U.S. Markets closed

Perdoceo Education Corporation Announces First Quarter 2021 Results

  • Oops!
    Something went wrong.
    Please try again later.
·14 min read
  • Oops!
    Something went wrong.
    Please try again later.

Operating income increased 8.9% supported by revenue growth across both CTU and AIU

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").

For the Quarter Ended March 31,

Revenue ($ in thousands)

2021

2020

% Change

CTU

$

105,822

$

103,588

2.2

%

AIU (1)

77,477

67,396

15.0

%

Corporate and Other

339

10

NM

Total

$

183,638

$

170,994

7.4

%

(1)

AIU’s results of operations include the Trident acquisition commencing on the March 2, 2020 date of acquisition and therefore the quarter ended March 31, 2020 does not reflect a full quarter of results for Trident.

TOTAL STUDENT ENROLLMENTS

  • As of March 31, 2021, CTU’s and AIU’s total student enrollments increased 12.8 percent and 5.0 percent, respectively, as compared to the prior year quarter end. Contributing to this increase was consistent levels of prospective student interest that were well served by student-serving functions as well as the academic calendar redesign at CTU.

As of March 31,

Total Student Enrollments

2021

2020

% Change

CTU

27,300

24,200

12.8

%

AIU

16,800

16,000

5.0

%

Total

44,100

40,200

9.7

%

OPERATING INCOME

  • Operating income increased by 8.9 percent to $40.6 million as compared to the prior year quarter supported by revenue growth as well as operating efficiencies at both CTU and AIU. AIU’s operating income was also positively impacted by the Trident acquisition.

For the Quarter Ended March 31,

Operating Income ($ in thousands)

2021

2020

% Change

CTU

$

36,143

$

34,619

4.4

%

AIU (1)

11,323

9,376

20.8

%

Corporate and Other

(6,849

)

(6,692

)

-2.3

%

Total

$

40,617

$

37,303

8.9

%

(1)

AIU’s results of operations include the Trident acquisition commencing on the March 2, 2020 date of acquisition and therefore the quarter ended March 31, 2020 does not reflect a full quarter of results for Trident.

ADJUSTED OPERATING INCOME

The Company believes it is useful to present non-GAAP financial measures, which exclude certain significant and non-cash items, as a means to understand the performance of its operations. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.)

  • For the quarter ended March 31, 2021, adjusted operating income of $44.6 million increased 11.7 percent compared to adjusted operating income of $39.9 million for the prior year quarter. Partially offsetting the revenue growth and efficiencies within operating processes were increased investments in technology and student-serving processes.

For the Quarter Ended March 31,

Adjusted Operating Income ($ in thousands)

2021

2020 (1)

Operating income

$

40,617

$

37,303

Depreciation and amortization

4,002

2,639

Adjusted Operating Income

$

44,619

$

39,942

Increase (Decrease)

11.7

%

(1)

Beginning in 2021, the Company no longer adjusts operating income for expenses related to the vacated facilities at closed campuses as these expenses are expected to be immaterial. The prior period amounts were recast to maintain comparability to 2021 non-GAAP measures.

NET INCOME AND EARNINGS PER DILUTED SHARE

For the quarter ended March 31, 2021, the Company recorded:

  • Net income of $30.8 million compared to $29.1 million for the prior year quarter.

  • Earnings per diluted share of $0.43 compared to $0.41 for the prior year quarter.

  • Adjusted earnings per diluted share of $0.44 compared $0.41 for the prior year quarter. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.)

For the Quarter Ended March 31,

2021

2020 (3)

Reported Earnings Per Diluted Share

$

0.43

$

0.41

Pre-tax adjustments included in operating expenses:

Amortization for acquired intangible assets (1)

0.01

-

Tax effect of adjustments (2)

-

-

Adjusted Earnings Per Diluted Share

$

0.44

$

0.41

(1)

Amortization for acquired intangible assets relates to definite-lived intangible assets associated with the Trident acquisition.

(2)

The tax effect of adjustments was calculated by multiplying the pre-tax adjustments with a tax rate of 25.0%. This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments.

(3)

Beginning in 2021, the Company no longer adjusts earnings per diluted share for expenses related to vacated facilities at closed campuses as these expenses are expected to be immaterial. The prior period amounts were recast to maintain comparability to 2021 non-GAAP measures.

