Perdoceo Education Corporation (NASDAQ: PRDO) today reported
operating and financial results for the quarter ended March 31,
2022.
First Quarter 2022
Results as Compared to Prior Year Quarter
- Revenue decreased 0.4 percent to $183.0 million, with CTU’s
increase of 6.9 percent offset by AIUS’ decrease of 10.3
percent
- Operating income increased 7.6 percent to $43.7 million, while
adjusted operating income increased 13.5 percent to $50.9
million*
- Earnings per diluted share was $0.46 as compared to $0.43,
while adjusted earnings per diluted share was $0.50 as compared to
$0.44*
- Ended the quarter with $499.3 million in cash, cash
equivalents, restricted cash and available-for-sale short-term
investments
- Total student enrollments at March 31, 2022 decreased by 14.7
percent, with both CTU and AIUS experiencing a decline
*See GAAP (U.S. generally accepted accounting principles)
to non-GAAP reconciliation attached to this press release
“We are pleased with our first quarter results and we continue
to support our students as they adjust and adapt to the evolving
COVID-19 pandemic,” said Andrew Hurst, President and Chief
Executive Officer. “We are further optimizing our operations to
serve and educate students as efficiently and effectively as
possible and remain focused on enhancing student experiences,
retention and academic outcomes while leveraging data analytics and
technology.”
REVENUE
- For the quarter ended March 31, 2022, revenue of $183.0 million
decreased 0.4 percent as compared to revenue of $183.6 million for
the prior year quarter. Revenue for the quarter ended March 31,
2022 was positively impacted by the academic calendar redesign at
CTU.
For the Quarter Ended March
31,
Revenue ($ in
thousands)
2022
2021
% Change
CTU
$
113,148
$
105,822
6.9
%
AIUS
69,532
77,477
-10.3
%
Corporate and Other
279
339
NM
Total
$
182,959
$
183,638
-0.4
%
TOTAL STUDENT ENROLLMENTS
- As of March 31, 2022, CTU’s total student enrollments decreased
13.9 percent, while AIUS’ total student enrollments decreased 16.1
percent. CTU’s total student enrollments as of March 31, 2022 were
negatively impacted by the academic calendar redesign.
As of March 31,
Total Student
Enrollments
2022
2021
% Change
CTU
23,500
27,300
-13.9
%
AIUS
14,100
16,800
-16.1
%
Total
37,600
44,100
-14.7
%
OPERATING INCOME
- For the quarter ended March 31, 2022, operating income
increased by 7.6 percent to $43.7 million as compared to the prior
year quarter.
For the Quarter Ended March
31,
Operating Income
($ in thousands)
2022
2021
% Change
CTU
$
43,026
$
36,143
19.0
%
AIUS
9,523
11,323
-15.9
%
Corporate and Other
(8,856
)
(6,849
)
29.3
%
Total
$
43,693
$
40,617
7.6
%
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, 2022, adjusted operating income
of $50.9 million increased 13.5 percent compared to adjusted
operating income of $44.9 million for the prior year quarter.
For the Quarter Ended March
31,
Adjusted
Operating Income ($ in thousands)
2022
2021
Operating income
$
43,693
$
40,617
Depreciation and amortization (1)
4,882
4,002
Legal fee expense related to certain
matters (2)
2,347
242
Adjusted Operating Income
$
50,922
$
44,861
Increase (Decrease)
13.5
%
(1)
Amortization for acquired intangible
assets relates to definite-lived intangible assets associated with
acquisitions.
(2)
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.
NET INCOME AND EARNINGS PER DILUTED SHARE
For the quarter ended March 31, 2022, the Company recorded:
- Net income of $32.1 million compared to $30.8 million for the
prior year quarter.
- Earnings per diluted share of $0.46 compared to $0.43 for the
prior year quarter.
- Adjusted earnings per diluted share of $0.50 compared to $0.44
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,
2022
2021
Reported Earnings Per Diluted
Share
$
0.46
$
0.43
Pre-tax adjustments included in
operating expenses:
Amortization for acquired intangible
assets (1)
0.02
0.01
Legal fee expense related to certain
matters (2)
0.03
-
Tax effect of adjustments (3)
(0.01
)
-
Adjusted Earnings Per Diluted
Share
$
0.50
$
0.44
(1)
Amortization for acquired intangible
assets relates to definite-lived intangible assets associated with
acquisitions.
