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- **Revenue growth beats expectations**: 15% YoY expansion via North American recovery.
- **AI strategy monetization**: $420M net income via operational control.
- **Regulatory risk mitigation**: St. Augustine back online at 2026

**【CEO Opening Remarks】**
- Q3 revenue grew 15% YoY, driven by North American market recovery and AI investments.
- Gross margin expected to rebound in H2 2026 via operational efficiency gains.

**【CFO Financial Commentary】**
- GAAP net income $420M, Non-GAAP EPS $1.08 (vs. $0.59 prior year).
- Operating expenses down 5% YoY through cost control.

**【Q&A Highlights】**
- St. Augustine acquisition adds $38M annualized EBITDA.
- CTU/AIU system enrollment day comparability resolved for 2026.

Perdoceo Education Corp (PRDO) Q3 2025 Earnings Call Transcript

- **Enrollment Surge**: 17.4% YoY growth, with CTU and AIU at 7.4% and 7.1%, St. Augustine adding 4,000 students.
- **Financial Strength**: $41M net income, 26% revenue growth, 2025 adj. EPS guidance $2.48-2.55 (+10%).
- **AI & Tech Investment**: Generative AI for admissions and upgraded platforms driving retention and engagement.
- **Shareholder Returns**: Dividend up 15.4% to $0.15, $75M buyback authorized, $46M repurchased YTD.

**【CEO Summary Section】**
- Total enrollment grew 17.4% YoY, driven by 7.4% growth at CTU and 7.1% at AIU System, with St. Augustine contributing 4,000 average students.
- AI investments in generative AI for admissions and upgraded tech platforms are enhancing student engagement and retention.
- Capital returns: $46M in share buybacks (avg $28.19) and dividend increased 15.4% to $0.15/share, with new $75M repurchase authorization.

**【CFO Financial Commentary】**
- Q2 net income: $41M ($0.62 EPS), up 6.8% YoY; adjusted EPS: $0.67 vs $0.59, +13.6%.
- Revenue: $209.6M (+26% YoY), with $36.7M from St. Augustine and organic growth at CTU/AIU.
- Segment performance: CTU revenue +4.6%, AIU +1.9%, St. Augustine adj. op. income $5.5M.
- 2025 outlook: Adj. op. income $230-236M (+22% YoY), adj. EPS $2.48-2.55 (+10%).

**【Capital Allocation & Regulatory Update】**
- Tax rate 24.9% YTD, expected 26-26.5% for 2025, with benefits from R&D tax credits and St. Augustine attributes.
- Regulatory environment: Positive impact from new DOE rules and reconciliation bill provisions.
- CAPEX: ~1.5% of revenue, focused on tech upgrades for student support and enrollment processes.

Perdoceo Education Corporation (PRDO) Q2 2025 Earnings Call Transcript

- **Revenue Surge**: 26.6% YoY growth to $213 million, fueled by St. Augustine acquisition and CTU organic expansion.
- **Enrollment Momentum**: CTU enrollments +10.6%, St. Augustine spring term enrollments 4,200 (new enrollments up YoY).
- **Profitability Boost**: Adjusted operating income +28.9% to $63.5 million; 2025 outlook of $220-235 million reflects strong growth trajectory.
- **Shareholder Returns**: $34.4 million returned via dividends and buybacks, with ongoing capital allocation focus on growth and value creation.

**【CEO Summary Section】**
- **Strong Q1 Performance**: Net income of $43.7 million ($0.65 per diluted share), with adjusted EPS of $0.70, driven by 26.6% revenue growth to $213 million.
- **Enrollment Growth**: CTU total enrollments up 10.6% YoY, while AIUS decreased 4.5% but expected to grow in Q2. St. Augustine spring term enrollments reached 4,200, with new enrollments up YoY.
- **Institutional Strength**: St. Augustine's 90%+ student retention and program expansion (e.g., nursing, DPT) contribute to 2025 revenue growth, with further acceleration expected in 2026.
- **Capital Allocation**: Returned $34.4 million to shareholders via dividends and buybacks, with $21.9 million remaining under the repurchase plan.

**【CFO Financial Commentary】**
- **Financial Highlights**: Operating income up 11.8% to $51.7 million; adjusted operating income +28.9% to $63.5 million. Revenue growth driven by St. Augustine ($39.2 million) and CTU organic expansion.
- **Segment Performance**: CTU revenue +5.3% to $119.6 million, AIU revenue flat but operating income +28% to $11.9 million. St. Augustine adjusted operating income of $8.5 million.
- **2025 Outlook**: Adjusted operating income expected $220-235 million (vs. $188.9 million in 2024), with EPS $2.40-2.56. Q2 guidance: adjusted operating income $59-61 million, EPS $0.64-0.66.
- **Tax & Liquidity**: Effective tax rate 22.7% for Q1, expected 25.5%-26.5% for FY2025. Cash balance of $612 million, with capex 1%-2% of revenue.

**【Key Strategic Initiatives】**
- **Technology & Real Estate**: Investments in tech, data analytics, and St. Augustine real estate to enhance student outcomes.
- **Corporate Programs**: Expansion of corporate student programs at CTU and AIUS to drive enrollment growth.
- **Regulatory Compliance**: Monitoring federal/state regulations to maintain prospective student outreach efficiency.

