PRDO - Earnings call transcript Q2 2020 | Perdoceo Education Corporation

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Operator

Good afternoon, and welcome to the Perdoceo Education Corporation Second Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Brooks Hamilton with Investor Relations. Please go ahead.

Brooks Hamilton

Thank you, Andrea. thank earnings joining call. and second on everyone, XXXX quarter afternoon, you us for our Good Ghia, With Todd Chief Ashish Nelson, on President Financial me the and Executive call Officer; today is Chief Officer. and at being is within Relations call conference perdoceoed.com. webcast This the live Investor section A available our also site. be will webcast replay on

You for Relations the support. Group contact can IR always Alpha Investor

to and and information factors those results, Education and as XX-K XX, currently reason. XXXX. limited the the changed opportunities those in me these filings and risks These Exchange include, identified uncertainties include prospects These or forward-looking today any business could obligation or remind the available update laws, on but to future the remarks reflect to with in XXXX, by and year Perdoceo actual risks in made any Securities and on are based materially from Form by expressed you involve Let cause are not differ the and that securities as company factors statements no that report statements December implied Section Commission. defined assumptions Except ended subsequent for other events, for annual or undertakes to, uncertainties and Exchange performance, Perdoceo’s statements. release developments Act those of this of circumstances to afternoon’s future earnings or forward-looking by required Securities XXE statements made expressly

call other I’d available Relations to of earnings release directly well but and like GAAP as The In financial accompanies which the Nelson. to to not call the to today’s the addition, that, company’s measures, Todd supplement, the intended Todd? substitute page Investor today within are remarks GAAP over website. measures the With for the contains as turn be comparable quantitative discussed reconciliation non-GAAP of is today’s to most non-GAAP and refer measures. information financial that to

Todd Nelson

everyone, afternoon, on Good joining Thank and you, thank today’s us Brooks. call. for you

for me our and during Let to proud of and and very classes employees technology educating scalable their commitment that taking well by faculty by and times. are are employees students served innovative students working remotely. and saying by all dedication infrastructure, Supported our start our I’m online these uncertain of our serving

We I and health tools remote help the processes continue and technology resources to improve and learning remain employees believe are students, keep will and have communities I environment students the our we of our proud employees pandemic. of employees. am our ongoing which the that top our providing and built and priority, The safe well-being our necessary for during and service and

the let’s Now discuss quarter.

our came operating for in the of our pleased results We’re ahead expectations. quarter, with which

execute a to against remaining students. responsible education our of growth objective on quality to continue while sustainable We providing focused and our

our student first, quarter student the growth key prospective from consistent among Some by, operations served in growth supported enrollment enrollment year-over-year both quarter, by income organic were acquisition. revenue and for impact by the other well three, levels student-serving that positive initiatives; highlights two, and the technology supported interest of of operating the included: universities, the at Trident processes; for items, quarter

to the University remainder of We for As today’s acquisition Trident acquisition March. the of all Trident completed this the the in International a was as early substantially reminder, assets transition refer of acquisition discussion. asset

part Four, pleased investments Trident quarter program brought are acquisition. offerings and full with of for environment. is first programs effectively with our proved a in important a Investing remote to this to priority always we serve of Trident our the the but in that was staff quarter platform, as technological and by AIU, be ongoing broad them equip educational range the resources, technology. capabilities this the in relevant academic resources educational second our has particularly and enabling The students with efficiently

to Now diluted net earnings million second reported certain of operating our quarter. – or for $XX.X the about details some We adjusted details share, income per while performance additional was from the $X.XX non-cash some operating quarter to $XX.X per items, excludes both diluted Adjusted which XX.X% universities. growth primarily was increase a income share, $X.XX. million, quarter, was revenue at significant prior which attributable year

of Additionally, new – quarter. as CTU, student supported total June XX.X%. XX, June growth growth enrollments as student both the enrollment enrollment up of student universities enrollment new XX.X%, the XX, by supported of the XXXX, with prior X.X% year, of contributed growth quarter by to compared X% for XXXX, enrollment to total enrollments for student quarter the increased as At for

and that believe CTU. note outcomes. be meaningful that analytics, used, in are to beginning continues previously we the investments corporate scheduling support been student student to app student general financial Faculty advising continue and and and the we throughout staff aid experiences and data customization are technology which process mobile widely learning technology enable in engagement student-serving-functions improve our further optimizing and advising processes. contributor growth admissions, A further have and on to investments courses. participating predictive partnerships, their orientation Our by students, our and outreach mentioned effectively CTU’s to enrollment needs quick teams education on enrollment of of increasing a at will use allowing the efforts making academic students our focusing ultimately,

