Perdoceo Education Corporation (NASDAQ: PRDO) today reported
operating and financial results for the quarter ended March 31,
2023.
First Quarter 2023
Results as Compared to Prior Year Quarter
- Revenue increased 6.9% to $195.6 million, with a 10.0% increase
at CTU and a 1.9% increase at AIUS.
- Operating income decreased 0.8% to $43.3 million, while
adjusted operating income increased 4.3% to $53.1 million.*
- Earnings per diluted share was $0.50 as compared to $0.46,
while adjusted earnings per diluted share was $0.58 as compared to
$0.50.*
- Total student enrollments at March 31, 2023 increased by
0.8%.
- Ended the quarter with $520.3 million in cash, cash
equivalents, restricted cash and available-for-sale-short-term
investments.
*See GAAP (U.S. generally accepted accounting principles)
to non-GAAP reconciliation attached to this press release
"During the quarter, student retention and engagement continued
to improve at our academic institutions and our overall operating
performance was in line with our expectations,” said Andrew Hurst,
President and Chief Executive Officer. “The Perdoceo team remains
committed to prioritizing student experiences, retention and
academic outcomes and we continue to invest in technology across
our student processes to make them more efficient and
effective."
REVENUE
- For the quarter ended March 31, 2023, revenue of $195.6 million
increased 6.9% compared to revenue of $183.0 million for the prior
year quarter.
For the Quarter Ended March
31,
Revenue ($ in
thousands)
2023
2022
% Change
CTU
$
124,492
$
113,148
10.0
%
AIUS
70,840
69,532
1.9
%
Corporate and Other
266
279
NM
Total
$
195,598
$
182,959
6.9
%
TOTAL STUDENT ENROLLMENTS
As of March 31,
Total Student
Enrollments(1)
2023
2022
% Change
CTU
23,500
23,500
0.0
%
AIUS
14,400
14,100
2.1
%
Total
37,900
37,600
0.8
%
(1)
Total student enrollments do not include
learners participating in: a) non-degree seeking and professional
development programs, and b) degree seeking, non-Title IV,
self-paced programs at our universities.
OPERATING INCOME
- For the quarter ended March 31, 2023, operating income
decreased by 0.8% to $43.3 million as compared to the prior year
quarter.
For the Quarter Ended March
31,
Operating Income
($ in thousands)
2023
2022
% Change
CTU
$
43,690
$
43,026
1.5
%
AIUS
12,003
9,523
26.0
%
Corporate and Other
(12,357
)
(8,856
)
NM
Total
$
43,336
$
43,693
-0.8
%
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, 2023, adjusted operating income
of $53.1 million increase 4.3% compared to adjusted operating
income of $50.9 million for the prior year quarter.
For the Quarter Ended March
31,
Adjusted
Operating Income ($ in thousands)
2023
2022
Operating income
$
43,336
$
43,693
Depreciation and amortization (1)
5,155
4,882
Legal fee expense related to certain
matters (2)
4,619
2,347
Adjusted Operating Income
$
53,110
$
50,922
Increase (Decrease)
4.3
%
(1)
Amortization relates to definite-lived
intangible assets associated with acquisitions.
(2)
Legal fee expense associated with (i)
responses to the Department of Education (the “Department”)
relating to borrower defense to repayment applications from former
students, and (ii) acquisition efforts.
NET INCOME AND EARNINGS PER DILUTED SHARE
For the quarter ended March 31, 2023, the Company recorded:
- Net income of $34.5 million compared to $32.1 million for the
prior year quarter.
- Earnings per diluted share of $0.50 compared to $0.46 for the
prior year quarter.
- Adjusted earnings per diluted share of $0.58 compared to $0.50
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,
2023
2022
Reported Earnings Per Diluted
Share
$
0.50
$
0.46
Pre-tax adjustments included in
operating expenses:
Amortization for acquired intangible
assets (1)
0.04
0.02
Legal fee expense related to certain
matters (2)
0.07
0.03
Tax effect of adjustments (3)
(0.03
)
(0.01
)
Adjusted Earnings Per Diluted
Share
$
0.58
$
0.50
(1)
Amortization relates to definite-lived
intangible assets associated with acquisitions.
(2)
Legal fee expense associated with (i)
responses to the Department relating to borrower defense to
repayment applications from former students, and (ii) acquisition
efforts.
(3)
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.
BALANCE SHEET AND CASH FLOW
- For the quarter ended March 31, 2023, net cash provided by
operating activities was $4.6 million, compared to net cash
provided by operating activities of $22.2 million for the prior
year quarter.
