condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively, were measured under Level 2. Equity Method Investment Our investment in an equity affiliate, which is recorded within other noncurrent assets on our condensed consolidated balance sheets, represents an international investment in a private company. As of September 30, 2024, our investment in an equity affiliate equated to 30.7%, or $1.2 million. During each of the quarters ended September 30, 2024 and 2023, we recorded approximately $0.1 million of loss and during the years to date ended September 30, 2024 and 2023, we recorded less than ten thousand dollars of loss and approximately $0.1 million of loss, respectively, related to our equity affiliate within miscellaneous (expense) income on our unaudited condensed consolidated statements of income. We make periodic operating maintenance payments to our equity affiliate. The total fees recorded during the quarters and years to date ended September 30, 2024 and 2023 were as follows (dollars in thousands):
|
|
|
|
|
Maintenance Fee Payments |
|
For the quarter ended September 30, 2024 |
$ |
429 |
|
For the quarter ended September 30, 2023 |
$ |
411 |
|
For the year to date ended September 30, 2024 |
$ |
1,296 |
|
For the year to date ended September 30, 2023 |
$ |
1,256 |
|
Credit Agreement Termination of credit agreement On July 29, 2024, the Company gave notice of the termination of its credit agreement, dated as of September 8, 2021, as amended (the “Credit Agreement”), by and among the Company, as borrower, certain of its subsidiary guarantors thereunder, the lenders from time-to-time parties thereto and Wintrust Bank N.A. (the “Termination”). At the time of the Termination of the Credit Agreement, the Company was not in default under the Credit Agreement, nor did it have any amounts outstanding thereunder. The Credit Agreement was due to mature on January 31, 2027. The Company made the decision to terminate the Credit Agreement due to the Company’s strong cash position and to avoid uncertainty under the Credit Agreement associated with newly effective Title IV financial responsibility requirements. The Termination was effective on July 30, 2024. Upon effectiveness of the Termination, all security interests and pledges granted to the secured parties under the Credit Agreement were terminated and released. The Company did not incur any material early termination penalties in connection with the Termination.
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v3.24.3
Revenue Recognition
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Revenue From Contract With Customer [Abstract] |
|
| Revenue Recognition |
5. REVENUE RECOGNITION Disaggregation of Revenue The following tables disaggregate our revenue by major source for the quarters and years to date ended September 30, 2024 and 2023 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, 2024 |
|
|
For the Quarter Ended September 30, 2023 |
|
|
|
CTU |
|
|
AIUS |
|
|
Corporate and Other |
|
|
Total |
|
|
CTU |
|
|
AIUS |
|
|
Corporate and Other |
|
|
Total |
|
Tuition, net (1) |
|
$ |
109,730 |
|
|
$ |
51,174 |
|
|
$ |
- |
|
|
$ |
160,904 |
|
|
$ |
114,104 |
|
|
$ |
56,212 |
|
|
$ |
- |
|
|
$ |
170,316 |
|
Technology and other fees |
|
|
5,107 |
|
|
|
2,431 |
|
|
|
- |
|
|
|
7,538 |
|
|
|
5,269 |
|
|
|
2,674 |
|
|
|
- |
|
|
|
7,943 |
|
Total tuition and fees, net |
|
|
114,837 |
|
|
|
53,605 |
|
|
|
- |
|
|
|
168,442 |
|
|
|
119,373 |
|
|
|
58,886 |
|
|
|
- |
|
|
|
178,259 |
|
Other revenue (2) |
|
|
905 |
|
|
|
282 |
|
|
|
199 |
|
|
|
1,386 |
|
|
|
1,179 |
|
|
|
340 |
|
|
|
145 |
|
|
|
1,664 |
|
Total revenue |
|
$ |
115,742 |
|
|
$ |
53,887 |
|
|
$ |
199 |
|
|
$ |
169,828 |
|
|
$ |
120,552 |
|
|
$ |
59,226 |
|
|
$ |
145 |
|
|
$ |
179,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year to Date Ended September 30, 2024 |
|
|
For the Year to Date Ended September 30, 2023 |
|
|
|
CTU |
|
|
AIUS |
|
|
Corporate and Other |
|
|
Total |
|
|
CTU |
|
|
AIUS |
|
|
Corporate and Other |
|
|
Total |
|
Tuition, net (1) |
|
$ |
324,148 |
|
|
$ |
153,969 |
|
|
$ |
- |
|
|
$ |
478,117 |
|
|
$ |
344,966 |
|
|
$ |
185,993 |
|
|
$ |
- |
|
|
$ |
530,959 |
|
Technology and other fees |
|
|
15,445 |
|
|
|
7,282 |
|
|
|
- |
|
|
|
22,727 |
|
|
|
16,112 |
|
|
|
9,027 |
|
|
|
- |
|
|
|
25,139 |
|
Total tuition and fees, net |
|
|
339,593 |
|
|
|
161,251 |
|
|
|
- |
|
|
|
500,844 |
|
|
|
361,078 |
|
|
|
195,020 |
|
|
|
- |
|
|
|
556,098 |
|
Other revenue (2) |
|
|
2,546 |
|
|
|
863 |
|
|
|
579 |
|
|
|
3,988 |
|
|
|
3,258 |
|
|
|
2,108 |
|
|
|
621 |
|
|
|
5,987 |
|
Total revenue |
|
$ |
342,139 |
|
|
$ |
162,114 |
|
|
$ |
579 |
|
|
$ |
504,832 |
|
|
$ |
364,336 |
|
|
$ |
197,128 |
|
|
$ |
621 |
|
|
$ |
562,085 |
|
__________________ (1)Tuition includes revenue earned for all degree-granting programs as well as revenue earned for non-degree and professional development programs. (2)Other revenue primarily includes contract training revenue and miscellaneous non-student related revenue. Performance Obligations Our revenue, which is derived primarily from academic programs taught to students who attend our universities, is generally segregated into two categories: (1) tuition and fees, and (2) other. Tuition and fees represent costs to our students for educational services provided by our universities and are reflected net of scholarships and tuition discounts. Our universities charge tuition and fees at varying amounts, depending on the university, the type of program and specific curriculum. Our universities bill students a single charge that covers tuition, certain fees and required program materials, such as textbooks and supplies, which we treat as a single performance obligation. Generally, we bill student tuition at the beginning of each academic term for our degree programs and recognize the tuition as revenue on a straight-line basis over the academic term. As part of a student’s course of instruction, certain fees, such as technology fees and graduation fees, are billed separately to students. These fees are generally earned over the applicable term and are not considered separate performance obligations. We generally bill student tuition upon enrollment for our non-degree professional development programs and recognize the tuition as revenue on a straight-line basis over the length of the offering. Other revenue, which primarily consists of contract training revenue and miscellaneous non-student related revenue, is billed and recognized as goods are delivered or services are performed. Contract Assets For each term, the portion of tuition and fee payments received from students but not yet earned is recorded as deferred revenue and reported as a current liability on our condensed consolidated balance sheets, as we expect to earn these revenues within the next year. A contract asset is recorded for each student for the current term for which they are enrolled for the amount charged for the current term that has not yet been received as payment and to which we do not have the unconditional right to receive payment because the student has not reached the point in the student’s current academic term at which the amount billed is no longer refundable to the student. On a student by student basis, the contract asset is offset against the deferred revenue balance for the current term and the net deferred revenue balance is reflected within current liabilities on our condensed consolidated balance sheets. For certain of our institutions, students are billed as they enroll in courses, including courses related to future periods. Any billings for future periods would meet the definition of a contract asset as we do not have the unconditional right to receive payment as the course has not yet started. Contract assets related to future periods are offset against the respective deferred revenue associated with the future period. Due to the short-term nature of our academic terms, the contract asset balance which exists at the beginning of each quarter will no longer be a contract asset at the end of that quarter, with the exception of the contract assets associated with future periods. The decrease in contract asset balances are a result of one of the following: it becomes a student receivable balance once a student reaches the point in a student’s academic term where the amount billed is no longer refundable to the student; a refund is made to withdrawn students for the portion entitled to be refunded under each institutions’ refund policy; we receive funds to apply against the contract asset balance; or a student makes a change to the number of classes they are enrolled in which may cause an adjustment to their previously billed amount. As of the end of each quarter, a new contract asset is determined on a student by student basis based on the most recently started term and a student’s progress within that term as compared to the date at which the student is no longer entitled to a refund under each institution’s refund policy. Contract assets associated with future periods remain as contract assets until the course begins and the student reaches the point in that course that they are no longer entitled to a refund. The amount of deferred revenue balances which are being offset with contract assets balances as of September 30, 2024 and December 31, 2023 were as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
Gross deferred revenue |
|
$ |
82,207 |
|
|
$ |
63,970 |
|
Gross contract assets |
|
|
(32,860 |
) |
|
|
(26,755 |
) |
Deferred revenue, net |
|
$ |
49,347 |
|
|
$ |
37,215 |
|
Deferred Revenue Changes in our deferred revenue balances for the quarters and years to date ended September 30, 2024 and 2023 were as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, 2024 |
|
|
For the Quarter Ended September 30, 2023 |
|
|
|
CTU |
|
|
AIUS |
|
|
Total |
|
|
CTU |
|
|
AIUS |
|
|
Total |
|
Gross deferred revenue, July 1 |
|
$ |
67,880 |
|
|
$ |
22,905 |
|
|
$ |
90,785 |
|
|
$ |
72,702 |
|
|
$ |
32,001 |
|
|
$ |
104,703 |
|
Revenue earned from prior balances |
|
|
(57,850 |
) |
|
|
(18,951 |
) |
|
|
(76,801 |
) |
|
|
(59,047 |
) |
|
|
(25,736 |
) |
|
|
(84,783 |
) |
Billings during period(1) |
|
|
100,352 |
|
|
|
59,775 |
|
|
|
160,127 |
|
|
|
95,064 |
|
|
|
59,427 |
|
|
|
154,491 |
|