working their with a and team our have students. partners We to best serve organizations dedicated these

priorities, mutually adult their our these educational with that corporate career partners makes to offer CTU paths. employees partnerships committed can which educational offering academic collaborates programs around opportunities center beneficial. that partners their to organization’s progress corporate Our remain the

part channel, will an in be our continue to will of growth going strategic invest important this forward. which We further

growth enrollments as Trident the organic underlying March of increased new of well was These Total in compared increases XX, increased prior reflect to Year-to-date, prior to June period. new enrollments. student which XX.X% the Turning the year. as to year XX% as XXXX, completed AIU. compared acquisition, enrollments as XXXX as student in

teams increase base student with Trident and new staff ways the life and faculty results support helping models focused are masters quarterly across more a AIU, entire extremely AIU’s cycle calendar providing of given and in and am Full-time I operational engagement. As well in to future number enrollment enrollment various unique of investments model needs. period. enrolling as days be and in and from contributed structure ongoing the with to the students incoming new holistic of of Trident’s statements measures now, quarter are prior pleased doctor evaluating improving learning to communicate operations. results to Trident on of are Trident AIU’s launched and online within staff orientation which now proud the AIU, some diversification to learning conclude, any the students improve to faculty and of serve student a the graduation. continue positive a will we who operating processes investments and increasingly We over students' is we academic teams, was effectiveness impact our To a year year, on our the AIU. as we get student benefit reminder, engagement academic AIU which by been and with by educational of programs as enrollments Trident’s technology I’ll the The and and universities support faculty into a delivery the the by quarter. our to not orientation part quarter better also from resulting academic Because AIU’s methods have AIU enrollments for programs efforts progress at our graduate outreach. student have commitment model, academic These time and and student-serving impacted versus with to our XX% the the to assigned are to approach and technology implemented precautions are student supported its continue focuses both XXX.X% acquisition acclimated and students, of have continue of integrate will applicable effectiveness Messenger, and support students, regularly our support. AIU to operations. used faculty Overall, programs in make along faculty believe undertaken last unique in and staff learning. education. AIU’s intellipath regarding unique to enhance will student within Trident’s

Our work despite to they faculty work that, who and and the of students our by for our been program affected indirectly XXXX as with operating and our to to like call quarter with their we continue these or With and outlook. directly detailed I’d review reflect support to study. hand the students. to teams balance executing Ashish pandemic, complete XXXX results, more times, Overall, our have well educating a believe second serving commitment sheet over necessary advising are of providing them we challenging results

Ashish?

Ashish Ghia

before second and will comparisons outlook back I prior unless the XXXX balance the otherwise discuss are our year remarks.All Todd. comparative you, Thank closing and review handing the results Todd period, to quarter call versus sheet then stated. for his XXXX

the the as X, income March company Operating the Before XXXX. reflect income quick Total a I $X.X comment on was of comparability. in results quarter prior year. Trident for million million commencing AIU operating the year-over-year $XX.X second acquisition, begin, now operating compared on for to

by share. were which per operations. that due quarter the as increased Trident prior and revenue which well was underlying operating underlying operating above XX.X% second high This more up both quarter, was FTC growth of as was with results benefiting reduced $X.XX $X.XX reflects the was resolved underlying associated associated of expenses was $XX $XX.X the earnings in We for in and $XX.X these the end primarily efforts employee reflective student-serving student-serving expense the to well the to or of non-cash As which significant million million while legal settlement. share, $XX at income and and the is diluted quarter other $XX adjusted related savings a investments million acquisition costs our to excludes the share, was universities, to items, expenses, XX.X% improvement insurance supported and offsetting our Partially year the adjusted Net enrollment performance. adjusted is travel functions, Also expenses, quarter for The a incremental diluted income growth matter. of range to recently million. more certain marketing related included monitoring outlook operating our and compliance per performance, reminder, VA believe to positives measure COVID-XX-related believe health we income, reflective million operating per events. with occupancy-related

to details second $XX.X company Total Now XX.X% quarter. year compared million or by revenue to on to increased specific more quarter. the $XXX prior million as around the