- As of March 31, 2023 and December 31, 2022, cash, cash
equivalents, restricted cash and available-for-sale short-term
investments totaled $520.3 million and $518.2 million,
respectively.
For the Quarter Ended March
31,
Selected Cash
Flow Items ($ in thousands)
2023
2022
% Change
Net cash provided by operating
activities
$
4,572
$
22,154
-79.4
%
Capital expenditures
$
1,925
$
4,742
-59.4
%
OUTLOOK
The Company is providing the following updated full year
outlook, along with its second quarter 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
2023
2022
2023
2022
Operating Income
$38.9M - $40.9M
$33.9M
$121.1M -$138.1M
$129.6M
Depreciation and amortization
$4.4M
$4.9M
$17.5M
$19.8M
Legal fee expense related to certain
matters (1)
$3.7M
$3.1M
$14.4M
$14.6M
Adjusted Operating Income
$47.0M - $49.0M
$41.9M
$153.0M-$170.0M
$164.0M
Earnings Per Diluted Share
$0.45 - $0.47
$ 0.37
$1.43 - $1.61
$ 1.39
Amortization of acquired intangible
assets
$ 0.03
$ 0.02
$ 0.12
$ 0.11
Legal fee expense related to certain
matters (1)
$ 0.05
$ 0.05
$ 0.21
$ 0.21
Tax effect of adjustments
($ 0.02 )
($ 0.02 )
($ 0.08 )
($ 0.08 )
Adjusted Earnings Per Diluted
Share
$0.51 - $0.53
$ 0.42
$1.68 - $1.86
$ 1.63
(1)
Legal fee expense associated with (i)
responses to the Department relating to borrower defense to
repayment applications from former students, and (ii) acquisition
efforts.
Operating income, which is the most directly comparable GAAP
measure to adjusted operating income, and earnings per diluted
share, which is the most directly comparable GAAP measure to
adjusted 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. The operating income, adjusted
operating income, earnings per share and adjusted earnings per
share outlook provided above for 2023 are based on the following
key assumptions and factors, among others: (i) prospective student
interest in the Company’s programs and trends in student retention
and engagement remain consistent with management’s estimates, (ii)
no significant additional impact of new or proposed regulations,
including recent Department negotiated rulemaking initiatives, or
other adverse changes in the legal or regulatory environment, which
may require further operational changes in the way the Company’s
academic institutions enroll, support and educate current and
prospective students, among other impacts, (iii) no significant
operating impacts from the settlements with the U.S. Federal Trade
Commission and state attorneys general or other legal or regulatory
matters, (iv) the impact from student loan initiatives implemented
by the current administration remains consistent with management's
estimates, (v) earnings per diluted share outlook assumes an
effective income tax rate of approximately 27.0% for the second
quarter and approximately 26.5% for the full year, and (vi)
excludes any future impact from the Company’s stock repurchase
program. 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 stockholder value may impact
the outlook provided above.
CONFERENCE CALL INFORMATION
Perdoceo Education Corporation will host a conference call on
Thursday, May 4, 2023 at 5:30 p.m. Eastern time to discuss first
quarter 2023 results and 2023 outlook. Interested parties can
access the live webcast of the conference call at
www.perdoceoed.com in the Investor Relations section of the
website. Participants can also listen to the conference call by
dialing 1-833-470-1428 (domestic) or 1-929-526-1599
(international). Both dial-in numbers will use the access code
536811. Viewers can also access the conference call by following
this link https://events.q4inc.com/attendee/719481091. 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 accredited 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 academic institutions – Colorado Technical University
(“CTU”) and the American InterContinental University System (“AIUS”
or “AIU System”) – provide degree programs from the associate
through doctoral level as well as non-degree seeking and
professional development programs. Perdoceo’s academic institutions
offer students industry-relevant and career-focused academic
programs that are designed to meet the educational needs of today’s
busy adults. CTU and AIUS continue to show innovation in higher
education, advancing personalized learning technologies like their
intellipath® learning platform and using data analytics and
technology to serve and educate students while enhancing overall
learning and academic experiences. 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; the final outcome of various legal
challenges to the Department's loan discharge and forgiveness
efforts; 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. 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, 2022 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,
2023
2022
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents,
unrestricted
$
89,845
$
109,408
Restricted cash
9,476
9,476
Short-term investments
420,943
399,315