Perdoceo Education (PRDO)-1 May 25-2025 Q1 Earnings call transcript

- **Acquisition Boost**: St. Augustine adds 3,800 students and is expected to drive $215-235M in 2025 adjusted operating income.
- **Strong 2024 Growth**: Adjusted EPS up 9.5% to $2.29, with 8.1% CTU enrollment growth and 11.8% AIU growth.
- **2025 Outlook**: Revenue and enrollments set to rise, with Q1 2025 adjusted operating income up 55% YoY to $61-63M.
- **Liquidity Strength**: $591.5M year-end cash; 2025 capex limited to 2% of revenue.

**【CEO Summary Section】**
- **Acquisition of St. Augustine**: The University of St. Augustine for Health Sciences was acquired in December 2024, adding graduate health science programs (e.g., physical therapy, nursing) and 3,800 total enrollments. Expected to be accretive to operating income in 2025 and provide growth in 2026.
- **2024 Performance**: 
  - Full-year net income: $147.6M ($2.19 EPS) vs. $147.7M ($2.18 EPS) prior year.
  - Adjusted EPS: $2.29 vs. $2.10 prior year.
  - Total student enrollments: +8.1% at CTU, +11.8% at AIU System.
- **2025 Outlook**: 
  - Revenue and enrollments expected to increase, driven by St. Augustine, AIU/CTU growth, and strong retention metrics.
  - Offset headwinds from expiring federal loan programs with organic enrollment momentum.
  - Q1 2025 adjusted operating income: $61-63M vs. $40.5M prior year.

**【CFO Financial Commentary】**
- **2024 Financials**: 
  - Operating income: $174.3M (+$23.8M vs. prior year).
  - Adjusted operating income: $192M (+9.9% vs. prior year).
  - Revenue (excl. St. Augustine): $671.2M (-$28.7M vs. prior year), offset by $52M lower operating expenses.
- **2025 Guidance**: 
  - Adjusted operating income: $215-235M vs. $192.2M in 2024.
  - Adjusted EPS: $2.31-2.51 vs. $2.29 in 2024.
  - Includes $0.23 EPS impact from St. Augustine-related expenses.
- **Liquidity**: 
  - Year-end 2024 cash: $591.5M (including $133.8M St. Augustine acquisition).
  - 2025 capital expenditures: ~2% of revenue, driven by St. Augustine.
  - Dividend policy: $0.13Q4 2024 dividend; expect growing returns to shareholders.

Perdoceo Education (PRDO)-18 Feb 25-2024 Q4 Earnings call transcript

Perdoceo Education (PRDO)-12 Nov 24-2024 Q3 Earnings call transcript

Perdoceo Education (PRDO)-31 Jul 24-2024 Q2 Earnings call transcript

Perdoceo Education (PRDO)-1 May 24-2024 Q1 Earnings call transcript

Perdoceo Education (PRDO)-21 Feb 24-2023 Q4 Earnings call transcript

Perdoceo Education (PRDO)-2 Nov 23-2023 Q3 Earnings call transcript

Perdoceo Education (PRDO)-8 Nov 22-2022 Q3 Earnings call transcript

Perdoceo Education (PRDO)-8 Aug 22-2022 Q2 Earnings call transcript

Perdoceo Education (PRDO)-9 May 22-2022 Q1 Earnings call transcript

Perdoceo Education (PRDO)-25 Feb 22-2021 Q4 Earnings call transcript

Perdoceo Education (PRDO)-7 Nov 21-2021 Q3 Earnings call transcript

Perdoceo Education (PRDO)-8 Aug 21-2021 Q2 Earnings call transcript

Perdoceo Education (PRDO)-10 May 21-2021 Q1 Earnings call transcript

Perdoceo Education (PRDO)-25 Feb 21-2020 Q4 Earnings call transcript

Perdoceo Education (PRDO)-7 Nov 20-2020 Q3 Earnings call transcript

Perdoceo Education (PRDO)-8 Aug 20-2020 Q2 Earnings call transcript

Perdoceo Education (PRDO)-10 May 20-2020 Q1 Earnings call transcript

Perdoceo Education (PRDO)-19 Feb 20-2019 Q4 Earnings call transcript

Perdoceo Education (PRDO)-6 Nov 19-2019 Q3 Earnings call transcript

Perdoceo Education (PRDO)-8 Aug 19-2019 Q2 Earnings call transcript

Perdoceo Education (PRDO)-10 May 19-2019 Q1 Earnings call transcript

Perdoceo Education (PRDO)-20 Feb 19-2018 Q4 Earnings call transcript

Perdoceo Education (PRDO)-1 Nov 18-2018 Q3 Earnings call transcript

Perdoceo Education (PRDO)-1 Aug 18-2018 Q2 Earnings call transcript

Perdoceo Education (PRDO)-5 May 18-2018 Q1 Earnings call transcript

Perdoceo Education (PRDO)-21 Feb 18-2017 Q4 Earnings call transcript

Perdoceo Education (PRDO)-2 Nov 17-2017 Q3 Earnings call transcript

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