Operating income increased 8.9% supported by
revenue growth across both CTU and AIU
Perdoceo Education Corporation (NASDAQ: PRDO) today reported
operating and financial results for the quarter ended March 31,
2021.
First Quarter 2021
Results as Compared to Prior Year Quarter
- Revenue increased 7.4 percent to $183.6 million with both CTU
and AIU contributing to the growth
- Operating income increased 8.9 percent to $40.6 million while
adjusted operating income increased 11.7 percent to $44.6
million*
- Earnings per diluted share was $0.43 as compared to $0.41 while
adjusted earnings per diluted share was $0.44 as compared to
$0.41*
- Ended the quarter with $451.0 million in cash, cash
equivalents, restricted cash and available-for-sale short-term
investments
- Total student enrollments at March 31, 2021 increased by 9.7
percent, with CTU experiencing a 12.8 percent increase and AIU
experiencing a 5.0 percent increase
*See GAAP (U.S. generally accepted accounting principles)
to non-GAAP reconciliation attached to this press release
“We are pleased with our positive first quarter 2021 results.
Our focus on student experiences, retention and academic outcomes,
in particular through our ongoing technology initiatives, has
helped us to effectively serve and educate our students as they
progress through their academic programs,” said Todd Nelson,
President and Chief Executive Officer. “As the year progresses, we
will continue to invest in various initiatives that meet the
evolving professional needs of our non-traditional learners,
including working adults.”
REVENUE
- The Company experienced organic revenue growth across both CTU
and AIU while growth at AIU also reflects the acquisition of
substantially all of the assets of Trident University International
on March 2, 2020 (the “Trident acquisition”).
For the Quarter Ended March
31,
Revenue ($ in
thousands)
2021
2020
% Change
CTU
$
105,822
$
103,588
2.2
%
AIU (1)
77,477
67,396
15.0
%
Corporate and Other
339
10
NM
Total
$
183,638
$
170,994
7.4
%
(1)
AIU’s results of operations include the
Trident acquisition commencing on the March 2, 2020 date of
acquisition and therefore the quarter ended March 31, 2020 does not
reflect a full quarter of results for Trident.
TOTAL STUDENT ENROLLMENTS
- As of March 31, 2021, CTU’s and AIU’s total student enrollments
increased 12.8 percent and 5.0 percent, respectively, as compared
to the prior year quarter end. Contributing to this increase was
consistent levels of prospective student interest that were well
served by student-serving functions as well as the academic
calendar redesign at CTU.
As of March 31,
Total Student
Enrollments
2021
2020
% Change
CTU
27,300
24,200
12.8
%
AIU
16,800
16,000
5.0
%
Total
44,100
40,200
9.7
%
OPERATING INCOME
- Operating income increased by 8.9 percent to $40.6 million as
compared to the prior year quarter supported by revenue growth as
well as operating efficiencies at both CTU and AIU. AIU’s operating
income was also positively impacted by the Trident
acquisition.
For the Quarter Ended March
31,
Operating Income
($ in thousands)
2021
2020
% Change
CTU
$
36,143
$
34,619
4.4
%
AIU (1)
11,323
9,376
20.8
%
Corporate and Other
(6,849
)
(6,692
)
-2.3
%
Total
$
40,617
$
37,303
8.9
%
(1)
AIU’s results of operations include the
Trident acquisition commencing on the March 2, 2020 date of
acquisition and therefore the quarter ended March 31, 2020 does not
reflect a full quarter of results for Trident.
ADJUSTED OPERATING INCOME
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 table
below and the GAAP to non-GAAP reconciliation attached to this
press release for further details.)
- For the quarter ended March 31, 2021, adjusted operating income
of $44.6 million increased 11.7 percent compared to adjusted
operating income of $39.9 million for the prior year quarter.
Partially offsetting the revenue growth and efficiencies within
operating processes were increased investments in technology and
student-serving processes.