(2)
Legal fee expense associated with (i)
responses to the Department relating to borrower defense to
repayment applications from former students, and (ii) acquisition
efforts.
(3)
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.
BALANCE SHEET AND CASH FLOW
- For the quarter ended March 31, 2022, net cash provided by
operating activities was $22.2 million, compared to net cash
provided by operating activities of $44.7 million for the prior
year quarter.
- As of March 31, 2022 and December 31, 2021, cash, cash
equivalents, restricted cash and available-for-sale short-term
investments totaled $499.3 million and $499.4 million,
respectively.
For the Quarter Ended March
31,
Selected Cash
Flow Items ($ in thousands)
2022
2021
% Change
Net cash provided by operating
activities
$
22,154
$
44,708
-50.4
%
Capital expenditures
$
4,742
$
1,042
355.1
%
OUTLOOK
The Company is providing the following updated 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
2022
2021
2022
2021
Operating Income
$30.0M - $32.0M
$36.0M
$108.7M - $119.7M
$149.0M
Depreciation and amortization
$5.0M
$3.9M
$20.0M
$16.8M
Legal fee expense related to certain
matters (1)
$2.0M
$2.4M
$8.3M
$9.7M
Adjusted Operating Income
$37.0M - $39.0M
$42.3M
$137.0M - $148.0M
$175.5M
Earnings Per Diluted Share
$0.32 - $0.34
$0.37
$1.16 - $1.28
$1.55
Amortization of acquired intangible
assets
$0.02
$0.01
$0.10
$0.06
Legal fee expense related to certain
matters (1)
$0.03
$0.04
$0.11
$0.14
Tax effect of adjustments
($0.01)
($0.01)
($0.05)
($0.05)
Adjusted Earnings Per Diluted
Share
$0.36 - $0.38
$0.41
$1.32 - $1.44
$1.70
(1)
Legal fee expense associated with (i)
responses to the Department relating to borrower defense to
repayment applications from former students, and (ii) acquisition
efforts.
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. The operating income, adjusted operating income, earnings
per share and adjusted earnings per share outlook provided above
for 2022 are based on the following key assumptions and factors,
among others: (i) prospective student interest in the Company’s
programs and student retention remain consistent with management’s
estimates, (ii) no significant impact of new or proposed
regulations, including recent Department of Education negotiated
rulemaking initiatives, or other adverse changes in the legal or
regulatory environment, (iii) no significant operating impacts from
the settlements with the U.S. Federal Trade Commission and state
attorneys general or other legal or regulatory matters, (iv)
earnings per diluted share outlook assumes an effective income tax
rate of approximately 25.0% for the second quarter and 26.0% for
the full year, and (v) 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
stockholder value may impact the outlook provided above.
CONFERENCE CALL INFORMATION
Perdoceo Education Corporation will host a conference call on
Thursday, May 5, 2022 at 5:30 p.m. Eastern time to discuss first
quarter 2022 results and 2022 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 1-844-200-6205
(domestic) or 1-929-526-1599 (international). Both dial-in numbers
will use the access code 601460. Viewers can also access the
conference call by following this link
https://events.q4inc.com/attendee/336826742. 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 following the call 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 (“AIUS” or “AIU
System”) – provide degree programs from the associate through
doctoral level as well as non-degree professional development and
continuing education offerings. Perdoceo’s universities 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 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, 2021 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,
2022
2021
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents,
unrestricted
$
190,443
$
319,982
Restricted cash
1,210
5,196
Short-term investments
307,620
174,213
Total cash and cash equivalents,
restricted cash and short-term investments
499,273
499,391
Student receivables, net
34,104
43,033
Receivables, other
8,845
1,692
