Perdoceo Education Corporation Announces First Quarter 2021 Results
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
$451.0 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments - Total student enrollments at March 31, 2021 increased by 9.7 percent, with CTU experiencing a 12.8 percent increase and AIU experiencing a 5.0 percent increase
*See GAAP (U.S. generally accepted accounting principles) to non-GAAP reconciliation attached to this press release
“We are pleased with our positive first quarter 2021 results. Our focus on student experiences, retention and academic outcomes, in particular through our ongoing technology initiatives, has helped us to effectively serve and educate our students as they progress through their academic programs,” said Todd Nelson, President and Chief Executive Officer. “As the year progresses, we will continue to invest in various initiatives that meet the evolving professional needs of our non-traditional learners, including working adults.”
REVENUE
- The Company experienced organic revenue growth across both CTU and AIU while growth at AIU also reflects the acquisition of substantially all of the assets of Trident University International on March 2, 2020 (the “Trident acquisition”).
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For the Quarter Ended March 31, |
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Revenue ($ in thousands) |
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2021 |
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2020 |
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% Change |
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CTU |
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$ |
105,822 |
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