Revenue earned for new billings during the period |
|
|
(56,987 |
) |
|
|
(34,654 |
) |
|
|
(91,641 |
) |
|
|
(60,326 |
) |
|
|
(33,150 |
) |
|
|
(93,476 |
) |
Other adjustments |
|
|
(162 |
) |
|
|
(101 |
) |
|
|
(263 |
) |
|
|
(1,283 |
) |
|
|
(912 |
) |
|
|
(2,195 |
) |
Gross deferred revenue, September 30 |
|
$ |
53,233 |
|
|
$ |
28,974 |
|
|
$ |
82,207 |
|
|
$ |
47,110 |
|
|
$ |
31,630 |
|
|
$ |
78,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year to Date Ended September 30, 2024 |
|
|
For the Year to Date Ended September 30, 2023 |
|
|
|
CTU |
|
|
AIUS |
|
|
Total |
|
|
CTU |
|
|
AIUS |
|
|
Total |
|
Gross deferred revenue, January 1 |
|
$ |
42,531 |
|
|
$ |
21,439 |
|
|
$ |
63,970 |
|
|
$ |
67,245 |
|
|
$ |
39,955 |
|
|
$ |
107,200 |
|
Revenue earned from prior balances |
|
|
(38,122 |
) |
|
|
(20,431 |
) |
|
|
(58,553 |
) |
|
|
(59,458 |
) |
|
|
(33,166 |
) |
|
|
(92,624 |
) |
Billings during period(1) |
|
|
350,694 |
|
|
|
168,574 |
|
|
|
519,268 |
|
|
|
343,194 |
|
|
|
186,877 |
|
|
|
530,071 |
|
Revenue earned for new billings during the period |
|
|
(301,471 |
) |
|
|
(140,820 |
) |
|
|
(442,291 |
) |
|
|
(301,620 |
) |
|
|
(161,854 |
) |
|
|
(463,474 |
) |
Other adjustments |
|
|
(399 |
) |
|
|
212 |
|
|
|
(187 |
) |
|
|
(2,251 |
) |
|
|
(182 |
) |
|
|
(2,433 |
) |
Gross deferred revenue, September 30 |
|
$ |
53,233 |
|
|
$ |
28,974 |
|
|
$ |
82,207 |
|
|
$ |
47,110 |
|
|
$ |
31,630 |
|
|
$ |
78,740 |
|
______________ (1)Billings during period includes adjustments for prior billings. Tuition Refunds If a student withdraws from one of our academic institutions prior to the completion of the academic term, we refund the portion of tuition and fees already paid that, pursuant to our refund policy and applicable federal and state law and accrediting agency standards, we are not entitled to retain. Generally, the amount to be refunded to a student is calculated based upon the percent of the term attended and the amount of tuition and fees paid by the student as of their withdrawal date. In certain circumstances, we have recognized revenue for students who have withdrawn that we are not entitled to retain. We have estimated a reserve for these limited circumstances based on historical evidence in the amount of $2.0 million for each period as of September 30, 2024 and December 31, 2023. Students are typically entitled to a partial refund until approximately halfway through their term. Pursuant to each university’s policy, once a student reaches the point in the term where no refund is given, the student would not have a refund due if withdrawing from the university subsequent to that date.
|
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (c)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 12
-Subparagraph (d)
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-Section 50
-Paragraph 12
-Subparagraph (e)
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-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Student Receivables
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Receivables [Abstract] |
|
| Student Receivables |
6. STUDENT RECEIVABLES Student receivables represent funds owed to us in exchange for the educational services provided to a student. Student receivables are reflected net of an allowance for credit losses at the end of the reporting period. Student receivables, net, are reflected on our condensed consolidated balance sheets as components of both current and non-current assets. Our students pay for their costs through a variety of funding sources, including federal loan and grant programs, institutional payment plans, employer tuition assistance, Veterans’ Administration and other military funding and grants, private and institutional scholarships and cash payments, as well as private loans. Cash receipts from government related sources are typically received during the current academic term. We typically receive funds after the end of an academic term for students who receive employer tuition assistance. Students who have not applied for any type of financial aid or students whose financial aid may not fully cover the cost of their tuition and fees generally set up a payment plan with the institution and make payments on a monthly basis per the terms of the payment plan. For those balances that are not received during the academic term, the balance is typically due within the current academic year which is approximately 30 weeks in length. Generally, a student receivable balance is written off once a student is out of school and it reaches greater than 90 days past due. Our standard student receivable allowance is based on an estimate of lifetime expected credit losses for student receivables. Our estimation methodology considers a number of quantitative and qualitative factors that, based on our collection experience, we believe have an impact on our repayment risk and ability to collect student receivables. Changes in the trends in any of these factors may impact our estimate of the allowance for credit losses. These factors include, but are not limited to: internal repayment history, changes in the current economic, legislative or regulatory environments, internal cash collection forecasts and the ability to complete the federal financial aid process with the student. These factors are monitored and assessed on a regular basis. Overall, our allowance estimation process for student receivables is validated by trend analysis and comparing estimated and actual performance. We have an immaterial amount of student receivables that are due greater than 12 months from the date of our condensed consolidated balance sheets. As of September 30, 2024 and December 31, 2023, the amount of non-current student receivables under payment plans that are longer than 12 months in duration, net of allowance for credit losses, was $5.9 million and $3.9 million, respectively. Allowance for Credit Losses We define student receivables as a portfolio segment under ASC Topic 326 – Financial Instruments – Credit Losses. Changes in our current and non-current allowance for credit losses related to our student receivable portfolio in accordance with the guidance under ASU 2016-13 for the quarters and years to date ended September 30, 2024 and 2023 were as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, |
|
|
For the Year to Date Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Balance, beginning of period |
|
$ |
37,271 |
|
|
$ |
43,055 |
|
|
$ |
37,782 |
|
|
$ |
43,141 |
|
Provision for credit losses |
|
|
8,733 |
|
|
|
7,592 |
|
|
|
21,364 |
|
|
|
26,519 |
|
Amounts written-off |
|
|
(8,032 |
) |
|
|
(11,397 |
) |
|
|
(22,085 |
) |
|
|
(31,533 |
) |
Recoveries |
|
|
361 |
|
|
|
458 |
|
|
|
1,272 |
|
|
|
1,581 |
|
Balance, end of period |
|
$ |
38,333 |
|
|
$ |
39,708 |
|
|
$ |
38,333 |
|
|
$ |
39,708 |
|
Fair Value Measurements The carrying amount reported in our condensed consolidated balance sheets for the current portion of student receivables approximates fair value because of the nature of these financial instruments as they generally have short maturity periods. It is not practicable to estimate the fair value of the non-current portion of student receivables, since observable market data is not readily available, and no reasonable estimation methodology exists.
|
| X |
- DefinitionThe entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
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v3.24.3
Leases
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases [Abstract] |
|
| Leases |
7. LEASES We lease most of our administrative and educational facilities under non-cancelable operating leases expiring at various dates through 2033. Lease terms generally range from five to ten years with one to four renewal options for extended terms. In most cases, we are required to make additional payments under facility operating leases for taxes, insurance and other operating expenses incurred during the operating lease period, which are typically variable in nature. We determine if a contract contains a lease when the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Upon identification and commencement of a lease, we establish a right of use (“ROU”) asset and a lease liability. Quantitative information related to leases is presented in the following table (dollars in thousands):
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, 2024 |
|
For the Year to Date Ended September 30, 2024 |
|
Lease expenses (1) |
|
|
|
|
Fixed lease expenses - operating |
$ |
1,104 |
|
$ |
3,670 |
|
Variable lease expenses - operating |
|
207 |
|
|
544 |
|
Total lease expenses |
$ |
1,311 |
|
$ |
4,214 |
|
|
|
|
|
|
Other information |
|
|
|
|
Gross operating cash flows for operating leases (2) |
$ |
(2,031 |
) |
$ |
(6,513 |
) |
|
|
|
|
|
|
For the Quarter Ended September 30, 2023 |
|
For the Year to Date Ended September 30, 2023 |
|
Lease expenses (1) |
|
|
|
|
Fixed lease expenses - operating |
$ |
1,572 |
|
$ |
4,906 |
|
Variable lease expenses - operating |
|
193 |
|
|
1,154 |
|
Sublease income (3) |
|
- |
|
|
(500 |
) |
Total lease expenses |
$ |
1,765 |
|
$ |
5,560 |
|
|
|
|
|
|
Other information |
|
|
|
|
Gross operating cash flows for operating leases (2) |
$ |
(2,139 |
) |
$ |
(7,722 |
) |
Operating cash flows from subleases (2) |
$ |
- |
|
$ |
488 |
|
|
|
|
|
|
|
As of September 30, 2024 |
|
As of September 30, 2023 |
|
Weighted average remaining lease term (in months) – operating leases |
|
68 |
|
|
57 |
|
Weighted average discount rate – operating leases |
|
5.2 |
% |
|
4.8 |
% |
|
|
|
|
|
__________________ (1)Lease expense and sublease income represent the amount recorded within our consolidated statements of income. Variable lease amounts represent expenses recognized as incurred which are not included in the lease liability. Fixed lease expenses and sublease income are recorded on a straight-line basis over the lease term and therefore are not necessarily representative of cash payments during the same period. (2)Cash flows are presented on a consolidated basis and represent cash payments for fixed and variable lease costs. (3)Historically, for certain of our leased locations we had vacated the facility and had fully or partially subleased the space. As of September 30, 2024, we no longer have any subleased locations.