$XX.X that CTU it of partially the the million marketing $XX.X expenses prior As up an million was student-serving student our continues the million across expense to note perspective, for expenses initiatives. in be pandemic-related segments, X.X% processes to From incurred enrollment in million settlement. and related prioritizing revenue CTU included the offset and operating with to from administrative functions new $XXX.X quarter student up within were expenditures of quarter, on $X.X to associated reduced FTC Incremental expenses cost income year million year various savings. and with total efficiencies was reflecting at achieved while relates or quarter. diligent growth, prior Please support $XX.X

keep settlement. supported loss $XX.X Now quarter, to in the year across focus that as higher items the revenue growth. AIU’s Separately, of from million and expenses the prior million income to comparability for processes stabilized the that compared the due AIU. marketing the Trident to XX.X% quarter FTC year-over-year across increased increase perspective, for organic savings, acquisition. operating quarter, to the Operating efficiencies an related a included bad were administrative quarter. enrollment percent while while underlying in quarter an expenses acquisition achieving expense quarter. the expense Revenue pandemic-related Recall operating most to million a the experienced too line $XX.X do year was prior for Trident of to and million debt continues exhibited mind please on for AIU $X.X $XX.X by as various

briefly me touch expense. debt on Let bad

quarter. lower expense the sequentially bad was to first prior quarter compared revenue, debt from and of percentage the for company a the as year As

for to program study. their resources to they school, likely invest financially to help complete are more students continue We so prepared that of

While the year-to-date we we encouraged this still progress area. expect in fluctuations, are with

admissions X%, of is enrollment by interest well levels versus Moving enrollment that on served functions. CTU of growth quarter. reflective are investments student prior and by year made X.X% to enrollments. student The new by our grew Total enrollments of consistent the growth advising at prospective being the in supported

enrollments as June increased CTU Looking XX, that a expect forward, full while student enrollment for quarter of Trident has contributed quarter. XXXX, prior at at we to enrollment the days enrollments as of on specifically Please full in results of Trident enrollment given year of for year student The Total versus Recall the XX% note to the increase well AIU at the increased XXX.X% new academic impact quarter calendar the in student the acquisition. that grow new the quarter quarter acquisition a the number positive the days impact as XXXX. any quarter. third enrollments student the for enrollments XX.X% and the reflect significant these AIU, new more that new in quarter.

Looking third growth year comparable third be and full that quarter. revenue for for of quarter expect enrollment quarters academic days comparable quarter number XXXX respective to year. as forward, prior enrollment Please for year XXXX to enrollments the AIU the basis, compared new grow days XXXX. each AIU’s of Also, each student and the we full and calendar consistent will for show at the fourth on year also relatively note a in is a with XXXX to

quick quarter to Corporate as closed includes compared primarily Other. the approximately by million with lower campuses professional million, fees a This Now were legal $X.X legacy category second associated in associated $X.X operating driven losses with on matters. improvement campuses. the losses residual with Operating with and closed update associated

Excluding closed associated were prior corporate year losses the quarter. in relatively campuses, line operating costs with with

X.X% income the the increase recorded resulted tax the reserves related effect income to for of Now in current of of an quarter, of the taxes. The rate a tax to rate an tax for XX.X%. approximately tax previously provision includes $XX.X effective compensation. recorded stock-based release taxes for of quarter and million We which

year. our we to tax stock-based impact are expect Separately, the and for XX.X% available related not deductible XXXX, loss for offset the be increase operating in half estimated XXXX assuming second due negative the XX.X%, purposes. the of net of tax For year full effect taxable tax of rate tax and to between a benefit million without the assumes tax effect income. which to reserves tax of reserves federal ended any and release with $XXX.X approximately compensation that are expenses carryforwards, to the we material Also, rate of future

we a do As to it as result, specifically any XXXX, expect relates not taxes. income to federal pay

let quarter. as equivalents, of positive year Oregon and quarter million annual related of for acquisition; and outflows $XXX.X quarter. Now as of half will today’s cash the are: related the represents by in second minutes XXXX. cash settlement be share in and compared a university Key Capital million offset repurchases for the were prior our sheet. operations quarter expenditures short-term with cash the $X.X first the reviewing payments incentive to flows spend the balances Trident million the matters; of long-term of to $X.X cash, year partially balance approximately the cash discussion. which payments; arbitration to were from to in of me cash few We the remainder an This restricted cash ended $XX.X investments, first year-end the referred increase million over drivers