BALANCE SHEET AND CASH FLOW

  • For the quarter ended March 31, 2021, net cash provided by operating activities was $44.7 million, compared to net cash provided by operating activities of $44.8 million during the prior year quarter.

  • As of March 31, 2021 and December 31, 2020, cash, cash equivalents, restricted cash and available-for-sale short-term investments totaled $451.0 million and $410.4 million, respectively.

For the Quarter Ended March 31,

Selected Cash Flow Items ($ in thousands)

2021

2020

% Change

Net cash provided by operating activities

$

44,708

$

44,768

-0.1

%

Capital expenditures

$

1,042

$

1,015

2.7

%

OUTLOOK

The Company is providing the following outlook, subject to the key assumptions identified below. Please see the GAAP to non-GAAP reconciliation for adjusted operating income and adjusted earnings per diluted share attached to this press release for further details.

Total Company Outlook

For Quarter Ending June 30,

For the Year Ending December 31,

OUTLOOK

ACTUAL

OUTLOOK

ACTUAL

2021

2020

2021

2020

Operating Income

$37.0M - $38.5M

$37.4M

$149.0M - $155.0M

$142.9M

Depreciation and amortization

$4.0M

$4.1M

$16.0M

$14.8M

Adjusted Operating Income (1)

$41.0M - $42.5M

$41.5M

$165.0M - $171.0M

$157.7M

Earnings Per Diluted Share

$0.38 - $0.39

$0.40

$1.54 - $1.60

$1.74

Amortization of acquired intangible assets

$0.01

$0.02

$0.05

$0.04

Tax effect of adjustments

-

($0.01)

($0.01)

($0.01)

Release of valuation allowance

-

-

-

($0.22)

Adjusted Earnings Per Diluted Share (1)

$0.39 - $0.40

$0.41

$1.58 - $1.64

$1.55

(1)

Beginning in 2021, the Company no longer adjusts operating income or earnings per diluted share for expenses related to vacated facilities at closed campuses as these expenses are expected to be immaterial. The prior period amounts were recast to maintain comparability to 2021 non-GAAP measures.

Operating income, which is the most directly comparable GAAP measure to adjusted operating income, and earnings per diluted share may not follow the same trends stated in the outlook above because of adjustments made for certain significant and non-cash items such as depreciation, amortization and significant legal settlements. The operating income, adjusted operating income, earnings per share and adjusted earnings per share outlook provided above for 2021 are based on the following key assumptions and factors, among others: (i) prospective student interest in the Company’s programs remains consistent with recent experience, (ii) no significant changes in the timing and amounts of planned investments and initiatives continue to positively impact student enrollments, (iii) no significant impact of new or proposed regulations, including the "borrower defense to repayment" regulations, or other adverse changes in the legal or regulatory environment, (iv) no significant operating impacts from the settlements with the U.S. Federal Trade Commission and state attorneys general or other legal or regulatory matters, (v) no significant future operating or financial impacts relating to the COVID-19 pandemic, (vi) earnings per diluted share outlook assumes an effective income tax rate of approximately 26.5% for the second quarter and full year, and (vii) any future impact from the Company’s stock repurchase program is excluded. Although these estimates and assumptions are based upon management’s good faith beliefs regarding current and future circumstances and actions that may be undertaken, actual results could differ materially from these estimates. In addition, decisions the Company makes in the future as it continues to evaluate diverse strategies to enhance shareholder value may impact the outlook provided above.

CONFERENCE CALL INFORMATION

Perdoceo Education Corporation will host a conference call on Thursday, May 6, 2021 at 5:30 p.m. Eastern time to discuss first quarter 2021 results and 2021 outlook. Interested parties can access the live webcast of the conference at www.perdoceoed.com in the Investor Relations section of the website. Participants can also listen to the conference call by dialing 1-844-378-6484 (domestic) or 1-412-542-4179 (international). Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. An archived version of the webcast will be accessible for 90 days at www.perdoceoed.com in the Investor Relations section of the website.

ABOUT PERDOCEO EDUCATION CORPORATION

Perdoceo’s academic institutions offer a quality postsecondary education primarily online to a diverse student population, along with campus-based and blended learning programs. The Company’s accredited institutions – Colorado Technical University ("CTU") and the American InterContinental University System ("AIU") – provide degree programs through the master’s or doctoral level as well as associate and bachelor’s levels. Perdoceo’s universities offer students industry-relevant and career-focused degree programs that are designed to meet the educational needs of today’s busy adults. CTU and AIU continue to show innovation in higher education, advancing personalized learning technologies like their intellipath® learning platform and using data analytics and technology to support students and enhance learning. Perdoceo is committed to providing quality education that closes the gap between learners who seek to advance their careers and employers needing a qualified workforce. For more information, please visit www.perdoceoed.com.