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| X |
- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent
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v3.24.3
Contingencies
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Loss Contingency [Abstract] |
|
| Contingencies |
8. CONTINGENCIES An accrual for estimated legal fees of $1.9 million and $2.4 million at September 30, 2024 and December 31, 2023, respectively, is presented within other current liabilities on our condensed consolidated balance sheets. We record a liability when we believe that it is both probable that a loss will be incurred and the amount of loss can be reasonably estimated. We evaluate, at least quarterly, developments in our legal matters that could affect the amount of liability that was previously accrued and make adjustments as further information develops, circumstances change or contingencies are resolved. Significant judgment is required to determine both probability and the estimated amount. We may be unable to estimate a possible loss or range of possible loss due to various reasons, including, among others: (1) if the damages sought are indeterminate; (2) if the proceedings are in early stages; (3) if there is uncertainty as to the outcome of pending appeals, motions or settlements; (4) if there are significant factual issues to be determined or resolved; and (5) if there are novel or unsettled legal theories presented. In such instances, there is considerable uncertainty regarding the ultimate resolution of such matters, including a possible eventual loss, if any. United States of America, ex rel. Fiorisce LLC v. Perdoceo Education Corporation, Colorado Technical University, Inc. and American InterContinental University, Inc. On July 19, 2023, we became aware of an amended complaint filed in the U.S. District Court for the District of Colorado on May 19, 2023. The original complaint was filed under seal on February 25, 2021 by a former employee of Colorado Technical University through a limited liability company, on behalf of herself, any other interested parties affiliated with the LLC and the federal government. On July 18, 2023, the district court ordered the complaint unsealed and we were notified that the U.S. Department of Justice ("DOJ") had declined to intervene in the action on February 3, 2023. The company had previously received a Civil Investigative Demand ("CID") on April 8, 2022 from the DOJ and had been cooperating with the DOJ in its review. After the federal government declined to intervene in this case, the relator elected to pursue the litigation on behalf of the federal government. If she is successful, she would receive a portion of the federal government’s recovery. The amended complaint alleges violations of the False Claims Act related to the company’s compliance with federal financial aid credit hour requirements in connection with its use of its learning management system. Relator claims that defendants’ conduct caused the government to make payments of federal funds to defendants which the government would not have made if not for defendants’ alleged violation of the law. Relator seeks treble damages plus civil penalties and attorneys’ fees. On January 4, 2024, the Court granted a motion to dismiss with respect to Perdoceo Education Corporation and American InterContinental University, Inc. which removes them as defendants in the case. The Court’s dismissal was “without prejudice”, which allows the relator in the case the opportunity to amend and refile a further amended complaint with respect to those two parties. The Relator has filed a motion, which is pending before the Court, that seeks permission to file a further amended complaint with respect to only Perdoceo Education Corporation. On September 7, 2024, the Company received a new CID from the DOJ pursuant to the False Claims Act. The CID requests information and documentation from CTU regarding its compensation practices for its admissions staff as well as information about how CTU has discussed its Fast Track credit program with prospective students. The information sought covers the time period from November 13, 2017 to the present. The Company is cooperating with the DOJ with a view towards resolving this inquiry as promptly as possible. Because of the many questions of fact and law that may arise, the outcomes of these legal proceedings is uncertain at this point. Based on information available to us at present, we cannot reasonably estimate a range of potential loss, if any, for these actions. Accordingly, we have not recognized any liability associated with these actions. We receive from time-to-time requests from state attorneys general, federal and state government agencies and accreditors relating to our institutions, to specific complaints they have received from students or former students or to student loan forgiveness claims which seek information about students, our programs, and other matters relating to our activities. These requests can be broad and time consuming to respond to, and there is a risk that they could expand and/or lead to a formal action or claims of non-compliance. We are subject to a variety of other claims, lawsuits, arbitrations and investigations that arise from time to time out of the conduct of our business, including, but not limited to, matters involving prospective students, students or former students, alleged violations of the Telephone Consumer Protection Act, both individually and on behalf of a putative class, and employment matters. Periodically matters arise that we consider outside the scope of ordinary routine litigation incidental to our business. While we currently believe that these matters, individually or in aggregate, will not have a material adverse impact on our financial position, cash flows or results of operations, these matters are subject to inherent uncertainties, and management’s view of these matters may change in the future. Were an unfavorable outcome to occur in any one or more of these matters, there exists the possibility of a material adverse impact on our business, reputation, financial position and cash flows. Agreement to acquire the University of St. Augustine for Health Sciences, LLC Perdoceo Education Corporation signed a definitive agreement to acquire 100% ownership of the University of St. Augustine for Health Sciences, LLC ("USAHS"). The material terms of the transaction have been described in the Company’s Form 8-K filed with the Securities and Exchange Commission on July 16, 2024. Completion of the acquisition is subject to customary closing conditions and satisfactory regulatory approvals from the Accrediting Commission for Senior Colleges and Universities of the Western Association of Schools and Colleges ("WASC"), as well as other key regulatory bodies, and completion of the preacquisition review process with the US Department of Education. The Company expects to complete the acquisition in December 2024. Perdoceo expects to pay approximately $142.0 million to $144.0 million in cash at closing to acquire 100% ownership of USAHS. The actual cash paid will depend on adjustments for cash, debt and working capital based on the final closing balance sheet. The acquisition is not subject to a financing condition. Perdoceo plans to use cash on hand for the purchase.
|
| X |
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v3.24.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
9. INCOME TAXES The determination of the annual effective tax rate is based upon a number of significant estimates and judgments, including the estimated annual pretax income in each tax jurisdiction in which we operate and the ongoing development of tax planning strategies during the year. In addition, our provision for income taxes can be impacted by changes in tax rates or laws, the finalization of tax audits and reviews, as well as other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions. The following is a summary of our provision for income taxes and effective tax rate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, |
|
|
For the Year to Date Ended September 30, |
|
(Dollars in Thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Pretax income |
|
$ |
52,362 |
|
|
$ |
48,088 |
|
|
$ |
158,227 |
|
|
$ |
169,744 |
|
Provision for income taxes |
|
$ |
14,107 |
|
|
$ |
6,781 |
|
|
$ |
42,101 |
|
|
$ |
39,280 |
|
Effective rate |
|
|
26.9 |
% |
|
|
14.1 |
% |
|
|
26.6 |
% |
|
|
23.1 |
% |
The effective tax rate for the quarter and year to date ended September 30, 2024 reflects federal tax credits claimed for the 2023 tax return, which decreased the effective tax rate for the quarter and year to date by 0.4% and 0.1%, respectively. Additionally, the tax effect of stock-based compensation and the release of previously recorded tax reserves reduced the effective tax rate for the quarter and year to date ended September 30, 2024 by 0.2% and 1.4%, respectively. The effective tax rate for the quarter and year to date ended September 30, 2023 was primarily impacted by a $4.5 million favorable discrete adjustment related to the recognition of the tax benefits associated with a previously disclosed prior year ordinary loss attributable to the stock of a worthless subsidiary, which decreased the effective tax rate for the quarter and year to date by 9.3% and 2.6%, respectively. The effective tax rate for the quarter and year to date ended September 30, 2023 reflects federal and state tax credits claimed for the 2022 tax return, which decreased the effective tax rate for the quarter and year to date by 0.6% and 0.2%, respectively. Additionally, the tax effect of stock-based compensation and the release of other previously recorded tax reserves reduced the effective tax rate for the quarter and year to date ended September 30, 2023 by 0.2% and 0.6%, respectively. As of September 30, 2024, a valuation allowance of $13.9 million was maintained with respect to our equity investment and state net operating losses. We estimate that it is reasonably possible that the gross liability for unrecognized tax benefits for a variety of uncertain tax positions will decrease by up to $2.1 million in the next twelve months as a result of the expiration of the statute of limitations in several jurisdictions. The income tax rate for the quarter and year to date ended September 30, 2024 does not take into account the possible reduction of the liability for unrecognized tax benefits. The impact of a reduction to the liability will be treated as a discrete item in the period the reduction occurs. We recognize interest and penalties related to unrecognized tax benefits in tax expense. As of September 30, 2024, we had accrued $4.3 million as an estimate for reasonably possible interest and accrued penalties. Our tax returns are routinely examined by federal, state and local tax authorities and these audits are at various stages of completion at any given time. The Company’s federal income tax filings are open to examinations for the tax years ended December 31, 2021 and forward.