For the to foresee expenditures be XXXX, X.X% of year capital revenues. full approximately we

note Trident we with reflected responsible is July against assets payment of the our into objective restricted of student-serving showing As net well results. previously, on and million was and million and all working $X purchase final positive investments million, the in on X. growth, the the price of Please sheet. of of International that an as its initiatives of total paid the escrow Overall, noted executing is purchase sustainable balance the University cash completed capital technology company $X.X XXXX. The price during acquisition purchase adjustment, substantially with cash $XX.X paid was of March price, of

from as pandemic, to Finally, based related operating anticipated Trident XXXX technology no outlook outlook. outlook on future assumption costs to that COVID-XX and students support costs, results ongoing an note The incorporates remote experiences providing pandemic date. our such to related to transitioning and our to impact employees a Further, assumes COVID-XX please acquisition. environment the the material restructuring again, the and

sustainable be outlook outlook as So is the million in $XXX we for $XXX maintaining $XXX.X year million the to adjusted range compared income versus Adjusted consistent to of full our be XXXX, growth. to $X.XX is in are the our with XXXX. responsible to in share in operating of million earnings This per follows: and $X.XX is per as XXXX. to range overall $X.XX diluted of objective share

Now for the quarter outlook. third

Please and company’s CTU adjusted company $X.XX income at third Our Further, of million $XX key GAAP the to diluted prior AIU. year call the quarter quarter discussed outlook prior to to year expects and about as range the our turn in important of outlook underlying today to versus reconciliations. in the will Todd range enrollments this non-GAAP the $X.XX per versus the earnings new to be in expectations call in filed student for the remarks. growth operating the over share information and With to factors $XX be for to of today’s million in assumptions adjusted I $XX refer that, as the well closing million reflects back expectation earnings quarter. and release his $X.XX other on Todd?

Todd Nelson

Ashish. Thanks,

questions. the dedication again their including students. pandemic. today, us Perdoceo during the helps now I’m outcomes objective and you and them and student remain and of positively learners, With focused responsible our executing our ability and environment for growth. hard of experiences, analyst I’m call to for we’ll provide against current our Thank are current non-traditional prospective learning open which sustainable teams Our proud retention joining confident entire for academic and impacting a well safe to in for innovative we technology students, adult team to keep on any and our the infrastructure, work scalable

Operator

Alex Paris Research. comes Barrington Instructions] And from our [Operator of first question

Alex Paris

quarter. on and Ashish, congratulations Todd the

Ashish, Todd a enrollment talked universities, supported number recently, higher There’s about it of students. both said it talked both your most being prospective large countercyclical. education? it consistent been space acyclical. being on demand counter-cyclicality different this What player enrollment about a very the of players in by talked Others the had being you very question, and space And about who – First growth in organic are pro-cyclical. in from you across thoughts

unemployment? noticed in there? view of a So generally increased what’s your you result any have demand as uptick And

Todd Nelson

good question. It’s a

us Doctoral had to – Bachelors a think them or the some degree their I board, raise. better I that seeing. think students the a than say think the what and education have been But job, In would I at tough also past. given maybe consistent demand. philosophy very this is that, a upgrading very level economy, it with get or we’ve we’re would areas, depends, point on we help I consistent say, again, been said, during do for we and better some areas Alex, across Masters it to that but more program promotion it’s has versus job again, with as I very attention the versus And of consistent again, prospective there is pickup degree, a that seen the in

Alex Paris

And stayed this same? improved? experience right. it Has All Has your the it of there conversion – similarly, demand? what’s been then with has

Todd Nelson

again, I is may funding, years over effect. rate as what to think to been for attend that has increase, more see of but of little a so that that is little tends And as far have then bit be as what conversion have consistent. in counter may a a them as wanting will industry it those you just, far I is seen the this That being again, this difficult

more rate consistent again, far So I a maybe bit because, as some their to things incentives against headwinds this is as do some look but time you you for it, see for a funding. people a like think what little conversion – getting more during

Alex Paris

short. It of you. sure that that in final an negative avoid There stocks right. All couple scope was a weekend of question – bigger of or Got a the Barron’s. with about saw liked talked of an article he’d couple bigger my interview And you was a and is a it. is then kind investor. I’m he over a He stocks kind question.

