Perdoceo Education Corporation (NASDAQ:PRDO) Q1 2024 Earnings Call Transcript May 1, 2024
Perdoceo Education Corporation beats earnings expectations. Reported EPS is $0.59, expectations were $0.53. PRDO isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Thank you for standing by. My name is Kathleen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Perdoceo Education Corporation First Quarter 2024 Earnings Conference Call. All lines have been placed on mute all throughout the presentation to prevent any background noise. Thank you. I would like to turn the call over to Sam Gibbons, Investor Relations. Please go ahead.
Sam Gibbons: Thank you, Kathleen. Good afternoon, everyone and thank you for joining us for our first quarter 2024 earnings call. With me on the call today is; Todd Nelson, President and Chief Executive Officer; and Ashish Ghia, Chief Financial Officer. This conference call is being webcast live within the Investor Relations section at perdoceoed.com. A webcast replay will also be available on our site, and you can always contact the Alpha IR Group for Investor Relations support. Let me remind you that this afternoon’s earnings release and remarks made today include forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions made by and information currently available to Perdoceo Education and involve risks and uncertainties that could cause actual future results, performance, business prospects and opportunities to differ materially from those expressed in or implied by these statements.
These risks and uncertainties include, but are not limited to, those factors identified in Perdoceo’s most recent annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Except as expressly required by the Securities laws, the company undertakes no obligation to update those factors or any forward-looking statements to reflect future events, developments or change circumstances or for any other reason. In addition, today’s remarks refer to non-GAAP financial measures, which are intended to supplement, but not substitute for the most directly comparable GAAP measures. The earnings release that accompanies today’s call contains financial and other quantitative information to be discussed today, as well as the reconciliation of the GAAP to non-GAAP measures, and is available within the Investor Relations page of the company’s website.
With that, I’d like to turn the call over to Todd Nelson. Todd?
Todd Nelson: Thank you, Sam. Good afternoon, everyone and thank you for joining us for our first quarter 2024 earnings call. I’ll discuss some of the key highlights from the first quarter, and then Ashish will review our operating and financial performance in more detail and provide an updated outlook for the year. However, before we begin, I’d like to thank our faculty, student support staff and all other employees for their ongoing commitment and hard work and serving and educating our students. We ended 2023 on a strong note as it relates to student retention and engagement and these trends have persisted in the first quarter. As a result, the first quarter operating results came in ahead of our expectations discussed on the last earnings call, primarily due to better than expected student engagement trends.
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