|
| X |
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-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-Subparagraph (b)
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-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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-Section 50
-Paragraph 2
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v3.24.3
Share-Based Compensation
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
|
| Share-Based Compensation |
10. SHARE-BASED COMPENSATION Overview The Perdoceo Education Corporation Amended and Restated 2016 Incentive Compensation Plan (the “2016 Plan”) became effective (as the Career Education Corporation 2016 Incentive Compensation Plan) on May 24, 2016, and the amendment and restatement of the 2016 Plan became effective on June 3, 2021, upon its approval by the Company’s stockholders. Under the 2016 Plan, Perdoceo may grant to eligible participants awards of stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock, performance units, annual incentive awards, and substitute awards, which generally may be settled in cash or shares of our common stock. The vesting of all types of awards is subject to possible acceleration in certain circumstances. If a plan participant terminates employment for any reason other than by death or disability during the vesting period, the right to unvested awards is generally forfeited. Restricted Stock Units For the years to date ended September 30, 2024 and 2023, the Company granted approximately 0.3 million and 0.4 million restricted stock units, respectively, which are not "performance-based" and which have a grant-date fair value of approximately $5.3 million and $5.9 million, respectively. For the years to date ended September 30, 2024 and 2023, the Company granted approximately 0.2 million and 0.3 million restricted stock units, respectively, which are “performance-based” and which have a grant-date fair value of approximately $3.5 million and $4.1 million, respectively. The performance-based restricted stock units are subject to performance conditions which are determined at the time of grant and typically cover a three-year performance period. These performance conditions may result in all units being forfeited even if the requisite service period is met. There were no restricted stock units granted during each of the quarters ended September 30, 2024 and 2023. All restricted stock units granted in 2024 and 2023 are to be settled in shares of our common stock. Stock Options There were no stock options granted during each of the quarters or years to date ended September 30, 2024 and 2023. Share-Based Compensation Expense For the quarters ended September 30, 2024 and 2023, the total share-based compensation expense was approximately $2.8 million and $2.3 million, respectively. For the years to date ended September 30, 2024 and 2023, the total share-based compensation expense was approximately $7.4 million and $6.6 million, respectively. As of September 30, 2024, we estimate that total compensation expense of approximately $19.0 million will be recognized over the next four years for all unvested share-based awards that have been granted to participants. This amount excludes any estimates of forfeitures.
|
| X |
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 718
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v3.24.3
Stock Repurchase Program
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Stockholders Equity Note [Abstract] |
|
| Stock Repurchase Program |
11. STOCK REPURCHASE PROGRAM On February 20, 2024, the Board of Directors of the Company approved a new stock repurchase program for up to $50.0 million which commenced March 1, 2024 and expires September 30, 2025. The new stock repurchase program replaced the previous stock repurchase program. The other terms of the new stock repurchase program are consistent with the Company’s previous stock repurchase program. The timing of purchases and the number of shares repurchased under the program will be determined by the Company’s management and will depend on a variety of factors including stock price, trading volume and other general market and economic conditions, its assessment of alternative uses of capital, regulatory requirements and other factors. Repurchases will be made in open market transactions, including block purchases, conducted in accordance with Rule 10b-18 under the Exchange Act as well as may be made pursuant to trading plans established under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The stock repurchase program does not obligate the Company to purchase shares and the Company may, in its discretion, begin, suspend or terminate repurchases at any time, without any prior notice. During the years to date ended September 30, 2024 and 2023, we repurchased approximately 0.4 million shares and 0.2 million shares of our common stock, respectively, for approximately $6.8 million at an average price of $17.60 per share during the year to date ended September 30, 2024 and for approximately $2.7 million at an average price of $12.35 per share during the year to date ended September 30, 2023. There were no shares repurchased during the quarters ended September 30, 2024 and 2023. As of September 30, 2024, approximately $47.1 million was available under our authorized stock repurchase program to repurchase outstanding shares of our common stock. Shares of stock repurchased under the program are held as treasury shares. These repurchased shares have reduced the weighted average number of shares of common stock outstanding for basic and diluted earnings per share calculations.
|
| X |
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v3.24.3
Weighted Average Common Shares
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Weighted Average Common Shares |
12. WEIGHTED AVERAGE COMMON SHARES Basic net income per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares assuming dilution. Dilutive common shares outstanding is computed using the Treasury Stock Method and reflects the additional shares that would be outstanding if dilutive stock options were exercised and restricted stock units were settled for common shares during the period. The weighted average number of common shares used to compute basic and diluted net income per share for the quarters and years to date ended September 30, 2024 and 2023 were as follows (shares in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, |
|
|
For the Year to Date Ended September 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Basic common shares outstanding |
|
65,699 |
|
|
|
65,634 |
|
|
|
65,622 |
|
|
|
66,758 |
|
Common stock equivalents |
|
1,613 |
|
|
|
1,469 |
|
|
|
1,488 |
|
|
|
1,314 |
|
Diluted common shares outstanding |
|
67,312 |
|
|
|
67,103 |
|
|
|
67,110 |
|
|
|
68,072 |
|
Certain unexercised stock option awards are excluded from our computations of diluted earnings per share, as these shares were out-of-the-money and their effect would have been anti-dilutive. For each of the years to date ended September 30, 2024 and 2023, the anti-dilutive options that were excluded from our computations of diluted earnings per share were less than 0.1 million shares. For the quarter ended September 30, 2023 less than 0.1 million shares of anti-dilutive options were excluded from our computation of diluted earnings per share. There were no anti-dilutive options for the quarter ended September 30, 2024.
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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
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v3.24.3
Segment Reporting
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Segment Reporting |
