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Dec 31, 2023
Perdoceo Q4 2023 Earnings Report
Reported a decrease in revenue due to enrollment reduction at AIUS, while net income increased.
Key Takeaways
Perdoceo Education Corporation reported a decrease in revenue for the fourth quarter of 2023, primarily due to enrollment declines at AIUS. However, net income saw an increase compared to the prior year quarter. The company's focus remains on student retention and engagement.
Revenue decreased by 16.0% to $147.9 million, driven by enrollment reduction at AIUS.
Operating income decreased by 29.7% to $15.9 million.
Earnings per diluted share increased to $0.26 from $0.23.
Net income increased to $17.2 million compared to $16.0 million for the prior year quarter.
Revenue by Segment
Forward Guidance
The Company provided the 2024 financial outlook, subject to key assumptions.
Positive Outlook
- Prospective student interest in the Company’s programs and trends in student retention and engagement remain consistent with management’s recent experiences.
- No significant impact of new or proposed regulations, or new interpretations of existing regulations.
- No significant operating impacts from the settlements with the U.S. Federal Trade Commission and state attorneys general or other legal or regulatory matters.
- The impact from federal student aid initiatives implemented by the current administration remains consistent with management's estimates.
- Earnings per diluted share outlook assumes an effective income tax rate of approximately 25.5% for the first quarter and approximately 26% for the full year.
Challenges Ahead
- The operating income, adjusted operating income, earnings per share and adjusted earnings per share outlook provided above for 2024 are based on key assumptions and factors.
- Actual results could differ materially from these estimates.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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