Except for the historical and present factual information contained herein, the matters set forth in this release, including statements identified by words such as "believe," "will," "expect," "continue," "outlook," "remain," "focused on," "should" and similar expressions, are forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on information currently available to us and are subject to various assumptions, risks, uncertainties and other factors that could cause our results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Except as expressly required by the federal securities laws, we undertake no obligation to update or revise such factors or any of the forward-looking statements contained herein to reflect future events, developments or changed circumstances, or for any other reason. These risks and uncertainties, the outcomes of which could materially and adversely affect our financial condition and operations, include, but are not limited to, the following: declines in enrollment or interest in our programs; our continued compliance with and eligibility to participate in Title IV Programs under the Higher Education Act of 1965, as amended, and the regulations thereunder (including the 90-10, financial responsibility and administrative capability standards prescribed by the U.S. Department of Education), as well as applicable accreditation standards and state regulatory requirements; the impact of various versions of "borrower defense to repayment" regulations; rulemaking by the U.S. Department of Education or any state or accreditor and increased focus by Congress and governmental agencies on, or increased negative publicity about, for-profit education institutions; the success of our initiatives to improve student experiences, retention and academic outcomes; our continued eligibility to participate in educational assistance programs for veterans or other military personnel; increased competition; the impact of management changes; and changes in the overall U.S. economy which may continue to be impacted by the COVID-19 pandemic. Further information about these and other relevant risks and uncertainties may be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and its subsequent filings with the Securities and Exchange Commission.

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

March 31,

December 31,

2021

2020

(unaudited)

ASSETS

CURRENT ASSETS:

Cash and cash equivalents, unrestricted

$

86,031

$

105,684

Restricted cash

4,000

4,000

Short-term investments

360,986

300,676

Total cash and cash equivalents, restricted cash and short-term investments

451,017

410,360

Student receivables, net

41,482

44,682

Receivables, other

2,684

2,873

Prepaid expenses

10,023

8,209

Inventories

594

596

Other current assets

253

341

Total current assets

506,053

467,061

NON-CURRENT ASSETS:

Property and equipment, net

25,696

27,761

Right of use asset, net

42,425

44,773

Goodwill

118,312

118,312

Intangible assets, net

14,689

15,522

Student receivables, net

1,295

1,303

Deferred income tax assets, net

35,584

40,351

Other assets

6,311

6,434

TOTAL ASSETS

$

750,365

$

721,517

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Lease liability - operating

$

9,677

$

9,789

Accounts payable

10,767

13,259

Accrued expenses:

Payroll and related benefits

15,207

22,661

Advertising and marketing costs

11,643

10,249

Income taxes

6,627

1,402

Other

12,294

11,921

Deferred revenue

37,004

34,534

Total current liabilities

103,219

103,815

NON-CURRENT LIABILITIES:

Lease liability - operating

40,423

43,405

Other liabilities

18,378

18,390

Total non-current liabilities

58,801

61,795

STOCKHOLDERS' EQUITY:

Preferred stock

-

-

Common stock

878

873

Additional paid-in capital

662,485

658,423

Accumulated other comprehensive income

14

364

Retained earnings

173,088

142,335

Treasury stock

(248,120

)

(246,088

)

Total stockholders' equity

588,345

555,907

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

750,365

$

721,517

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts and percentages)

For the Quarter Ended March 31,

2021

% of
Total
Revenue

2020

% of
Total

Revenue

REVENUE:

Tuition and fees

$

182,831

99.6

%

$

170,394

99.6

%

Other

807

0.4

%

600

0.4

%

Total revenue

183,638

170,994

OPERATING EXPENSES:

Educational services and facilities

28,974

15.8

%

26,911

15.7

%

General and administrative

110,045

59.9

%

103,529

60.5

%

Depreciation and amortization

4,002

2.2

%

2,639

1.5

%

Asset impairment

-

0.0

%

612

0.4

%

Total operating expenses

143,021

77.9

%

133,691

78.2

%

Operating income

40,617

22.1

%

37,303

21.8

%

OTHER INCOME:

Interest income

359

0.2

%

1,487

0.9

%

Interest expense

(109

)

