Q2 2024 Perdoceo Education Corp Earnings Call Transcript
Key Points
- Second-quarter operating results exceeded expectations, driven by better-than-expected revenue results.
- High levels of student retention and engagement at both CTU and AIUS, with retention at multi-year highs.
- Board of Directors approved an 18.2% increase in the quarterly per-share dividend amount.
- Acquisition of the University of St. Augustine for Health Sciences, expected to be immediately accretive to adjusted operating income beginning in 2025.
- Total enrollments at CTU grew by 14.7% compared to the prior year quarter end, driven by growth in corporate engagement programs.
- Second-quarter revenue decreased by 10.6% compared to the prior year quarter.
- Total student enrollments at AIUS decreased by 18.2% compared to the prior year quarter end.
- Operating income for the second quarter was $2.1 million lower compared to the prior year quarter.
- Revenue decline at AIUS was only partially offset by lower operating expenses.
- Full-year revenue at CTU is expected to be lower than 2023, primarily due to simplification of professional development offerings.
Thank you for standing by. My name is Kathleen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Perdoceo Education Corporation first-quarter 2024 earnings conference call. (Operator Instructions)
I would now like to turn the call over to Mr. Sam Gibbons, Investor Relations. Please go ahead, sir.
Thank you, operator. Good afternoon, everyone, and thank you for joining us for our second-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 the 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
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