Total cash and cash equivalents,
restricted cash and short-term investments
520,264
518,199
Student receivables, net
44,989
42,551
Receivables, other
4,309
3,457
Prepaid expenses
11,383
8,411
Inventories
3,765
1,904
Other current assets
735
597
Total current assets
585,445
575,119
NON-CURRENT ASSETS:
Property and equipment, net
25,752
26,038
Right of use asset, net
24,277
26,156
Goodwill
243,941
243,540
Intangible assets, net
50,941
53,564
Student receivables, net
1,467
1,850
Deferred income tax assets, net
24,309
24,613
Other assets
6,880
6,488
TOTAL ASSETS
$
963,012
$
957,368
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES:
Lease liability - operating
$
6,043
$
6,555
Accounts payable
15,178
13,518
Accrued expenses:
Payroll and related benefits
22,448
40,306
Advertising and marketing costs
7,654
8,977
Income taxes
20,079
7,814
Other
19,027
14,621
Deferred revenue
44,710
71,590
Total current liabilities
135,139
163,381
NON-CURRENT LIABILITIES:
Lease liability - operating
25,837
27,286
Other liabilities
40,864
40,856
Total non-current liabilities
66,701
68,142
STOCKHOLDERS' EQUITY:
Preferred stock
-
-
Common stock
899
894
Additional paid-in capital
686,719
684,183
Accumulated other comprehensive loss
(4,121
)
(5,447
)
Retained earnings
382,323
347,839
Treasury stock
(304,648
)
(301,624
)
Total stockholders' equity
761,172
725,845
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$
963,012
$
957,368
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,
2023
% of Total Revenue
2022
% of Total Revenue
REVENUE:
Tuition and fees, net
$
193,319
98.8
%
$
181,327
99.1
%
Other
2,279
1.2
%
1,632
0.9
%
Total revenue
195,598
182,959
OPERATING EXPENSES:
Educational services and facilities
33,851
17.3
%
28,088
15.4
%
General and administrative
112,686
57.6
%
106,296
58.1
%
Depreciation and amortization
5,155
2.6
%
4,882
2.7
%
Asset impairment
570
0.3
%
-
0.0
%
Total operating expenses
152,262
77.8
%
139,266
76.1
%
Operating income
43,336
22.2
%
43,693
23.9
%
OTHER INCOME:
Interest income
3,818
2.0
%
333
0.2
%
Interest expense
(95
)
0.0
%
(103
)
-0.1
%
Miscellaneous expense
(6
)
0.0
%
(89
)
0.0
%
Total other income
3,717
1.9
%
141
0.1
%
PRETAX INCOME
47,053
24.1
%
43,834
24.0
%
Provision for income taxes
12,569
6.4
%
11,756
6.4
%
NET INCOME
34,484
17.6
%
32,078
17.5
%
NET INCOME PER SHARE - BASIC:
$
0.51
$
0.47
NET INCOME PER SHARE -DILUTED:
$
0.50
$
0.46
WEIGHTED AVERAGE SHARES
OUTSTANDING:
Basic
67,235
68,746
Diluted
68,514
69,567
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Quarter Ended March
31,
(In Thousands)
2023
2022
NET INCOME
$
34,484
$
32,078
OTHER COMPREHENSIVE INCOME (LOSS), net
of tax:
Foreign currency translation
adjustments
26
(81
)
Unrealized gain (loss) on investments
1,300
(1,364
)
Total other comprehensive income
(loss)
1,326
(1,445
)
COMPREHENSIVE INCOME
$
35,810
$
30,633
PERDOCEO EDUCATION CORPORATION
AND SUBSIDIARIES
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
For the Year Ended March
31,
2023
2022
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income
$
34,484
$
32,078
Adjustments to reconcile net income to net
cash provided by operating activities:
Asset impairment
570
-
Depreciation and amortization expense
5,155
4,882
Bad debt expense
10,757
13,715
Compensation expense related to
share-based awards
2,294
2,416
Deferred income taxes
304
986
Changes in operating assets and
liabilities
(48,992
)
(31,923
)
Net cash provided by operating
activities
4,572
22,154
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of available-for-sale
investments
(83,777
)
(194,997
)
Sales of available-for-sale
investments
64,344
59,825
Purchases of property and equipment
(1,925
)
(4,742
)
Business acquisition
-
(7,000
)
Net cash used in investing activities
(21,358
)
(146,914
)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Issuance of common stock
247
659
Purchase of treasury stock
(815
)
(3,828
)
Payments of employee tax associated with
stock compensation
(2,209
)
(1,610
)
Release of cash held in escrow
-
(3,986
)
Net cash used in financing activities
(2,777
)
(8,765
)
NET DECREASE IN CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
(19,563
)
(133,525
)
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH, beginning of the period
118,884
325,178
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH, end of the period
$
99,321
$
191,653
PERDOCEO EDUCATION CORPORATION
AND SUBSIDIARIES
UNAUDITED SELECTED SEGMENT
INFORMATION
(In thousands, except
percentages)
For the Quarter Ended March
31,
2023 (1)
2022
REVENUE:
CTU
$
124,492
$
113,148
AIUS
70,840
69,532
Corporate and Other
266
279
Total
$
195,598
$
182,959
OPERATING INCOME (LOSS):
CTU
$
43,690
$
43,026
AIUS
12,003
9,523
Corporate and Other
(12,357
)
(8,856
)
Total
$
43,336
$
43,693
OPERATING MARGIN (LOSS):
CTU
35.1
%
38.0
%
AIUS
16.9
%
13.7
%
Corporate and Other
NM
NM
Total
22.2
%
23.9
%
(1)
Results of operations include an
acquisition completed on December 1, 2022 within CTU and an
acquisition completed on July 1, 2022 within AIUS.