For the Quarter Ended March
31,
Adjusted
Operating Income ($ in thousands)
2021
2020 (1)
Operating income
$
40,617
$
37,303
Depreciation and amortization
4,002
2,639
Adjusted Operating Income
$
44,619
$
39,942
Increase (Decrease)
11.7
%
(1)
Beginning in 2021, the Company no longer
adjusts operating income for expenses related to the vacated
facilities at closed campuses as these expenses are expected to be
immaterial. The prior period amounts were recast to maintain
comparability to 2021 non-GAAP measures.
NET INCOME AND EARNINGS PER DILUTED SHARE
For the quarter ended March 31, 2021, the Company recorded:
- Net income of $30.8 million compared to $29.1 million for the
prior year quarter.
- Earnings per diluted share of $0.43 compared to $0.41 for the
prior year quarter.
- Adjusted earnings per diluted share of $0.44 compared $0.41 for
the prior year quarter. (See table below and the GAAP to non-GAAP
reconciliation attached to this press release for further
details.)
For the Quarter Ended March
31,
2021
2020 (3)
Reported Earnings Per Diluted
Share
$
0.43
$
0.41
Pre-tax adjustments included in
operating expenses:
Amortization for acquired intangible
assets (1)
0.01
-
Tax effect of adjustments (2)
-
-
Adjusted Earnings Per Diluted
Share
$
0.44
$
0.41
(1)
Amortization for acquired intangible
assets relates to definite-lived intangible assets associated with
the Trident acquisition.
(2)
The tax effect of adjustments was
calculated by multiplying the pre-tax adjustments with a tax rate
of 25.0%. This tax rate is intended to reflect federal and state
taxable jurisdictions as well as the nature of the adjustments.
(3)
Beginning in 2021, the Company no longer
adjusts earnings per diluted share for expenses related to vacated
facilities at closed campuses as these expenses are expected to be
immaterial. The prior period amounts were recast to maintain
comparability to 2021 non-GAAP measures.
BALANCE SHEET AND CASH FLOW
- For the quarter ended March 31, 2021, net cash provided by
operating activities was $44.7 million, compared to net cash
provided by operating activities of $44.8 million during the prior
year quarter.
- As of March 31, 2021 and December 31, 2020, cash, cash
equivalents, restricted cash and available-for-sale short-term
investments totaled $451.0 million and $410.4 million,
respectively.
For the Quarter Ended March
31,
Selected Cash
Flow Items ($ in thousands)
2021
2020
% Change
Net cash provided by operating
activities
$
44,708
$
44,768
-0.1
%
Capital expenditures
$
1,042
$
1,015
2.7
%
OUTLOOK
The Company is providing the following outlook, subject to the
key assumptions identified below. Please see the GAAP to non-GAAP
reconciliation for adjusted operating income and adjusted earnings
per diluted share attached to this press release for further
details.
Total Company Outlook
For Quarter Ending June
30,
For the Year Ending December
31,
OUTLOOK
ACTUAL
OUTLOOK
ACTUAL
2021
2020
2021
2020
Operating Income
$37.0M - $38.5M
$37.4M
$149.0M - $155.0M
$142.9M
Depreciation and amortization
$4.0M
$4.1M
$16.0M
$14.8M
Adjusted Operating Income (1)
$41.0M - $42.5M
$41.5M
$165.0M - $171.0M
$157.7M
Earnings Per Diluted Share
$0.38 - $0.39
$0.40
$1.54 - $1.60
$1.74
Amortization of acquired intangible
assets
$0.01
$0.02
$0.05
$0.04
Tax effect of adjustments
-
($0.01)
($0.01)
($0.01)
Release of valuation allowance
-
-
-
($0.22)
Adjusted Earnings Per Diluted Share
(1)
$0.39 - $0.40
$0.41
$1.58 - $1.64
$1.55
(1)
Beginning in 2021, the Company no longer
adjusts operating income or earnings per diluted share for expenses
related to vacated facilities at closed campuses as these expenses
are expected to be immaterial. The prior period amounts were recast
to maintain comparability to 2021 non-GAAP measures.