13. SEGMENT REPORTING Our segments are determined in accordance with FASB ASC Topic 280—Segment Reporting and are based upon how the Company analyzes performance and makes decisions. Each segment is comprised of an accredited postsecondary education institution that offers a variety of academic programs. As of September 30, 2024, our two segments are: ♦ Colorado Technical University (CTU) is committed to providing quality and industry-relevant higher education to a diverse student population, including serving non-traditional adult learners seeking career advancement and the military community. CTU utilizes innovative technology and experienced faculty, enabling the pursuit of personal and professional goals for learners. CTU offers academic programs in the career-oriented disciplines of business and management, nursing, healthcare management, computer science, engineering, information systems and technology, project management, cybersecurity and criminal justice. Students pursue their degrees through fully-online programs, local campuses and blended formats, which combine campus-based and online education. As of September 30, 2024, students enrolled at CTU represented approximately 74% of our total enrollments. Approximately 97% of CTU’s students are enrolled in programs offered fully online. Students at CTU's ground-based campuses take both in-person and virtual classes. ♦ The American InterContinental University System (AIUS or AIU System) is committed to providing quality and accessible higher education opportunities for a diverse student population, including non-traditional adult learners and the military community. AIUS places emphasis on the educational, professional and personal growth of each student. AIUS offers academic programs in the career-oriented disciplines of business studies, information technologies, education, health sciences and criminal justice. Students pursue their degrees through fully-online programs, local campuses and blended formats, which combine campus-based and online education. As of September 30, 2024, students enrolled at AIUS represented approximately 26% of our total enrollments. Approximately 97% of AIUS’ students are enrolled in programs offered fully online. Students at AIUS' ground-based campus take both in-person and virtual classes. Summary financial information by reporting segment is as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, |
|
|
|
Revenue |
|
|
Operating Income (Loss) |
|
|
|
2024 |
|
|
% of Total |
|
|
2023 |
|
|
% of Total |
|
|
2024 |
|
|
2023 |
|
CTU |
|
$ |
115,742 |
|
|
|
68.2 |
% |
|
$ |
120,552 |
|
|
|
67.0 |
% |
|
$ |
44,199 |
|
|
$ |
34,491 |
|
AIUS |
|
|
53,887 |
|
|
|
31.7 |
% |
|
|
59,226 |
|
|
|
32.9 |
% |
|
|
9,063 |
|
|
|
15,602 |
|
Corporate and Other |
|
|
199 |
|
|
|
0.1 |
% |
|
|
145 |
|
|
|
0.1 |
% |
|
|
(8,468 |
) |
|
|
(7,020 |
) |
Total |
|
$ |
169,828 |
|
|
|
100.0 |
% |
|
$ |
179,923 |
|
|
|
100.0 |
% |
|
$ |
44,794 |
|
|
$ |
43,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year to Date Ended September 30, |
|
|
|
Revenue |
|
|
Operating Income (Loss) |
|
|
|
2024 |
|
|
% of Total |
|
|
2023 |
|
|
% of Total |
|
|
2024 |
|
|
2023 |
|
CTU |
|
$ |
342,139 |
|
|
|
67.8 |
% |
|
$ |
364,336 |
|
|
|
64.8 |
% |
|
$ |
129,245 |
|
|
$ |
118,632 |
|
AIUS |
|
|
162,114 |
|
|
|
32.1 |
% |
|
|
197,128 |
|
|
|
35.1 |
% |
|
|
31,275 |
|
|
|
44,683 |
|
Corporate and Other |
|
|
579 |
|
|
|
0.1 |
% |
|
|
621 |
|
|
|
0.1 |
% |
|
|
(23,442 |
) |
|
|
(28,812 |
) |
Total |
|
$ |
504,832 |
|
|
|
100.0 |
% |
|
$ |
562,085 |
|
|
|
100.0 |
% |
|
$ |
137,078 |
|
|
$ |
134,503 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets as of (1) |
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
CTU |
|
$ |
212,523 |
|
|
$ |
202,728 |
|
AIUS |
|
|
171,940 |
|
|
|
161,336 |
|
Corporate and Other |
|
|
732,293 |
|
|
|
643,252 |
|
Total |
|
$ |
1,116,756 |
|
|
$ |
1,007,316 |
|
(1)Total assets are presented on a condensed consolidated basis and do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries. |
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v3.24.3
Financial Instruments (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Summary of Investments |
Investments consist of the following as of September 30, 2024 and December 31, 2023 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
|
|
|
|
Gross Unrealized |
|
|
|
|
|
|
Cost |
|
|
Gain |
|
|
(Loss) |
|
|
Fair Value |
|
Short-term investments (available for sale): |
|
|
|
|
|
|
|
|
|
|
|
|
Non-governmental debt securities |
|
$ |
224,665 |
|
|
$ |
1,203 |
|
|
$ |
(85 |
) |
|
$ |
225,783 |
|
Treasury and federal agencies |
|
|
257,488 |
|
|
|
576 |
|
|
|
(75 |
) |
|
|
257,989 |
|
Total short-term investments (available for sale) |
|
$ |
482,153 |
|
|
$ |
1,779 |
|
|
$ |
(160 |
) |
|
$ |
483,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
|
|
|
|
Gross Unrealized |
|
|
|
|
|
|
Cost |
|
|
Gain |
|
|
(Loss) |
|
|
Fair Value |
|
Short-term investments (available for sale): |
|
|
|
|
|
|
|
|
|
|
|
|
Non-governmental debt securities |
|
|
245,886 |
|
|
|
719 |
|
|
|
(892 |
) |
|
|
245,713 |
|
Treasury and federal agencies |
|
|
239,859 |
|
|
|
393 |
|
|
|
(830 |
) |
|
|
239,422 |
|
Total short-term investments (available for sale) |
|
$ |
485,745 |
|
|
$ |
1,112 |
|
|
$ |
(1,722 |
) |
|
$ |
485,135 |
|
|
| Schedule of Maintenance Fee Payment to our equity affiliate |
We make periodic operating maintenance payments to our equity affiliate. The total fees recorded during the quarters and years to date ended September 30, 2024 and 2023 were as follows (dollars in thousands):
|
|
|
|
|
Maintenance Fee Payments |
|
For the quarter ended September 30, 2024 |
$ |
429 |
|
For the quarter ended September 30, 2023 |
$ |
411 |
|
For the year to date ended September 30, 2024 |
$ |
1,296 |
|
For the year to date ended September 30, 2023 |
$ |
1,256 |
|
|
| X |
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v3.24.3
Revenue Recognition (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Revenue From Contract With Customer [Abstract] |
|
| Summary of Disaggregation of Revenue by Major Source |
The following tables disaggregate our revenue by major source for the quarters and years to date ended September 30, 2024 and 2023 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, 2024 |
|
|
For the Quarter Ended September 30, 2023 |
|
|
|
CTU |
|
|
AIUS |
|
|
Corporate and Other |
|
|
Total |
|
|
CTU |
|
|
AIUS |
|
|
Corporate and Other |
|
|
Total |
|
Tuition, net (1) |
|
$ |
109,730 |
|
|
$ |
51,174 |
|
|
$ |
- |
|
|
$ |
160,904 |
|
|
$ |
114,104 |
|
|
$ |
56,212 |
|
|
$ |
- |
|
|
$ |
170,316 |
|
Technology and other fees |
|
|
5,107 |
|
|
|
2,431 |
|
|
|
- |
|
|
|
7,538 |
|
|
|
5,269 |
|
|
|
2,674 |
|
|
|
- |
|
|
|
7,943 |
|
Total tuition and fees, net |
|
|
114,837 |
|
|
|
53,605 |
|
|
|
- |
|
|
|
168,442 |
|
|
|
119,373 |
|
|
|
58,886 |
|
|
|
- |
|
|
|
178,259 |
|
Other revenue (2) |
|
|
905 |
|
|
|
282 |
|
|
|
199 |
|
|
|
1,386 |
|
|
|
1,179 |
|
|
|
340 |
|
|
|
145 |
|
|
|
1,664 |
|
Total revenue |
|
$ |
115,742 |
|
|
$ |
53,887 |
|
|
$ |
199 |
|
|
$ |
169,828 |
|
|
$ |
120,552 |
|
|
$ |
59,226 |
|
|
$ |
145 |
|
|
$ |
179,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year to Date Ended September 30, 2024 |
|
|
For the Year to Date Ended September 30, 2023 |
|
|
|
CTU |
|
|
AIUS |
|
|
Corporate and Other |
|
|
Total |
|
|
CTU |
|
|
AIUS |
|
|
Corporate and Other |
|
|
Total |
|
Tuition, net (1) |
|
$ |
324,148 |
|
|
$ |
153,969 |
|
|
$ |
- |
|
|
$ |
478,117 |
|
|
$ |
344,966 |
|
|
$ |
185,993 |
|
|
$ |
- |
|
|
$ |
530,959 |
|
Technology and other fees |
|
|
15,445 |
|
|
|
7,282 |
|
|
|
- |
|
|
|
22,727 |
|
|
|
16,112 |
|
|
|
9,027 |
|
|
|
- |
|
|
|
25,139 |
|
Total tuition and fees, net |
|
|
339,593 |
|
|
|
161,251 |
|
|
|
- |
|
|
|
500,844 |
|
|
|
361,078 |
|
|
|
195,020 |
|
|
|
- |
|
|
|
556,098 |
|
Other revenue (2) |
|
|
2,546 |
|
|
|
863 |
|
|
|
579 |
|
|
|
3,988 |
|
|
|
3,258 |
|
|
|
2,108 |
|
|
|
621 |
|
|
|
5,987 |
|
Total revenue |
|
$ |
342,139 |
|
|
$ |
162,114 |
|
|
$ |
579 |
|
|
$ |
504,832 |
|
|
$ |
364,336 |
|
|
$ |
197,128 |
|
|
$ |
621 |
|
|
$ |
562,085 |
|
__________________ (1)Tuition includes revenue earned for all degree-granting programs as well as revenue earned for non-degree and professional development programs. (2)Other revenue primarily includes contract training revenue and miscellaneous non-student related revenue.
|
| Summary of Deferred Revenue Balances Offset with Contract Assets |
The amount of deferred revenue balances which are being offset with contract assets balances as of September 30, 2024 and December 31, 2023 were as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
Gross deferred revenue |
|
$ |
82,207 |
|
|
$ |
63,970 |
|
Gross contract assets |
|
|
(32,860 |
) |
|
|
(26,755 |
) |
Deferred revenue, net |
|
$ |
49,347 |
|
|
$ |
37,215 |
|
|
| Changes in Deferred Revenue Balances |
Changes in our deferred revenue balances for the quarters and years to date ended September 30, 2024 and 2023 were as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, 2024 |
|
|
For the Quarter Ended September 30, 2023 |
|
|
|
CTU |
|
|
AIUS |
|
|
Total |
|
|
CTU |
|
|
AIUS |
|
|
Total |
|
Gross deferred revenue, July 1 |
|
$ |
67,880 |
|
|
$ |
22,905 |
|
|
$ |
90,785 |
|
|
$ |
72,702 |
|
|
$ |
32,001 |
|
|
$ |
104,703 |
|
Revenue earned from prior balances |
|
|
(57,850 |
) |
|
|
(18,951 |
) |
|
|
(76,801 |
) |
|
|
(59,047 |
) |
|
|
(25,736 |
) |
|
|
(84,783 |
) |
Billings during period(1) |
|
|
100,352 |
|
|
|
59,775 |
|
|
|
160,127 |
|
|
|
95,064 |
|
|
|
59,427 |
|
|
|
154,491 |
|
Revenue earned for new billings during the period |
|
|
(56,987 |
) |
|
|
(34,654 |
) |
|
|
(91,641 |
) |
|
|
(60,326 |
) |
|
|
(33,150 |
) |
|
|
(93,476 |
) |
Other adjustments |
|
|
(162 |
) |
|
|
(101 |
) |
|
|
(263 |
) |
|
|
(1,283 |
) |
|
|
(912 |
) |
|
|
(2,195 |
) |
Gross deferred revenue, September 30 |
|
$ |
53,233 |
|
|
$ |
28,974 |
|
|
$ |
82,207 |
|
|
$ |
47,110 |
|
|
$ |
31,630 |
|
|
$ |
78,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year to Date Ended September 30, 2024 |