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
2023
2022
Operating income
$
43,336
$
43,693
Depreciation and amortization (2)
5,155
4,882
Legal fee expense related to certain
matters (3)
4,619
2,347
Adjusted Operating Income
$
53,110
$
50,922
For the Quarter Ending June
30,
OUTLOOK
ACTUAL
2023
2022
Operating income
$38.9M - $40.9M
$
33,946
Depreciation and amortization (2)
4.4M
4,909
Legal fee expense related to certain
matters (3)
3.7M
3,087
Adjusted Operating Income
$47.0M - $49.0M
$
41,942
For the Year Ending December
31,
OUTLOOK
ACTUAL
2023
2022
Operating income
$121.1M - $138.1M
$
129,637
Depreciation and amortization (2)
17.5M
19,734
Legal fee expense related to certain
matters (3)
14.4M
14,597
Adjusted Operating Income
$153.0M - $170.0M
$
163,968
PERDOCEO EDUCATION CORPORATION
AND SUBSIDIARIES
UNAUDITED RECONCILIATION OF
GAAP TO NON-GAAP ITEMS (1) (cont’d)
For the Quarter Ended March
31,
ACTUAL
2023
2022
Reported Earnings Per Diluted
Share
$
0.50
$
0.46
Pre-tax adjustments included in
operating expenses:
Amortization for acquired intangible
assets (2)
0.04
0.02
Legal fee expense related to certain
matters (3)
0.07
0.03
Total pre-tax adjustments
$
0.11
$
0.05
Tax effect of adjustments (4)
(0.03
)
(0.01
)
Total adjustments after tax
0.08
0.04
Adjusted Earnings Per Diluted
Share
$
0.58
$
0.50
For the Quarter Ending June
30,
OUTLOOK
ACTUAL
2023
2022
Reported Earnings Per Diluted
Share
$0.45 - $0.47
$
0.37
Pre-tax adjustments included in
operating expenses:
Amortization for acquired intangible
assets (2)
0.03
0.02
Legal fee expense related to certain
matters (3)
0.05
0.05
Total pre-tax adjustments
$
0.08
$
0.07
Tax effect of adjustments (4)
(0.02
)
(0.02
)
Total adjustments after tax
0.06
0.05
Adjusted Earnings Per Diluted
Share
$0.51 - $0.53
$
0.42
For the Year Ending December
31,
OUTLOOK
ACTUAL
2023
2022
Reported Earnings Per Diluted
Share
$1.43 - $1.61
$
1.39
Pre-tax adjustments included in
operating expenses:
Amortization for acquired intangible
assets (2)
0.12
0.11
Legal fee expense related to certain
matters (3)
0.21
0.21
Total pre-tax adjustments
$
0.33
$
0.32
Tax effect of adjustments (4)
(0.08
)
(0.08
)
Total adjustments after tax
0.25
0.24
Adjusted Earnings Per Diluted
Share
$1.68 - $1.86
$
1.63
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,
significant legal settlements and legal fee expense related to
certain matters. The Company believes the items it is adjusting for
are not normal operating expenses necessary to run its business. 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.
Results of operations include the Coding
Dojo acquisition as of December 1, 2022 and the CalSouthern
acquisition as of July 1, 2022.
(2)
Amortization for acquired intangible
assets relate to definite-lived intangible assets associated with
acquisitions.
(3)
Legal fee expense associated with (i)
responses to the Department relating to borrower defense to
repayment applications from former students, and (ii) acquisition
efforts.
(4)
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230504005930/en/
Investors: Alpha IR Group Davis Snyder (312) 445-2870
PRDO@alpha-ir.com Or Media: Perdoceo Education Corporation
(847) 585-2600 media@perdoceoed.com
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