Prepaid expenses
9,874
6,919
Inventories
1,405
904
Other current assets
2,702
2,514
Total current assets
556,203
554,453
NON-CURRENT ASSETS:
Property and equipment, net
27,956
28,355
Right of use asset, net
34,535
36,664
Goodwill
162,579
162,579
Intangible assets, net
30,542
32,208
Student receivables, net
1,314
1,372
Deferred income tax assets, net
24,128
25,114
Other assets
6,570
6,688
TOTAL ASSETS
$
843,827
$
847,433
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES:
Lease liability - operating
$
8,355
$
9,400
Accounts payable
12,135
10,838
Accrued expenses:
Payroll and related benefits
17,648
25,312
Advertising and marketing costs
9,971
8,690
Income taxes
10,982
211
Other
12,148
15,180
Deferred revenue
39,108
70,613
Total current liabilities
110,347
140,244
NON-CURRENT LIABILITIES:
Lease liability - operating
33,757
35,549
Other liabilities
21,343
21,530
Total non-current liabilities
55,100
57,079
STOCKHOLDERS' EQUITY:
Preferred stock
-
-
Common stock
893
887
Additional paid-in capital
677,311
674,242
Accumulated other comprehensive loss
(1,541
)
(96
)
Retained earnings
284,050
251,972
Treasury stock
(282,333
)
(276,895
)
Total stockholders' equity
678,380
650,110
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$
843,827
$
847,433
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,
2022
% of
Total
Revenue
2021
% of
Total
Revenue
REVENUE:
Tuition and fees, net
$
181,327
99.1
%
$
182,831
99.6
%
Other
1,632
0.9
%
807
0.4
%
Total revenue
182,959
183,638
OPERATING EXPENSES:
Educational services and facilities
28,088
15.4
%
28,974
15.8
%
General and administrative
106,296
58.1
%
110,045
59.9
%
Depreciation and amortization
4,882
2.7
%
4,002
2.2
%
Total operating expenses
139,266
76.1
%
143,021
77.9
%
Operating income
43,693
23.9
%
40,617
22.1
%
OTHER INCOME:
Interest income
333
0.2
%
359
0.2
%
Interest expense
(103
)
-0.1
%
(109
)
-0.1
%
Miscellaneous (expense) income
(89
)
0.0
%
131
0.1
%
Total other income
141
0.1
%
381
0.2
%
PRETAX INCOME
43,834
24.0
%
40,998
22.3
%
Provision for income taxes
11,756
6.4
%
10,245
5.6
%
NET INCOME
32,078
17.5
%
30,753
16.7
%
NET INCOME PER SHARE - BASIC:
$
0.47
$
0.44
NET INCOME PER SHARE -DILUTED:
$
0.46
$
0.43
WEIGHTED AVERAGE SHARES
OUTSTANDING:
Basic
68,746
70,149
Diluted
69,567
71,482
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Quarter Ended March
31,
(In Thousands)
2022
2021
NET INCOME
$
32,078
$
30,753
OTHER COMPREHENSIVE LOSS, net of
tax:
Foreign currency translation
adjustments
(81
)
(129
)
Unrealized loss on investments
(1,364
)
(221
)
Total other comprehensive loss
(1,445
)
(350
)
COMPREHENSIVE INCOME
$
30,633
$
30,403
PERDOCEO EDUCATION CORPORATION
AND SUBSIDIARIES
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
For the Quarter Ended March
31,
2022
2021
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income
$
32,078
$
30,753
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization expense
4,882
4,002
Bad debt expense
13,715
13,719
Compensation expense related to
share-based awards
2,416
3,753
Deferred income taxes
986
4,767
Changes in operating assets and
liabilities
(31,923
)
(12,286
)
Net cash provided by operating
activities
22,154
44,708
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of available-for-sale
investments
(194,997
)
(126,009
)
Sales of available-for-sale
investments
59,825
64,408
Purchases of property and equipment
(4,742
)
(1,042
)
Payments for potential business
acquisition
(7,000
)
-
Net cash used in investing activities
(146,914
)
(62,643
)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Issuance of common stock
659
314
Purchase of treasury stock
(3,828
)
-
Payments of employee tax associated with
stock compensation
(1,610
)
(2,032
)
Release of cash held in escrow
(3,986
)
-
Net cash used in financing activities
(8,765
)
(1,718
)
NET DECREASE IN CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
(133,525
)
(19,653
)
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH, beginning of the period
325,178
109,684
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH, end of the period
$
191,653
$
90,031