Operating income, which is the most directly comparable GAAP
measure to adjusted operating income, and earnings per diluted
share may not follow the same trends stated in the outlook above
because of adjustments made for certain significant and non-cash
items such as depreciation, amortization and significant legal
settlements. The operating income, adjusted operating income,
earnings per share and adjusted earnings per share outlook provided
above for 2021 are based on the following key assumptions and
factors, among others: (i) prospective student interest in the
Company’s programs remains consistent with recent experience, (ii)
no significant changes in the timing and amounts of planned
investments and initiatives continue to positively impact student
enrollments, (iii) no significant impact of new or proposed
regulations, including the “borrower defense to repayment”
regulations, or other adverse changes in the legal or regulatory
environment, (iv) no significant operating impacts from the
settlements with the U.S. Federal Trade Commission and state
attorneys general or other legal or regulatory matters, (v) no
significant future operating or financial impacts relating to the
COVID-19 pandemic, (vi) earnings per diluted share outlook assumes
an effective income tax rate of approximately 26.5% for the second
quarter and full year, and (vii) any future impact from the
Company’s stock repurchase program is excluded. Although these
estimates and assumptions are based upon management’s good faith
beliefs regarding current and future circumstances and actions that
may be undertaken, actual results could differ materially from
these estimates. In addition, decisions the Company makes in the
future as it continues to evaluate diverse strategies to enhance
shareholder value may impact the outlook provided above.
CONFERENCE CALL INFORMATION
Perdoceo Education Corporation will host a conference call on
Thursday, May 6, 2021 at 5:30 p.m. Eastern time to discuss first
quarter 2021 results and 2021 outlook. Interested parties can
access the live webcast of the conference at www.perdoceoed.com in
the Investor Relations section of the website. Participants can
also listen to the conference call by dialing 1-844-378-6484
(domestic) or 1-412-542-4179 (international). Please log-in or
dial-in at least 10 minutes prior to the start time to ensure a
connection. An archived version of the webcast will be accessible
for 90 days at www.perdoceoed.com in the Investor Relations section
of the website.
ABOUT PERDOCEO EDUCATION CORPORATION
Perdoceo’s 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
accredited institutions – Colorado Technical University (“CTU”) and
the American InterContinental University System (“AIU”) – provide
degree programs through the master’s or doctoral level as well as
associate and bachelor’s levels. Perdoceo’s universities offer
students industry-relevant and career-focused degree programs that
are designed to meet the educational needs of today’s busy adults.
CTU and AIU continue to show innovation in higher education,
advancing personalized learning technologies like their
intellipath® learning platform and using data analytics and
technology to support students and enhance learning. Perdoceo is
committed to providing quality education that closes the gap
between learners who seek to advance their careers and employers
needing a qualified workforce. For more information, please visit
www.perdoceoed.com.
Except for the historical and present factual information
contained herein, the matters set forth in this release, including
statements identified by words such as “believe,” “will,” “expect,”
“continue,” “outlook,” “remain,” “focused on,” “should” and similar
expressions, are forward-looking statements as defined in Section
21E of the Securities Exchange Act of 1934, as amended. These
statements are based on information currently available to us and
are subject to various assumptions, risks, uncertainties and other
factors that could cause our 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 or
revise such factors or any of the forward-looking statements
contained herein to reflect future events, developments or changed
circumstances, or for any other reason. These risks and
uncertainties, the outcomes of which could materially and adversely
affect our financial condition and operations, include, but are not
limited to, the following: declines in enrollment or interest in
our programs; 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
90-10, financial responsibility and administrative capability
standards prescribed by the U.S. Department of Education), as well
as applicable accreditation standards and state regulatory
requirements; the impact of various versions of “borrower defense
to repayment” regulations; rulemaking by the U.S. Department of
Education 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 veterans or other military
personnel; increased competition; the impact of management changes;
and changes in the overall U.S. economy which may continue to be
impacted by the COVID-19 pandemic. Further information about these
and other relevant risks and uncertainties may be found in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2020 and its subsequent filings with the Securities and
Exchange Commission.