|
|
For the Year to Date Ended September 30, 2023 |
|
|
|
CTU |
|
|
AIUS |
|
|
Total |
|
|
CTU |
|
|
AIUS |
|
|
Total |
|
Gross deferred revenue, January 1 |
|
$ |
42,531 |
|
|
$ |
21,439 |
|
|
$ |
63,970 |
|
|
$ |
67,245 |
|
|
$ |
39,955 |
|
|
$ |
107,200 |
|
Revenue earned from prior balances |
|
|
(38,122 |
) |
|
|
(20,431 |
) |
|
|
(58,553 |
) |
|
|
(59,458 |
) |
|
|
(33,166 |
) |
|
|
(92,624 |
) |
Billings during period(1) |
|
|
350,694 |
|
|
|
168,574 |
|
|
|
519,268 |
|
|
|
343,194 |
|
|
|
186,877 |
|
|
|
530,071 |
|
Revenue earned for new billings during the period |
|
|
(301,471 |
) |
|
|
(140,820 |
) |
|
|
(442,291 |
) |
|
|
(301,620 |
) |
|
|
(161,854 |
) |
|
|
(463,474 |
) |
Other adjustments |
|
|
(399 |
) |
|
|
212 |
|
|
|
(187 |
) |
|
|
(2,251 |
) |
|
|
(182 |
) |
|
|
(2,433 |
) |
Gross deferred revenue, September 30 |
|
$ |
53,233 |
|
|
$ |
28,974 |
|
|
$ |
82,207 |
|
|
$ |
47,110 |
|
|
$ |
31,630 |
|
|
$ |
78,740 |
|
______________ (1)Billings during period includes adjustments for prior billings.
|
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-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
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| X |
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-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
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v3.24.3
Student Receivables (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Receivables [Abstract] |
|
| Changes in Current and Non-Current Receivables Allowance |
We define student receivables as a portfolio segment under ASC Topic 326 – Financial Instruments – Credit Losses. Changes in our current and non-current allowance for credit losses related to our student receivable portfolio in accordance with the guidance under ASU 2016-13 for the quarters and years to date ended September 30, 2024 and 2023 were as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, |
|
|
For the Year to Date Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Balance, beginning of period |
|
$ |
37,271 |
|
|
$ |
43,055 |
|
|
$ |
37,782 |
|
|
$ |
43,141 |
|
Provision for credit losses |
|
|
8,733 |
|
|
|
7,592 |
|
|
|
21,364 |
|
|
|
26,519 |
|
Amounts written-off |
|
|
(8,032 |
) |
|
|
(11,397 |
) |
|
|
(22,085 |
) |
|
|
(31,533 |
) |
Recoveries |
|
|
361 |
|
|
|
458 |
|
|
|
1,272 |
|
|
|
1,581 |
|
Balance, end of period |
|
$ |
38,333 |
|
|
$ |
39,708 |
|
|
$ |
38,333 |
|
|
$ |
39,708 |
|
|
| X |
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|
v3.24.3
Leases (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases [Abstract] |
|
| Schedule of Quantitative Information and Other Information Related to Leases |
Quantitative information related to leases is presented in the following table (dollars in thousands):
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, 2024 |
|
For the Year to Date Ended September 30, 2024 |
|
Lease expenses (1) |
|
|
|
|
Fixed lease expenses - operating |
$ |
1,104 |
|
$ |
3,670 |
|
Variable lease expenses - operating |
|
207 |
|
|
544 |
|
Total lease expenses |
$ |
1,311 |
|
$ |
4,214 |
|
|
|
|
|
|
Other information |
|
|
|
|
Gross operating cash flows for operating leases (2) |
$ |
(2,031 |
) |
$ |
(6,513 |
) |
|
|
|
|
|
|
For the Quarter Ended September 30, 2023 |
|
For the Year to Date Ended September 30, 2023 |
|
Lease expenses (1) |
|
|
|
|
Fixed lease expenses - operating |
$ |
1,572 |
|
$ |
4,906 |
|
Variable lease expenses - operating |
|
193 |
|
|
1,154 |
|
Sublease income (3) |
|
- |
|
|
(500 |
) |
Total lease expenses |
$ |
1,765 |
|
$ |
5,560 |
|
|
|
|
|
|
Other information |
|
|
|
|
Gross operating cash flows for operating leases (2) |
$ |
(2,139 |
) |
$ |
(7,722 |
) |
Operating cash flows from subleases (2) |
$ |
- |
|
$ |
488 |
|
|
|
|
|
|
|
As of September 30, 2024 |
|
As of September 30, 2023 |
|
Weighted average remaining lease term (in months) – operating leases |
|
68 |
|
|
57 |
|
Weighted average discount rate – operating leases |
|
5.2 |
% |
|
4.8 |
% |
|
|
|
|
|
__________________ (1)Lease expense and sublease income represent the amount recorded within our consolidated statements of income. Variable lease amounts represent expenses recognized as incurred which are not included in the lease liability. Fixed lease expenses and sublease income are recorded on a straight-line basis over the lease term and therefore are not necessarily representative of cash payments during the same period. (2)Cash flows are presented on a consolidated basis and represent cash payments for fixed and variable lease costs. (3)Historically, for certain of our leased locations we had vacated the facility and had fully or partially subleased the space. As of September 30, 2024, we no longer have any subleased locations.
|
| X |
- DefinitionTabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
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v3.24.3
Income Taxes (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Summary of Provision for Income Taxes and Effective Tax Rate |
The following is a summary of our provision for income taxes and effective tax rate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, |
|
|
For the Year to Date Ended September 30, |
|
(Dollars in Thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Pretax income |
|
$ |
52,362 |
|
|
$ |
48,088 |
|
|
$ |
158,227 |
|
|
$ |
169,744 |
|
Provision for income taxes |
|
$ |
14,107 |
|
|
$ |
6,781 |
|
|
$ |
42,101 |
|
|
$ |
39,280 |
|
Effective rate |
|
|
26.9 |
% |
|
|
14.1 |
% |
|
|
26.6 |
% |
|
|
23.1 |
% |
|
| X |
- DefinitionTabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12
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v3.24.3
Weighted Average Common Shares (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Summary of Weighted Average Numbers of Common Shares Used to Compute Basic and Diluted Net Income Per Share |
The weighted average number of common shares used to compute basic and diluted net income per share for the quarters and years to date ended September 30, 2024 and 2023 were as follows (shares in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, |
|
|
For the Year to Date Ended September 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Basic common shares outstanding |
|
65,699 |
|
|
|
65,634 |
|
|
|
65,622 |
|
|
|
66,758 |
|
Common stock equivalents |
|
1,613 |
|
|
|
1,469 |
|
|
|
1,488 |
|
|
|
1,314 |
|
Diluted common shares outstanding |
|
67,312 |
|
|
|
67,103 |
|
|
|
67,110 |
|
|
|
68,072 |
|
|
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-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1
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v3.24.3
Segment Reporting (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Summary Financial Information by Reporting Segment |
Summary financial information by reporting segment is as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended September 30, |
|
|
|
Revenue |
|
|
Operating Income (Loss) |
|
|
|
2024 |
|
|
% of Total |
|
|
2023 |
|
|
% of Total |
|
|
2024 |
|
|
2023 |
|
CTU |
|
$ |
115,742 |
|
|
|
68.2 |
% |
|
$ |
120,552 |
|
|
|
67.0 |
% |
|
$ |
44,199 |
|
|
$ |
34,491 |
|
AIUS |
|
|
53,887 |
|
|
|
31.7 |
% |
|
|
59,226 |
|
|
|
32.9 |
% |
|
|
9,063 |
|
|
|
15,602 |
|
Corporate and Other |
|
|
199 |
|
|
|
0.1 |
% |
|
|
145 |
|
|
|
0.1 |
% |
|
|
(8,468 |
) |
|
|
(7,020 |
) |
Total |
|
$ |
169,828 |
|
|
|
100.0 |
% |
|
$ |
179,923 |
|
|
|
100.0 |
% |
|
$ |
44,794 |
|
|
$ |
43,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year to Date Ended September 30, |
|
|
|
Revenue |
|
|
Operating Income (Loss) |
|
|
|
2024 |
|
|
% of Total |
|
|
2023 |
|
|
% of Total |
|
|
2024 |
|
|
2023 |
|
CTU |
|
$ |
342,139 |
|
|
|
67.8 |
% |
|
$ |
364,336 |
|
|
|
64.8 |
% |
|
$ |
129,245 |
|
|
$ |
118,632 |
|
AIUS |
|
|
162,114 |
|
|
|
32.1 |
% |
|
|
197,128 |
|
|
|
35.1 |
% |
|
|
31,275 |
|
|
|
44,683 |
|
Corporate and Other |
|
|
579 |
|
|
|
0.1 |
% |
|
|
621 |
|
|
|
0.1 |
% |
|
|
(23,442 |
) |
|
|
(28,812 |
) |
Total |
|
$ |
504,832 |
|
|
|
100.0 |
% |
|
$ |
562,085 |
|
|
|
100.0 |
% |
|
$ |
137,078 |
|
|
$ |
134,503 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets as of (1) |
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
CTU |
|
$ |
212,523 |
|
|
$ |
202,728 |
|
AIUS |
|
|
171,940 |
|
|
|
161,336 |
|
Corporate and Other |
|
|
732,293 |
|
|
|
643,252 |
|
Total |
|
$ |
1,116,756 |
|
|
$ |
1,007,316 |
|
(1)Total assets are presented on a condensed consolidated basis and do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.
