The following is a summary of the Perdoceo Education Corporation (PRDO) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Perdoceo Education reported Q2 net income of $38.4 million, or $0.57 per diluted share, with adjusted earnings per diluted share increasing to $0.60.

• Revenue for the quarter was $166.7 million, a decrease of 10.6% year-over-year, mainly due to operational changes at the AIU System.

• The quarterly per share dividend was increased by 18.2% to $0.13, payable on September 13, 2024.

• For full-year 2024, Perdoceo updated its adjusted operating income outlook to range between $179 million and $190 million.

Business Progress:

• Achieved high levels of student retention and engagement leading to better than expected revenue results.

• Announced the acquisition of the University of St. Augustine for Health Sciences, marking Perdoceo's foray into health sciences, expected to be immediately accretive to adjusted operating income starting 2025.

• Continued investment in technology to enhance academic experiences and operational effectiveness.

Opportunities:

• Strong retention trends are expected to persist due to federal student aid initiatives, supporting revenue outlook for H2 2024.

• Corporate engagement programs at CTU and AIU System show potential for revenue and enrollment growth.

Risks:

• Lower revenue at AIU System due to lagged impact from previous operational changes.

• Potential operational changes required to comply with updates from the Department of Education could impact future performance.

More details: Perdoceo Education IR

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