PERDOCEO EDUCATION CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands)
March 31,
December 31,
2021
2020
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents,
unrestricted
$
86,031
$
105,684
Restricted cash
4,000
4,000
Short-term investments
360,986
300,676
Total cash and cash equivalents,
restricted cash and short-term investments
451,017
410,360
Student receivables, net
41,482
44,682
Receivables, other
2,684
2,873
Prepaid expenses
10,023
8,209
Inventories
594
596
Other current assets
253
341
Total current assets
506,053
467,061
NON-CURRENT ASSETS:
Property and equipment, net
25,696
27,761
Right of use asset, net
42,425
44,773
Goodwill
118,312
118,312
Intangible assets, net
14,689
15,522
Student receivables, net
1,295
1,303
Deferred income tax assets, net
35,584
40,351
Other assets
6,311
6,434
TOTAL ASSETS
$
750,365
$
721,517
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES:
Lease liability - operating
$
9,677
$
9,789
Accounts payable
10,767
13,259
Accrued expenses:
Payroll and related benefits
15,207
22,661
Advertising and marketing costs
11,643
10,249
Income taxes
6,627
1,402
Other
12,294
11,921
Deferred revenue
37,004
34,534
Total current liabilities
103,219
103,815
NON-CURRENT LIABILITIES:
Lease liability - operating
40,423
43,405
Other liabilities
18,378
18,390
Total non-current liabilities
58,801
61,795
STOCKHOLDERS' EQUITY:
Preferred stock
-
-
Common stock
878
873
Additional paid-in capital
662,485
658,423
Accumulated other comprehensive income
14
364
Retained earnings
173,088
142,335
Treasury stock
(248,120
)
(246,088
)
Total stockholders' equity
588,345
555,907
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$
750,365
$
721,517
PERDOCEO EDUCATION CORPORATION
AND SUBSIDIARIES
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share
amounts and percentages)
For the Quarter Ended March
31,
2021
% of Total Revenue
2020
% of Total
Revenue
REVENUE:
Tuition and fees
$
182,831
99.6
%
$
170,394
99.6
%
Other
807
0.4
%
600
0.4
%
Total revenue
183,638
170,994
OPERATING EXPENSES:
Educational services and facilities
28,974
15.8
%
26,911
15.7
%
General and administrative
110,045
59.9
%
103,529
60.5
%
Depreciation and amortization
4,002
2.2
%
2,639
1.5
%
Asset impairment
-
0.0
%
612
0.4
%
Total operating expenses
143,021
77.9
%
133,691
78.2
%
Operating income
40,617
22.1
%
37,303
21.8
%
OTHER INCOME:
Interest income
359
0.2
%
1,487
0.9
%
Interest expense
(109
)
-0.1
%
(41
)
0.0
%
Miscellaneous income (expense)
142
0.1
%
(13
)
0.0
%
Total other income
392
0.2
%
1,433
0.8
%
PRETAX INCOME
41,009
22.3
%
38,736
22.7
%
Provision for income taxes
10,245
5.6
%
9,604
5.6
%
INCOME FROM CONTINUING
OPERATIONS
30,764
16.8
%
29,132
17.0
%
Loss from discontinued operations, net of
tax
(11
)
0.0
%
(26
)
0.0
%
NET INCOME
30,753
16.7
%
29,106
17.0
%
NET INCOME PER SHARE - BASIC:
$
0.44
$
0.42
NET INCOME PER SHARE -DILUTED:
$
0.43
$
0.41
WEIGHTED AVERAGE SHARES
OUTSTANDING:
Basic
70,149
69,839
Diluted
71,482
71,714
UNAUDITED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
For the Quarter Ended March
31,
(In Thousands)
2021
2020
NET INCOME
$
30,753
$
29,106
OTHER COMPREHENSIVE LOSS, net of
tax:
Foreign currency translation
adjustments
(129
)
(48
)
Unrealized loss on investments
(221
)
(839
)
Total other comprehensive loss
(350
)
(887
)
COMPREHENSIVE INCOME
$
30,403
$
28,219
PERDOCEO EDUCATION CORPORATION
AND SUBSIDIARIES
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
For the Quarter Ended March
31,
2021
2020
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income
$
30,753
$
29,106
Adjustments to reconcile net income to net
cash provided by operating activities:
Asset impairment
-
612
Depreciation and amortization expense
4,002
2,639
Bad debt expense
13,719
12,862
Compensation expense related to
share-based awards
3,753
3,212
Deferred income taxes
