$PRDO
CAREER EDUCATION CORP
CIK:0001046568|SEC Filings
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
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| REVENUE: | ||||||||
| Total revenue | $ 213,355 | $ 209,581 | $ 435,098 | $ 422,585 | ||||
| OPERATING EXPENSES: | ||||||||
| Educational services and facilities | 50,891 | 50,241 | 97,956 | 98,783 | ||||
| General and administrative | 98,239 | 97,793 | 200,448 | 198,721 | ||||
| Depreciation and amortization | 9,344 | 10,148 | 18,691 | 21,955 | ||||
| Total operating expenses | 158,474 | 158,182 | 317,095 | 319,459 | ||||
| Operating income | 54,881 | 51,399 | 118,003 | 103,126 | ||||
| OTHER INCOME: | ||||||||
| Interest income | 6,719 | 6,460 | 13,255 | 12,936 | ||||
| Interest expense | (1,492) | (1,611) | (3,018) | (3,293) | ||||
| Miscellaneous income (expense) | 98 | (10) | 96 | (26) | ||||
| Total other income | 5,325 | 4,839 | 10,333 | 9,617 | ||||
| PRETAX INCOME | 60,206 | 56,238 | 128,336 | 112,743 | ||||
| Provision for income taxes | 12,235 | 15,210 | 26,414 | 28,027 | ||||
| NET INCOME | $ 47,971 | $ 41,028 | $ 101,922 | $ 84,716 | ||||
| NET INCOME PER SHARE - BASIC: | $ 0.77 | $ 0.63 | $ 1.63 | $ 1.29 | ||||
| NET INCOME PER SHARE - DILUTED: | $ 0.75 | $ 0.62 | $ 1.6 | $ 1.27 | ||||
| WEIGHTED AVERAGE SHARES OUTSTANDING: | ||||||||
| Basic | 62,664 | 65,331 | 62,581 | 65,504 | ||||
| Diluted | 63,588 | 66,582 | 63,506 | 66,722 | ||||
| Tuition and Fees, Net [Member] | ||||||||
| REVENUE: | ||||||||
| Total revenue | [1] | $ 212,126 | $ 208,375 | $ 432,748 | $ 420,223 | |||
| Other [Member] | ||||||||
| REVENUE: | ||||||||
| Total revenue | [2] | $ 1,229 | $ 1,206 | $ 2,350 | $ 2,362 | |||
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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2026 |
Dec. 31, 2025 |
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|---|---|---|---|---|
| CURRENT ASSETS: | ||||
| Cash and cash equivalents, unrestricted | $ 162,889 | $ 110,970 | ||
| Restricted cash | 820 | 21,310 | ||
| Total cash, cash equivalents and restricted cash | 163,709 | 132,280 | ||
| Short-term investments | 571,115 | 511,211 | ||
| Total cash and cash equivalents, restricted cash and short-term investments | 734,824 | 643,491 | ||
| Student receivables, gross | 76,360 | 68,346 | ||
| Allowance for credit losses | (36,325) | (41,149) | ||
| Student receivables, net | 40,035 | 27,197 | ||
| Receivables, other | 6,513 | 5,037 | ||
| Prepaid expenses | 18,450 | 16,881 | ||
| Inventories | 2,586 | 4,049 | ||
| Other current assets | 224 | 208 | ||
| Total current assets | 802,632 | 696,863 | ||
| NON-CURRENT ASSETS: | ||||
| Property and equipment, net of accumulated depreciation of $94,689 and $86,908 as of June 30, 2026 and December 31, 2025, respectively | 78,632 | 83,314 | ||
| Right of use asset, net - operating | 39,745 | 43,290 | ||
| Right of use asset, net - finance | 7,701 | 10,259 | ||
| Goodwill | 265,697 | 265,697 | ||
| Intangible assets, net of amortization of $53,137 and $44,786 as of June 30, 2026 and December 31,2025, respectively | 69,594 | 77,945 | ||
| Student receivables, gross | 9,315 | 9,073 | ||
| Allowance for credit losses | (4,307) | (4,262) | ||
| Student receivables, net | 5,008 | 4,811 | ||
| Deferred income tax assets, net | 57,438 | 57,438 | ||
| Other assets | 8,044 | 8,100 | ||
| TOTAL ASSETS | [1] | 1,334,491 | 1,247,717 | |
| CURRENT LIABILITIES: | ||||
| Lease liabilities-operating | 8,514 | 6,032 | ||
| Lease liabilities-finance | 5,711 | 5,458 | ||
| Accounts payable | 17,310 | 14,271 | ||
| Accrued expenses: | ||||
| Payroll and related benefits | 28,144 | 44,363 | ||
| Advertising and marketing costs | 7,085 | 7,838 | ||
| Income taxes | 3,565 | 5,627 | ||
| Other | 20,391 | 16,374 | ||
| Deferred revenue | 80,354 | 37,844 | ||
| Total current liabilities | 171,074 | 137,807 | ||
| NON-CURRENT LIABILITIES: | ||||
| Lease liabilities-operating | 39,194 | 43,752 | ||
| Lease liabilities-finance | 3,176 | 6,097 | ||
| Sale lease-back financing | 57,178 | 56,992 | ||
| Other liabilities | 30,460 | 30,657 | ||
| Total non-current liabilities | 130,008 | 137,498 | ||
| Commitments and Contingencies (Note 8) | ||||
| STOCKHOLDERS' EQUITY: | ||||
| Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding | ||||
| Common stock, $0.01 par value; 300,000,000 shares authorized; 92,899,239 and 92,072,703 shares issued, 62,577,055 and 62,478,373 shares outstanding as of June 30, 2026 and December 31, 2025, respectively | 929 | 921 | ||
| Additional paid-in capital | 727,470 | 720,574 | ||
| Accumulated other comprehensive (loss) income | (2,284) | 1,070 | ||
| Retained earnings | 801,038 | 718,365 | ||
| Treasury stock, at cost; 30,322,184 and 29,594,330 shares as of June 30, 2026 and December 31, 2025, respectively | (493,744) | (468,518) | ||
| Total stockholders' equity | 1,033,409 | 972,412 | ||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,334,491 | $ 1,247,717 | ||
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