-0.1

%

(41

)

0.0

%

Miscellaneous income (expense)

142

0.1

%

(13

)

0.0

%

Total other income

392

0.2

%

1,433

0.8

%

PRETAX INCOME

41,009

22.3

%

38,736

22.7

%

Provision for income taxes

10,245

5.6

%

9,604

5.6

%

INCOME FROM CONTINUING OPERATIONS

30,764

16.8

%

29,132

17.0

%

Loss from discontinued operations, net of tax

(11

)

0.0

%

(26

)

0.0

%

NET INCOME

30,753

16.7

%

29,106

17.0

%

NET INCOME PER SHARE - BASIC:

$

0.44

$

0.42

NET INCOME PER SHARE -DILUTED:

$

0.43

$

0.41

WEIGHTED AVERAGE SHARES OUTSTANDING:

Basic

70,149

69,839

Diluted

71,482

71,714

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Quarter Ended March 31,

(In Thousands)

2021

2020

NET INCOME

$

30,753

$

29,106

OTHER COMPREHENSIVE LOSS, net of tax:

Foreign currency translation adjustments

(129

)

(48

)

Unrealized loss on investments

(221

)

(839

)

Total other comprehensive loss

(350

)

(887

)

COMPREHENSIVE INCOME

$

30,403

$

28,219

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

For the Quarter Ended March 31,

2021

2020

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$

30,753

$

29,106

Adjustments to reconcile net income to net cash provided by operating activities:

Asset impairment

-

612

Depreciation and amortization expense

4,002

2,639

Bad debt expense

13,719

12,862

Compensation expense related to share-based awards

3,753

3,212

Deferred income taxes

4,767

9,468

Changes in operating assets and liabilities

(12,286

)

(13,131

)

Net cash provided by operating activities

44,708

44,768

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of available-for-sale investments

(126,009

)

(111,753

)

Sales of available-for-sale investments

64,408

52,893

Purchases of property and equipment

(1,042

)

(1,015

)

Business acquisition

-

(34,065

)

Net cash used in investing activities

(62,643

)

(93,940

)

CASH FLOWS FROM FINANCING ACTIVITIES:

Issuance of common stock

314

413

Purchase of treasury stock

-

(17,309

)

Payments of employee tax associated with stock compensation

(2,032

)

(687

)

Net cash used in financing activities

(1,718

)

(17,583

)

NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

(19,653

)

(66,755

)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period

109,684

108,687

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period

$

90,031

$

41,932

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED SELECTED SEGMENT INFORMATION

(In thousands, except percentages)

For the Quarter Ended March 31,

2021

2020

REVENUE:

CTU

$

105,822

$

103,588

AIU (1)

77,477

67,396

Corporate and Other

339

10

Total

$

183,638

$

170,994

OPERATING INCOME (LOSS):

CTU

$

36,143

$

34,619

AIU (1)

11,323

9,376

Corporate and Other

(6,849

)

(6,692

)

Total

$

40,617

$

37,303

OPERATING MARGIN (LOSS):

CTU

34.2

%

33.4

%

AIU (1)

14.6

%

13.9

%

Corporate and Other

NM

NM

Total

22.1

%

21.8

%

(1)

AIU’s results of operations include the Trident acquisition commencing on the March 2, 2020 date of acquisition and therefore the quarter ended March 31, 2020 does not reflect a full quarter of results for Trident.

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1)

(In thousands, unless otherwise noted)

For the Quarter Ended March 31,

ACTUAL

Adjusted Operating Income

2021

2020 (4)

Operating income

$

40,617

$

37,303

Depreciation and amortization (2)

4,002

2,639

Adjusted Operating Income (3)

$

44,619

$

39,942

For the Quarter Ending June 30,

OUTLOOK

ACTUAL

2021

2020 (4)

Operating income

$37.0M - $38.5M

$

37,368

Depreciation and amortization (2)

4.0M

4,151

Adjusted Operating Income (3)

$41.0M - $42.5M

$

41,519

For the Year Ending December 31,

OUTLOOK

ACTUAL

2021

2020 (4)

Operating income

$149.0M - $155.0M

$

142,934

Depreciation and amortization (2)

16.0M

14,786

Adjusted Operating Income (3)

$165.0M - $171.0M

$

157,720

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1) (cont’d)

For the Quarter Ended March 31,

2021

2020 (4)

Reported Earnings Per Diluted Share

$

0.43

$

0.41

Pre-tax adjustments included in operating expenses:

