The second quarter of 2019 now reflects this adjustment. Corporate and Other includes closed campuses which no longer meet the criteria to be reported as a separate operating segment. Perdoceo Education Corporation will host a conference call on Thursday, May 7, 2020 at 5:30 p.m. Eastern time to discuss its first quarter 2020 results and 2020 outlook. A legal settlement of $30.0 million related to the FTC matter was an adjustment from operating income during the second quarter of 2019 to calculate adjusted operating income. 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 (in particular as these risks and uncertainties may be exacerbated leading up to and following the 2020 U.S. presidential election); the operating impact of the settlements with the U.S. Federal Trade Commission and state attorneys general; the success of our initiatives to improve student experiences, retention and academic outcomes; the ability of our student admissions and advising functions to achieve anticipated operating performance; our continued eligibility to participate in educational assistance programs for veterans or other military personnel; the impact of the global COVID-19 pandemic; difficulties with integrating the assets of Trident University International into AIU’s operations; increased competition; the impact of management changes; and changes in the overall U.S. economy. For the full year 2019, approximately $29.7 million was considered deductible for tax purposes. The Company expects to pay an additional estimated amount of $6.0 million, related to the final post-closing purchase price and working capital adjustments, upon finalization of the closing balance sheet. 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. The full year includes an expense of $11.4 million related to the FTC settlement. Please see the GAAP to non-GAAP reconciliation for adjusted operating income and adjusted earnings per diluted share attached to this press release for further details. “Fourth quarter 2019 marked a positive close to the year and we are proud to serve over 36,000 students pursuing postsecondary studies across our academic institutions. Find related and similar companies as … 2019 % of. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details. Alpha IR Group View Perdoceo Education Corporation (perdoceoed.com) location in Illinois, United States , revenue, industry and description. Selected Cash Flow Items ($ in thousands), Net cash (used in) provided by operating activities. 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. 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 restructuring charges and significant legal settlements. 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 lease expenses for vacated space offset with any sublease income as well as depreciation, amortization, asset impairment charges, significant restructuring charges and significant legal settlements. Revenue 2019 % of. Operating losses related to the closed campuses were $13.8 million and $31.9 million for the years ended December 31, 2019 and 2018, respectively. The following is a summary of the operating losses related to the closed campuses which is included within Corporate and Other for the quarters and years ended December 31, 2019 and 2018, respectively (dollars in thousands): The full year 2019 operating loss related to the closed campuses includes a legal settlement expense of $7.1 million for the Oregon arbitrations matter as compared to legal settlement expenses of $5.0 million related to the multi-state AG matter recorded during the quarter ended December 31, 2018 and $9.6 million related to the Surrett matter recorded during the full year ended December 31, 2018. For the full year 2019, approximately $29.7 million is now considered deductible for tax purposes. For the quarter ended March 31, 2020, new student enrollments increased 16.8 percent within CTU and decreased 14.2 percent within AIU, in each case as compared to the prior year quarter. 2019 (unaudited) ASSETS. Asset impairment relates to a right of use asset for one of our vacated facilities for which the sublease income was deemed no longer recoverable. One can be confused about why the lawsuits against the Career Education Corporation matters for the Colorado Technical University class action lawsuit. Net income of $70.0 million compared to net income of $55.2 million for the prior year. Revenue REVENUE: Tuition and fees $ 170,394 ), Adjusted Operating Income ($ in thousands), Severance and related costs, net of cancellations (2). For the quarter ended March 31, 2020, total revenue of $171.0 million increased 8.3 percent compared to total revenue of $157.9 million for the prior year quarter. AIU’s first quarter of 2020 operating income includes results associated with the Trident acquisition commencing on the March 2, 2020 date of acquisition. 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, 2019 and its subsequent filings with the Securities and Exchange Commission. OTHER COMPREHENSIVE (LOSS) INCOME, net of tax: UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.). 2019 % of. Perdoceo Education Corporation today reported operating and financial results for the quarter and year to date ended September 30, 2020. 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. For the quarter ended December 31, 2019, operating income of $32.0 million increased 58.6 percent compared to $20.2 million for the prior year quarter. This increase is expected to more than offset the decline in new student enrollments from the first quarter of 2020 such that on a combined basis AIU is expected to show growth for the first half of 2020, even after excluding the positive impact from the Trident acquisition. (312) 445-2870 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 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. The Platform is owned or controlled by Perdoceo Education Corporation ("Company"). (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details. For the quarter ended December 31, 2019, adjusted operating income of $34.6 million increased 16.3 percent compared to adjusted operating income of $29.7 million for the prior year quarter. Revenue. This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments. Lease expenses for vacated space include both fixed and variable lease costs offset with sublease income for our closed campuses. The Company expects AIU’s enrollment days for the third and fourth quarters of 2020 to be relatively comparable to the respective prior year periods. The following is a summary of the operating losses related to closed campuses which are included within Corporate and Other for the quarters ended March 31, 2020 and 2019, respectively. Perdoceo Education Corporation (Perdoceo Education or "the company") is a provider of educational services. AIU’s first quarter 2020 revenue and operating income include results associated with the Trident acquisition commencing on the March 2, 2020 date of acquisition. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND . Total. OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Adjustments to reconcile net income to net cash provided by operating activities: Compensation expense related to share-based awards. AIU’s total student enrollments were positively impacted by the Trident acquisition. During the quarter ended March 31, 2020, the Company paid $38.1 million in cash in connection with the Trident acquisition. 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