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Mar 31, 2023
Perdoceo Q1 2023 Earnings Report
Reported an increase in revenue and earnings per share compared to the prior year quarter.
Key Takeaways
Perdoceo Education Corporation reported a 6.9% increase in revenue to $195.6 million and an increase in earnings per diluted share to $0.50 for the quarter ended March 31, 2023. The company's operating performance was in line with expectations, with improvements in student retention and engagement.
Revenue increased by 6.9% to $195.6 million.
Operating income decreased slightly by 0.8% to $43.3 million, while adjusted operating income increased by 4.3% to $53.1 million.
Earnings per diluted share increased to $0.50, and adjusted earnings per diluted share increased to $0.58.
Total student enrollments increased by 0.8%.
Perdoceo
Perdoceo
Perdoceo Revenue by Segment
Revenue by Segment
CTU Revenue
CapyFin.comCorporate and Other Revenue
CapyFin.com Forward Guidance
The company provided its second quarter and full year outlook.
Positive Outlook
- Operating Income for Quarter Ending June 30, 2023 is expected to be $38.9M - $40.9M
- Adjusted Operating Income for Quarter Ending June 30, 2023 is expected to be $47.0M - $49.0M
- Earnings Per Diluted Share for Quarter Ending June 30, 2023 is expected to be $0.45 - $0.47
- Adjusted Earnings Per Diluted Share for Quarter Ending June 30, 2023 is expected to be $0.51 - $0.53
- Operating Income for the Year Ending December 31, 2023 is expected to be $121.1M - $138.1M
Challenges Ahead
- Adjusted Operating Income for the Year Ending December 31, 2023 is expected to be $153.0M -$170.0M
- Earnings Per Diluted Share for the Year Ending December 31, 2023 is expected to be $1.43 - $1.61
- Adjusted Earnings Per Diluted Share for the Year Ending December 31, 2023 is expected to be $1.68 - $1.86
- Prospective student interest in the Company’s programs and trends in student retention and engagement remain consistent with management’s estimates
- No significant additional impact of new or proposed regulations, including recent Department negotiated rulemaking initiatives, or other adverse changes in the legal or regulatory environment, which may require further operational changes in the way the Company’s academic institutions enroll, support and educate current and prospective students, among other impacts.
Revenue & Expenses
Visualization of income flow from segment revenue to net income