Q3 2024 Perdoceo Education Corp Earnings Call Transcript
Key Points
- Perdoceo Education Corp (PRDO) reported third-quarter net income of $38.3 million, exceeding expectations.
- Total student enrollment at CTU increased by 13.6%, driven by growth in corporate engagement programs.
- The acquisition of the University of St. Augustine is expected to be accretive to adjusted operating income beginning in 2025.
- The company experienced strong levels of student retention and engagement, contributing to positive financial performance.
- Perdoceo Education Corp (PRDO) has a strong cash position, with $722.6 million in cash and equivalents, reflecting an increase of $118.4 million since the end of last year.
- Third-quarter revenue decreased by 5.6% to $169.8 million, primarily due to changes in professional development offerings and academic calendar comparability.
- AIU System's third-quarter revenue was 9% lower than the prior year, impacted by operational changes made last year.
- Full-year revenue at CTU is expected to be lower than 2023 due to the simplification of professional development offerings.
- The effective tax rate for the quarter was 26.9%, reflecting various tax adjustments.
- The acquisition of the University of St. Augustine requires regulatory approvals and is expected to close in December, indicating potential delays.
Thank you for standing by. My name is Gael, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Perdoceo Education Corporation third-quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Nick Nelson, Investor Relations. You may begin.
Thank you, Operator. Good afternoon, everyone, and thank you for joining us on our 3rd Quarter 2024 Earnings Call. With me on the call today is Todd Nelson, President and Chief Executive Officer, and Ashish Ghia, Chief Financial Officer. This conference call is being webcast live within our Investor Relations section at perdoceoed.com. A webcast replay will also be available on our site, and you can always contact the Alpha IR Group for investor relations support. Let me remind you that this afternoon's earnings release and remarks made today include forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions made by and
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