|
| X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30
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duration |
|
v3.24.3
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v3.24.3
Financial Instruments - Summary of Investments (Detail) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Short-term, Non-governmental Debt Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Total short-term investments (available for sale), Cost |
$ 224,665
|
$ 245,886
|
| Total short-term investments (available for sale), Gross Unrealized Gain |
1,203
|
719
|
| Total short-term investments (available for sale), Gross Unrealized (Loss) |
(85)
|
(892)
|
| Total short-term investments (available for sale), Fair value |
225,783
|
245,713
|
| Short-term, Treasury and Federal Agencies [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Total short-term investments (available for sale), Cost |
257,488
|
239,859
|
| Total short-term investments (available for sale), Gross Unrealized Gain |
576
|
393
|
| Total short-term investments (available for sale), Gross Unrealized (Loss) |
(75)
|
(830)
|
| Total short-term investments (available for sale), Fair value |
257,989
|
239,422
|
| Short-term Investments [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Total short-term investments (available for sale), Cost |
482,153
|
485,745
|
| Total short-term investments (available for sale), Gross Unrealized Gain |
1,779
|
1,112
|
| Total short-term investments (available for sale), Gross Unrealized (Loss) |
(160)
|
(1,722)
|
| Total short-term investments (available for sale), Fair value |
$ 483,772
|
$ 485,135
|
| X |
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| X |
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-Section S99
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Financial Instruments - Additional Information (Detail) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
|
Jul. 29, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Financial Instruments [Line Items] |
|
|
|
|
|
|
| Period cash equivalents and short-term investments have been in continuous unrealized gain (loss) position, years, maximum |
|
|
|
1 year
|
|
|
| Realized gains (losses) |
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
| Non controlling interest |
|
1,200,000
|
|
1,200,000
|
|
|
| Gain (loss) from investment in affiliate |
|
|
|
|
$ (100,000)
|
|
| Maximum [Member] |
|
|
|
|
|
|
| Financial Instruments [Line Items] |
|
|
|
|
|
|
| Gain (loss) from investment in affiliate |
|
$ (100,000)
|
$ (100,000)
|
$ (10,000)
|
|
|
| Credit Agreement | Revolving Credit Facility | Wintrust Bank [Member] |
|
|
|
|
|
|
| Financial Instruments [Line Items] |
|
|
|
|
|
|
| Credit facility borrowings |
$ 0
|
|
|
|
|
|
| Maturity date |
Jan. 31, 2027
|
|
|
|
|
|
| Equity Affiliate [Member] |
|
|
|
|
|
|
| Financial Instruments [Line Items] |
|
|
|
|
|
|
| Percentage of investment in equity affiliate |
|
30.70%
|
|
30.70%
|
|
|
| Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
|
|
|
|
| Financial Instruments [Line Items] |
|
|
|
|
|
|
| Total short-term investments (available for sale), Fair value |
|
$ 30,500,000
|
|
$ 30,500,000
|
|
$ 30,300,000
|
| Short-term, Non-governmental Debt Securities [Member] |
|
|
|
|
|
|
| Financial Instruments [Line Items] |
|
|
|
|
|
|
| Total short-term investments (available for sale), Fair value |
|
225,783,000
|
|
225,783,000
|
|
245,713,000
|
| Short-term, Non-governmental Debt Securities [Member] | Level 2 [Member] |
|
|
|
|
|
|
| Financial Instruments [Line Items] |
|
|
|
|
|
|
| Total short-term investments (available for sale), Fair value |
|
20,900,000
|
|
20,900,000
|
|
|
| Federal Agencies Debt Securities within Cash and Cash Equivalents [Member] | Level 2 [Member] |
|
|
|
|
|
|
| Financial Instruments [Line Items] |
|
|
|
|
|
|
| Total short-term investments (available for sale), Fair value |
|
$ 53,200,000
|
|
$ 53,200,000
|
|
$ 44,900,000
|
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-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
v3.24.3
Revenue Recognition - Summary of Disaggregation of Revenue by Major Source (Detail) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
|
| Total revenue |
|
$ 169,828
|
$ 179,923
|
$ 504,832
|
$ 562,085
|
| Tuition, Net [Member] |
|
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
|
| Total revenue |
[1] |
160,904
|
170,316
|
478,117
|
530,959
|
| Technology and Other Fees [Member] |
|
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
|
| Total revenue |
|
7,538
|
7,943
|
22,727
|
25,139
|
| Tuition and Fees, Net [Member] |
|
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
|
| Total revenue |
|
168,442
|
178,259
|
500,844
|
556,098
|
| Other [Member] |
|
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
|
| Total revenue |
[2] |
1,386
|
1,664
|
3,988
|
5,987
|
| University Group [Member] | CTU [Member] |
|
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
|
| Total revenue |
|
115,742
|
120,552
|
342,139
|
364,336
|
| University Group [Member] | AIUS [Member] |
|
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
|
| Total revenue |
|
53,887
|
59,226
|
162,114
|
197,128
|
| University Group [Member] | Tuition, Net [Member] | CTU [Member] |
|
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
|
| Total revenue |
[1] |
109,730
|
114,104
|
324,148
|
344,966
|
| University Group [Member] | Tuition, Net [Member] | AIUS [Member] |
|
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
|
| Total revenue |
[1] |
51,174
|
56,212
|
153,969
|
185,993
|
| University Group [Member] | Technology and Other Fees [Member] | CTU [Member] |
|
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
|
| Total revenue |
|
5,107
|
5,269
|
15,445
|
16,112
|
| University Group [Member] | Technology and Other Fees [Member] | AIUS [Member] |
|
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
|
| Total revenue |
|
2,431
|
2,674
|
7,282
|
9,027
|
| University Group [Member] | Tuition and Fees, Net [Member] | CTU [Member] |
|
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
|
| Total revenue |
|
114,837
|
119,373
|
339,593
|
361,078
|
| University Group [Member] | Tuition and Fees, Net [Member] | AIUS [Member] |
|
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
|
| Total revenue |
|
53,605
|
58,886
|
161,251
|
195,020
|
| University Group [Member] | Other [Member] | CTU [Member] |
|
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
|
| Total revenue |
[2] |
905
|
1,179
|
2,546
|
3,258
|
| University Group [Member] | Other [Member] | AIUS [Member] |
|
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
|
| Total revenue |
[2] |
282
|
340
|
863
|
2,108
|
| Corporate and Other [Member] |
|
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
|
| Total revenue |
|
199
|
145
|
579
|
621
|
| Corporate and Other [Member] | Other [Member] |
|
|
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
|
|
| Total revenue |
[2] |
$ 199
|
$ 145
|
$ 579
|
$ 621
|
|
|
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v3.24.3
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v3.24.3
Revenue Recognition - Summary of Deferred Revenue Balances Offset with Contract Assets (Detail) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
| Revenue Recognition [Abstract] |
|
|
|
|
|
|
| Gross deferred revenue |
$ 82,207
|
$ 90,785
|
$ 63,970
|
$ 78,740
|
$ 104,703
|
$ 107,200
|
| Gross contract assets |
(32,860)
|
|
(26,755)
|
|
|
|
| Deferred revenue, net |
$ 49,347
|
|
$ 37,215
|
|
|
|
| X |
- DefinitionThe gross amount of deferred revenue before offsetting with any contract asset balances.
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|
| X |
- DefinitionAmount, before allowance for credit loss, of right to consideration in exchange for good or service transferred to customer, when right is conditioned on something other than passage of time. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7A
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479837/606-10-45-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479837/606-10-45-3
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| X |
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-Topic 606
-SubTopic 10
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-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479837/606-10-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-8
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479837/606-10-45-2
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| Period Type: |
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|
| X |
- References
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| Namespace Prefix: |
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|
v3.24.3
Revenue Recognition - Changes in Deferred Revenue Balances (Detail) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Deferred Revenue Arrangement [Line Items] |
|
|
|
|
|
| Gross deferred revenue, beginning balance |
|
$ 90,785
|
$ 104,703
|
$ 63,970
|
$ 107,200
|
| Revenue earned from prior balances |
|
(76,801)
|
(84,783)
|
(58,553)
|
(92,624)
|
| Billings during period |
[1] |
160,127
|
154,491
|
519,268
|
530,071
|
| Revenue earned for new billings during the period |
|
(91,641)
|
(93,476)
|
(442,291)
|
(463,474)
|
| Other adjustments |
|
(263)
|
(2,195)
|
(187)
|
(2,433)
|
| Gross deferred revenue, ending balance |
|
82,207
|
78,740
|
82,207
|
78,740
|
| University Group [Member] | CTU [Member] |
|
|
|
|
|
| Deferred Revenue Arrangement [Line Items] |
|
|
|
|
|
| Gross deferred revenue, beginning balance |
|
67,880
|
72,702
|
42,531
|
67,245
|
| Revenue earned from prior balances |
|
(57,850)
|
(59,047)
|
(38,122)
|
(59,458)
|
| Billings during period |
[1] |
100,352
|
95,064
|
350,694
|
343,194
|
| Revenue earned for new billings during the period |
|
(56,987)
|
(60,326)
|
(301,471)
|
(301,620)
|
| Other adjustments |
|
(162)
|
(1,283)
|
(399)
|
(2,251)
|
| Gross deferred revenue, ending balance |
|
53,233
|
47,110
|
53,233
|
47,110
|
| University Group [Member] | AIUS [Member] |
|
|
|
|
|
| Deferred Revenue Arrangement [Line Items] |
|
|
|
|
|
| Gross deferred revenue, beginning balance |
|
22,905
|
32,001
|
21,439
|
39,955
|
| Revenue earned from prior balances |
|
(18,951)
|
(25,736)
|
(20,431)
|
(33,166)
|
| Billings during period |
[1] |
59,775
|
59,427
|
168,574
|
186,877
|
| Revenue earned for new billings during the period |
|
(34,654)
|
(33,150)
|
(140,820)
|
(161,854)
|
| Other adjustments |
|
(101)
|
(912)
|
212
|
(182)
|
| Gross deferred revenue, ending balance |
|
$ 28,974
|
$ 31,630
|
$ 28,974
|
$ 31,630
|
|
|
| X |
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| X |
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| Namespace Prefix: |
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| X |
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| Namespace Prefix: |
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| X |
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| Namespace Prefix: |
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| X |
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| Namespace Prefix: |
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| X |
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| Namespace Prefix: |
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| Balance Type: |
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| Namespace Prefix: |
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v3.24.3
Student Receivables - Additional Information (Detail) - USD ($)
$ in Thousands |
9 Months Ended |
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Financing Receivable, Recorded Investment, Past Due [Line Items] |
|
|
| Approximate length of current academic year |
210 days
|
|
| Student receivables, net of allowance for doubtful accounts |
$ 5,904
|
$ 3,859
|
| Minimum [Member] |
|
|
| Financing Receivable, Recorded Investment, Past Due [Line Items] |
|
|
| Student receivables write-off period, days past due |
90 days
|
|
| X |
- DefinitionPeriod of current academic year.