PERDOCEO EDUCATION CORPORATION
AND SUBSIDIARIES
UNAUDITED SELECTED SEGMENT
INFORMATION
(In thousands, except
percentages)
For the Quarter Ended March
31,
2022
2021
REVENUE:
CTU
$
113,148
$
105,822
AIUS
69,532
77,477
Corporate and Other
279
339
Total
$
182,959
$
183,638
OPERATING INCOME (LOSS):
CTU
$
43,026
$
36,143
AIUS
9,523
11,323
Corporate and Other
(8,856
)
(6,849
)
Total
$
43,693
$
40,617
OPERATING MARGIN (LOSS):
CTU
38.0
%
34.2
%
AIUS
13.7
%
14.6
%
Corporate and Other
NM
NM
Total
23.9
%
22.1
%
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
2022
2021
Operating income
$
43,693
$
40,617
Depreciation and amortization (2)
4,882
4,002
Legal fee expense related to certain
matters (3)
2,347
242
Adjusted Operating Income (4)
$
50,922
$
44,861
For the Quarter Ending June
30,
OUTLOOK
ACTUAL
2022
2021 (4)
Operating income
$30.0M - $32.0M
$
35,962
Depreciation and amortization (2)
$5.0M
3,913
Legal fee expense related to certain
matters (3)
$2.0M
2,416
Adjusted Operating Income
$37.0M - $39.0M
$
42,291
For the Year Ending December
31,
OUTLOOK
ACTUAL
2022
2021 (4)
Operating income
$108.7M - $119.7M
$
149,016
Depreciation and amortization (2)
$20.0M
16,766
Legal fee expense related to certain
matters (3)
$8.3M
9,735
Adjusted Operating Income
$137.0M - $148.0M
$
175,517
PERDOCEO EDUCATION CORPORATION
AND SUBSIDIARIES
UNAUDITED RECONCILIATION OF
GAAP TO NON-GAAP ITEMS (1) (cont’d)
For the Quarter Ended March
31,
2022
2021
Reported Earnings Per Diluted
Share
$
0.46
$
0.43
Pre-tax adjustments included in
operating expenses:
Amortization for acquired intangible
assets (2)
0.02
0.01
Legal fee expense related to certain
matters (3)
0.03
-
Total pre-tax adjustments
$
0.05
$
0.01
Tax effect of adjustments (5)
(0.01
)
-
Total adjustments after tax
0.04
0.01
Adjusted Earnings Per Diluted Share
(4)
$
0.50
$
0.44
For the Quarter Ending June
30,
OUTLOOK
ACTUAL
2022
2021
Reported Earnings Per Diluted
Share
$0.32 - $0.34
$
0.37
Pre-tax adjustments included in
operating expenses:
Amortization for acquired intangible
assets (2)
0.02
0.01
Legal fee expense related to certain
matters (3)
0.03
0.04
Total pre-tax adjustments
0.05
$
0.05
Tax effect of adjustments (5)
(0.01)
(0.01
)
Total adjustments after tax
0.04
0.04
Adjusted Earnings Per Diluted
Share
$0.36 - $0.38
$
0.41
For the Year Ending December
31,
OUTLOOK
ACTUAL
2022
2021
Reported Earnings Per Diluted
Share
$1.16 - $1.28
$
1.55
Pre-tax adjustments included in
operating expenses:
Amortization for acquired intangible
assets (2)
0.10
0.06
Legal fee expense related to certain
matters (3)
0.11
0.14
Total pre-tax adjustments
$0.21
$
0.20
Tax effect of adjustments (5)
(0.05)
(0.05
)
Total adjustments after tax
0.16
0.15
Adjusted Earnings Per Diluted
Share
$1.32 - $1.44
$
1.70
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.
Results of operations include the
DigitalCrafts acquisition commencing on the August 2, 2021 date of
acquisition and the Hippo acquisition commencing on the September
10, 2021 date of acquisition.
(2)
Amortization for acquired intangible
assets relate to definite-lived intangible assets associated with
the Trident, DigitalCrafts and Hippo acquisitions.
(3)
Legal fee expense associated with (i)
responses to the Department relating to borrower defense to
repayment applications from former students, and (ii) acquisition
efforts.
(3)
The Company began adjusting for legal fee
expense associated with (i) responses to the Department relating to
borrower defense to repayment applications from former students,
and (ii) acquisition efforts, during the second quarter of 2021.
The Company believes that these expenses are not reflective of
underlying operating performance. Prior period amounts were recast
for these items to maintain comparability.
(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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220505006000/en/
Investors: Alpha IR Group Davis Snyder or Eric Markman
(312) 445-2870 PRDO@alpha-ir.com Or Media: Perdoceo
Education Corporation (847) 585-2600 media@perdoceoed.com
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