4,767
9,468
Changes in operating assets and
liabilities
(12,286
)
(13,131
)
Net cash provided by operating
activities
44,708
44,768
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of available-for-sale
investments
(126,009
)
(111,753
)
Sales of available-for-sale
investments
64,408
52,893
Purchases of property and equipment
(1,042
)
(1,015
)
Business acquisition
-
(34,065
)
Net cash used in investing activities
(62,643
)
(93,940
)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Issuance of common stock
314
413
Purchase of treasury stock
-
(17,309
)
Payments of employee tax associated with
stock compensation
(2,032
)
(687
)
Net cash used in financing activities
(1,718
)
(17,583
)
NET DECREASE IN CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
(19,653
)
(66,755
)
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH, beginning of the period
109,684
108,687
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH, end of the period
$
90,031
$
41,932
PERDOCEO EDUCATION CORPORATION
AND SUBSIDIARIES
UNAUDITED SELECTED SEGMENT
INFORMATION
(In thousands, except
percentages)
For the Quarter Ended March
31,
2021
2020
REVENUE:
CTU
$
105,822
$
103,588
AIU (1)
77,477
67,396
Corporate and Other
339
10
Total
$
183,638
$
170,994
OPERATING INCOME (LOSS):
CTU
$
36,143
$
34,619
AIU (1)
11,323
9,376
Corporate and Other
(6,849
)
(6,692
)
Total
$
40,617
$
37,303
OPERATING MARGIN (LOSS):
CTU
34.2
%
33.4
%
AIU (1)
14.6
%
13.9
%
Corporate and Other
NM
NM
Total
22.1
%
21.8
%
(1)
AIU’s results of operations include the
Trident acquisition commencing on the March 2, 2020 date of
acquisition and therefore the quarter ended March 31, 2020 does not
reflect a full quarter of results for Trident.
PERDOCEO EDUCATION CORPORATION
AND SUBSIDIARIES
UNAUDITED RECONCILIATION OF
GAAP TO NON-GAAP ITEMS (1)
(In thousands, unless otherwise
noted)
For the Quarter Ended March
31,
ACTUAL
Adjusted
Operating Income
2021
2020 (4)
Operating income
$
40,617
$
37,303
Depreciation and amortization (2)
4,002
2,639
Adjusted Operating Income (3)
$
44,619
$
39,942
For the Quarter Ending June
30,
OUTLOOK
ACTUAL
2021
2020 (4)
Operating income
$37.0M - $38.5M
$
37,368
Depreciation and amortization (2)
4.0M
4,151
Adjusted Operating Income (3)
$41.0M - $42.5M
$
41,519
For the Year Ending December
31,
OUTLOOK
ACTUAL
2021
2020 (4)
Operating income
$149.0M - $155.0M
$
142,934
Depreciation and amortization (2)
16.0M
14,786
Adjusted Operating Income (3)
$165.0M - $171.0M
$
157,720
PERDOCEO EDUCATION CORPORATION
AND SUBSIDIARIES
UNAUDITED RECONCILIATION OF
GAAP TO NON-GAAP ITEMS (1) (cont’d)
For the Quarter Ended March
31,
2021
2020 (4)
Reported Earnings Per Diluted
Share
$
0.43
$
0.41
Pre-tax adjustments included in
operating expenses:
Amortization for acquired intangible
assets (2)
0.01
-
Total pre-tax adjustments
$
0.01
$
-
Tax effect of adjustments (5)
-
-
Total adjustments after tax
0.01
-
Adjusted Earnings Per Diluted Share
(3)
$
0.44
$
0.41
For the Quarter Ending June
30,
OUTLOOK
ACTUAL
2021
2020 (4)
Reported Earnings Per Diluted
Share
$0.38 - $0.39
$
0.40
Pre-tax adjustments included in
operating expenses:
Amortization for acquired intangible
assets (2)
0.01
0.02
Total pre-tax adjustments
$
0.01
$
0.02
Tax effect of adjustments (5)
-
(0.01
)
Total adjustments after tax
0.01
0.01
Adjusted Earnings Per Diluted Share
(3)
$0.39 - $0.40
$
0.41
For the Year Ending December
31,
OUTLOOK
ACTUAL
2021
2020 (4)
Reported Earnings Per Diluted
Share
$1.54 - $1.60
$
1.74
Pre-tax adjustments included in
operating expenses:
Amortization for acquired intangible
assets (2)
0.05
0.04
Total pre-tax adjustments
$
0.05
$
0.04
Tax effect of adjustments (5)
(0.01
)
(0.01
)
Release of valuation allowance
(6)
-
(0.22
)
Total adjustments after tax
0.04
(0.19
)
Adjusted Earnings Per Diluted Share
(3)
$1.58 - $1.64
$