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionAmount, after allowance for credit loss, of right to consideration in exchange for good or service transferred to customer when right to consideration is unconditional, classified as noncurrent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479837/606-10-45-4
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479837/606-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-8
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-80
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionThreshold period past due for trade accounts receivable to write off as uncollectible, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
|
| Period Type: |
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|
v3.24.3
Student Receivables - Changes in Current and Non-Current Allowance For Credit Losses (Detail) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Receivables [Abstract] |
|
|
|
|
| Balance, Beginning of Period |
$ 37,271
|
$ 43,055
|
$ 37,782
|
$ 43,141
|
| Provision for credit losses |
8,733
|
7,592
|
21,364
|
26,519
|
| Amounts written-off |
(8,032)
|
(11,397)
|
(22,085)
|
(31,533)
|
| Recoveries |
361
|
458
|
1,272
|
1,581
|
| Balance, End of Period |
$ 38,333
|
$ 39,708
|
$ 38,333
|
$ 39,708
|
| X |
- DefinitionAmount of writeoff of right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time, charged against allowance for credit loss. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13
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| Period Type: |
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|
| X |
- DefinitionAmount of allowance for credit loss for right to consideration in exchange for good or service transferred to customer when right to consideration is unconditional. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479344/326-20-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479837/606-10-45-4
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of cash inflow from recovery of right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time, previously written off. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-12
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of expense (reversal of expense) for expected credit loss on accounts receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
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| X |
- References
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v3.24.3
| X |
- DefinitionThe year at which the latest operating lease expires as of the balance sheet date.
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| Namespace Prefix: |
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|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-3
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-3
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-3
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| X |
- DefinitionAmount of sublease income excluding finance and operating lease expense. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
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| Namespace Prefix: |
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|
| X |
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| Namespace Prefix: |
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| Period Type: |
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|
| X |
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| Namespace Prefix: |
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|
v3.24.3
Leases - Schedule of Quantitative Information Related to Leases (Detail) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Lease expenses |
|
|
|
|
|
| Fixed lease expenses - operating |
[1] |
$ 1,104
|
$ 1,572
|
$ 3,670
|
$ 4,906
|
| Variable lease expenses - operating |
[1] |
207
|
193
|
544
|
1,154
|
| Sublease income |
[1],[2] |
|
|
|
(500)
|
| Total lease expenses |
[1] |
1,311
|
1,765
|
4,214
|
5,560
|
| Other information |
|
|
|
|
|
| Gross operating cash flows for operating leases |
[3] |
$ (2,031)
|
$ (2,139)
|
$ (6,513)
|
(7,722)
|
| Operating cash flows from subleases |
[3] |
|
|
|
$ 488
|
| Weighted average remaining lease term (in months) – operating leases |
|
68 months
|
57 months
|
68 months
|
57 months
|
| Weighted average discount rate – operating leases |
|
5.20%
|
4.80%
|
5.20%
|
4.80%
|
|
|
| X |
- DefinitionFixed operating lease expenses.
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionOperating cash flows from subleases.
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionVariable operating lease expenses.
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of lease cost recognized by lessee for lease contract. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
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v3.24.3
Income Taxes - Summary of Provision for Income Taxes and Effective Tax Rate (Detail) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Income Tax Disclosure [Abstract] |
|
|
|
|
| Pretax income |
$ 52,362
|
$ 48,088
|
$ 158,227
|
$ 169,744
|
| Provision for income taxes |
$ 14,107
|
$ 6,781
|
$ 42,101
|
$ 39,280
|
| Effective rate |
26.90%
|
14.10%
|
26.60%
|
23.10%
|
v3.24.3
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Income Tax [Line Items] |
|
|
|
|
| Deferred tax assets, valuation allowance |
$ 13,900
|
|
$ 13,900
|
|
| Decrease in unrecognized tax positions |
$ 2,100
|
|
$ 2,100
|
|
| Decrease in effective tax rate due to federal and state tax credits |
(0.40%)
|
(0.60%)
|
(0.10%)
|
(0.20%)
|
| Effective tax rate impact associated with stock-based compensation and previously recorded tax reserves |
0.20%
|
0.20%
|
1.40%
|
0.60%
|
| Favorable discrete adjustment |
|
$ 4,500
|
|
$ 4,500
|
| Effective tax rate benefit associated with worthless stock |
|
9.30%
|
|
2.60%
|
| Gain on sale |
|
|
|
$ 22,086
|
| Interest and penalties |
$ 4,300
|
|
$ 4,300
|
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v3.24.3
Share-Based Compensation - Additional Information (Detail) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Granted ( in shares) |
0
|
0
|
0
|
0
|
| Total stock-based compensation expense |
$ 2.8
|
$ 2.3
|
$ 7.4
|
$ 6.6
|
| Estimated total compensation expense |
$ 19.0
|
|
$ 19.0
|
|
| Expiration period in years |
|
|
4 years
|
|
| Restricted Stock Units [Member] |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Granted ( in shares) |
0
|
0
|
300,000
|
400,000
|
| Granted, Units fair value |
|
|
$ 5.3
|
$ 5.9
|
| Performance-based Restricted Stock Units [Member] |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Granted ( in shares) |
|
|
200,000
|
300,000
|
| Granted, Units fair value |
|
|
$ 3.5
|
$ 4.1
|
| Service period in years |
|
|
3 years
|
|
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Topic 718
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v3.24.3
Stock Repurchase Program - Additional Information (Detail) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
Feb. 20, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
|
| Stock repurchase authorized amount |
$ 50,000,000
|
|
|
|
|
| Expiration Date |
Sep. 30, 2025
|
|
|
|
|
| Shares repurchased under stock repurchase program |
|
|
|
400,000
|
200,000
|
| Shares repurchased during period |
|
|
|
$ 6,800,000
|
$ 2,700,000
|
| Average price of repurchased stock |
|
|
|
$ 17.6
|
$ 12.35
|
| Available authorized repurchase amount |
|
$ 47,100,000
|
|
$ 47,100,000
|
|
| Maximum [Member] |
|
|
|
|
|
| Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
|
| Shares repurchased under stock repurchase program |
|
0
|
0
|
|
|
| X |
- DefinitionStock repurchased during period value weighted average price.
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount authorized for purchase of share under share repurchase plan. Includes, but is not limited to, repurchase of stock and unit of ownership. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147481520/505-30-50-4
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-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
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-Paragraph 1
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-Publisher FASB
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
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-Publisher FASB
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-4
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-2
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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v3.24.3
Weighted Average Common Shares - Summary of Weighted Average Numbers of Common Shares Used to Compute Basic and Diluted Net Income Per Share (Detail) - shares
shares in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Earnings Per Share [Abstract] |
|
|
|
|
| Basic common shares outstanding |
65,699
|
65,634
|
65,622
|
66,758
|
| Common stock equivalents |
1,613
|
1,469
|
1,488
|
1,314
|
| Diluted common shares outstanding |
67,312
|
67,103
|
67,110
|
68,072
|
| X |
- DefinitionCommon stock equivalents.
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prdo_CommonStockEquivalents |
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xbrli:sharesItemType |
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| Period Type: |
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|
| X |
- References
+ Details
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| X |
- DefinitionThe average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 16
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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-16
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| Period Type: |
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|
| X |
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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
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-Section 45
-Paragraph 10
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v3.24.3
| X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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v3.24.3
| X |
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| X |
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-Topic 280
-SubTopic 10
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-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Section 55
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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v3.24.3
Segment Reporting - Summary Financial Information by Reporting Segment (Detail) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
| Revenue |
|
$ 169,828
|
$ 179,923
|
$ 504,832
|
$ 562,085
|
|
| Percentage of total revenue |
|
100.00%
|
100.00%
|
100.00%
|
100.00%
|
|
| Operating Income (Loss) |
|
$ 44,794
|
$ 43,073
|
$ 137,078
|
$ 134,503
|
|
| Total Assets |
[1] |
1,116,756
|
|
1,116,756
|
|
$ 1,007,316
|
| Corporate and Other [Member] |
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
| Revenue |
|
$ 199
|
$ 145
|
$ 579
|
$ 621
|
|
| Percentage of total revenue |
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
|
| Operating Income (Loss) |
|
$ (8,468)
|
$ (7,020)
|
$ (23,442)
|
$ (28,812)
|
|
| Total Assets |
[1] |
732,293
|
|
732,293
|
|
643,252
|
| CTU [Member] | University Group [Member] |
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
| Revenue |
|
$ 115,742
|
$ 120,552
|
$ 342,139
|
$ 364,336
|
|
| Percentage of total revenue |
|
68.20%
|
67.00%
|
67.80%
|
64.80%
|
|
| Operating Income (Loss) |
|
$ 44,199
|
$ 34,491
|
$ 129,245
|
$ 118,632
|
|
| Total Assets |
[1] |
212,523
|
|
212,523
|
|
202,728
|
| AIUS [Member] | University Group [Member] |
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
| Revenue |
|
$ 53,887
|
$ 59,226
|
$ 162,114
|
$ 197,128
|
|
| Percentage of total revenue |
|
31.70%
|
32.90%
|
32.10%
|
35.10%
|
|
| Operating Income (Loss) |
|
$ 9,063
|
$ 15,602
|
$ 31,275
|
$ 44,683
|
|
| Total Assets |
[1] |
$ 171,940
|
|
$ 171,940
|
|
$ 161,336
|
|
|
| X |
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