Amortization for acquired intangible assets (2)

0.01

-

Total pre-tax adjustments

$

0.01

$

-

Tax effect of adjustments (5)

-

-

Total adjustments after tax

0.01

-

Adjusted Earnings Per Diluted Share (3)

$

0.44

$

0.41

For the Quarter Ending June 30,

OUTLOOK

ACTUAL

2021

2020 (4)

Reported Earnings Per Diluted Share

$0.38 - $0.39

$

0.40

Pre-tax adjustments included in operating expenses:

Amortization for acquired intangible assets (2)

0.01

0.02

Total pre-tax adjustments

$

0.01

$

0.02

Tax effect of adjustments (5)

-

(0.01

)

Total adjustments after tax

0.01

0.01

Adjusted Earnings Per Diluted Share (3)

$0.39 - $0.40

$

0.41

For the Year Ending December 31,

OUTLOOK

ACTUAL

2021

2020 (4)

Reported Earnings Per Diluted Share

$1.54 - $1.60

$

1.74

Pre-tax adjustments included in operating expenses:

Amortization for acquired intangible assets (2)

0.05

0.04

Total pre-tax adjustments

$

0.05

$

0.04

Tax effect of adjustments (5)

(0.01

)

(0.01

)

Release of valuation allowance (6)

-

(0.22

)

Total adjustments after tax

0.04

(0.19

)

Adjusted Earnings Per Diluted Share (3)

$1.58 - $1.64

$

1.55

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1) (cont’d)

(1)

The Company believes it is useful to present non-GAAP financial measures which exclude certain significant and non-cash items as a means to understand the performance of its operations. As a general matter, the Company uses non-GAAP financial measures in conjunction with results presented in accordance with GAAP to help analyze the performance of its operations, assist with preparing the annual operating plan, and measure performance for some forms of compensation. In addition, the Company believes that non-GAAP financial information is used by analysts and others in the investment community to analyze the Company’s historical results and to provide estimates of future performance.

The Company believes adjusted operating income and adjusted earnings per diluted share allow it to analyze and assess its operations and compare current operating results with the operational performance of other companies in its industry because it does not give effect to potential differences caused by items it does not consider reflective of underlying operating performance, such as amortization for acquired intangible assets and significant legal settlements. In evaluating adjusted operating income and adjusted earnings per diluted share, investors should be aware that in the future the Company may incur expenses similar to the adjustments presented above. The presentation of adjusted operating income and adjusted earnings per diluted share should not be construed as an inference that the Company's future results will be unaffected by expenses that are unusual, non-routine or non-recurring. Adjusted operating income and adjusted earnings per diluted share have limitations as an analytical tool, and should not be considered in isolation, or as a substitute for net income, operating income, earnings per diluted share, or any other performance measure derived in accordance and reported under GAAP or as an alternative to cash flow from operating activities or as a measure of liquidity.

Non-GAAP financial measures, when viewed in a reconciliation to corresponding GAAP financial measures, provide an additional way of viewing the Company’s results of operations and the factors and trends affecting the Company’s business. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding financial results presented in accordance with GAAP.

(2)

Amortization for acquired intangible assets relate to definite-lived intangible assets associated with the Trident acquisition.

(3)

Beginning in 2021, the Company no longer adjusts operating income or earnings per diluted share for expenses related to vacated facilities at closed campuses as these expenses are expected to be immaterial. The prior period amounts were recast to maintain comparability to 2021 non-GAAP measures.

(4)

AIU’s results of operations include the Trident acquisition commencing on the March 2, 2020 date of acquisition and therefore the quarter ended March 31, 2020 does not reflect a full quarter of results for Trident.

(5)

The tax effect of adjustments was calculated by multiplying the pre-tax adjustments with a tax rate of 25.0%. This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments. There is no tax effect applied to the adjustment related to the release of the valuation allowance as this is an adjustment for income tax.

(6)

This relates to the release of a valuation allowance in the amount of $16.0 million as a result of the determination that it is more likely than not that the Company will utilize its deferred tax assets associated with the portion of the foreign tax credit carryforward supported by an overall domestic loss account balance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210506006116/en/

Contacts

Investors:
Alpha IR Group
Wyatt Turk or Chris Hodges
(312) 445-2870
PRDO@alpha-ir.com

Or

Media:
Perdoceo Education Corporation
(847) 585-2600
media@perdoceoed.com