1.55
PERDOCEO EDUCATION CORPORATION
AND SUBSIDIARIES
UNAUDITED RECONCILIATION OF
GAAP TO NON-GAAP ITEMS (1) (cont’d)
(1)
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. As a general matter, the Company
uses non-GAAP financial measures in conjunction with results
presented in accordance with GAAP to help analyze the performance
of its operations, assist with preparing the annual operating plan,
and measure performance for some forms of compensation. In
addition, the Company believes that non-GAAP financial information
is used by analysts and others in the investment community to
analyze the Company’s historical results and to provide estimates
of future performance.
The Company believes adjusted operating
income and adjusted earnings per diluted share allow it to analyze
and assess its operations and compare current operating results
with the operational performance of other companies in its industry
because it does not give effect to potential differences caused by
items it does not consider reflective of underlying operating
performance, such as amortization for acquired intangible assets
and significant legal settlements. In evaluating adjusted operating
income and adjusted earnings per diluted share, investors should be
aware that in the future the Company may incur expenses similar to
the adjustments presented above. The presentation of adjusted
operating income and adjusted earnings per diluted share should not
be construed as an inference that the Company's future results will
be unaffected by expenses that are unusual, non-routine or
non-recurring. Adjusted operating income and adjusted earnings per
diluted share have limitations as an analytical tool, and should
not be considered in isolation, or as a substitute for net income,
operating income, earnings per diluted share, or any other
performance measure derived in accordance and reported under GAAP
or as an alternative to cash flow from operating activities or as a
measure of liquidity.
Non-GAAP financial measures, when viewed
in a reconciliation to corresponding 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
corresponding financial results presented in accordance with
GAAP.
(2)
Amortization for acquired intangible
assets relate to definite-lived intangible assets associated with
the Trident acquisition.
(3)
Beginning in 2021, the Company no longer
adjusts operating income or earnings per diluted share for expenses
related to vacated facilities at closed campuses as these expenses
are expected to be immaterial. The prior period amounts were recast
to maintain comparability to 2021 non-GAAP measures.
(4)
AIU’s results of operations include the
Trident acquisition commencing on the March 2, 2020 date of
acquisition and therefore the quarter ended March 31, 2020 does not
reflect a full quarter of results for Trident.
(5)
The tax effect of adjustments was
calculated by multiplying the pre-tax adjustments with a tax rate
of 25.0%. This tax rate is intended to reflect federal and state
taxable jurisdictions as well as the nature of the adjustments.
There is no tax effect applied to the adjustment related to the
release of the valuation allowance as this is an adjustment for
income tax.
(6)
This relates to the release of a valuation
allowance in the amount of $16.0 million as a result of the
determination that it is more likely than not that the Company will
utilize its deferred tax assets associated with the portion of the
foreign tax credit carryforward supported by an overall domestic
loss account balance.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210506006116/en/
Investors: Alpha IR Group Wyatt Turk or Chris Hodges
(312) 445-2870 PRDO@alpha-ir.com
Or
Media: Perdoceo Education Corporation (847) 585-2600
media@perdoceoed.com
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