Yours opposed pan Monday. down mentioned pick. one the And on mentioned, other them one of a was a as that stock, was he as to your and

could since think issues but wondering stock some I Your recovered, the has he I if address was brought of it’s maybe because up you important.

the and memories wrongdoing? related. is both really Maybe a all, the long period FTC what of from without refresh at, issue, obviously, of it then you you ago. settlement First settled it can our up they he time brought This looking time kind of why and what involved, admitting were VA on

Todd Nelson

it them. that opinion. allegations – really been of of I FTC, But did read wasn’t and – not think soon again, accurate were over the But bought that’s we article XXX of internally, very issues say to again, not process to And were using do the the that just of our commit some lead And years frankly, use that But knowledge, – we’re before – a that, we there the Other we regardless, universities that make thought sure acquire not the because just as Alex. accuracy, felt to non-profit, using very Alex, have was we think that. compliance lead technology that before information make these we some an agreement willing again, actually some I universities agree were the would again, which, were the and were case. we a article. agreement regarding again, it consistency the there continued it the Thanks, process to partner if of to literally of do – there were something doing again, it have of any, in and regardless, was aware is FTC them. for some they outdated, sure using, aggregators. a were don’t leads. anything that I connection universities, arguments, or again, we information the kind that I was And to it that relating I’m in I there aggregators. led in are the the it as may was proud I but applied, yes, to of again, robust very my we made robust a to every It acquire wasn’t And that scrub use imply But that with those stopped I those well lead. – led think found that. profit article, to of, as as to ago, them not

again, the So we there. feel negative that that I as a slant versus very positive was used think

approach. that’s our So

the As new. again, some the stemmed again mentioned from, those are that the robust And submitted of information, ago, we the nothing VA, as were as compliance therefore, far that there years very it. soon agreement, what they was see we considered as process And in things that The was had we expected no outcome interruption. as FTC would again, were which that they have.

the it them Once presenting inquiry. review did doing. those for a you prevent although an information, we or asking again, knew from things data so which expected us, outcome they was and we we’re because can’t what the And positive very

it with think when in felt who information, you information again, again, was case, to but between a – short like And I out positive that So lot view there. stock, those as more again, the I was it consistent our lines, there’s put our read my try opinion. that’s I maybe

Alex Paris

was called revenue. had in Bad question it debt calculated. you I than article, have and but I in higher also That’s out bad question, that of debt, just anyway. excess then X% one raised would of And the other

a of First bad what high? Why all, debt revenue percentage of it as is was currently? that

Todd Nelson

it. to wants the debt respond issue bad if add and Ashish to anything to then of general just in I’ll

disconnect much it’s to far – quality helpful and you probably more I as an debt. as students time seeing First debt is of this that, on a going would Having certain issue way very very during in your desire – what in help bad graduate, your in bad of of the the this in general, all, to think may reflecting That it’s favor expect. in any I on debt. And is we that of their you areas debt think students. economy pandemic, for in as in bad there impact improvements be are there’s said them, bad of

doing little more help your – So a what bit needs And managed, you which time, students I there, to to should for help guiding on again, so I’ll is reason, be that is, think the and graduate, but go it your is let trying especially be maybe them. again, Ashish think, missed your funding that something on, I principle difficult it – needs within to is again, be it should to be goal but students. are

you add to to Ashish, So want that?

Ashish Ghia

year-to-date but And mention first X%, year is which it the – Sure. better bad you are does that comment, X%. not came is then Alex, quarter. but for to correct. the quarter, know your point, article your is prior think from, The debt X%, to X.X%, I is I don’t for than where number that

So that in we progress are area. good seeing

sure revenue and had EBITDA if over will have to we you if revenue is the just earnings, students that best lot the everything invested and from the the The goal And of school. have few students. a for we past always in growth to the will, flow are cash you at cash. also, is look lastly, make mentioned, if of financially quarters income Todd prepared see there As you do to years to resources interest operating and quality look healthy you to at of our

there, the – there. progress area. continue combined, goes are have factors we that made what in with of make we’ll to and we we So make And happy all those sure believe cognizant progress on we we are

Alex Paris

consistency the and – raising both I this keeping of last and and guidance And appreciate pandemic quarter. in guidance through actual terms Good. quarter Perdoceo guidance of maintaining actually this

environment. in I is this So think valuable pretty consistency

Operator

comes Our Securities. Dan from CJS next question of Moore

Brendan Popson

for Popson Brendan This Dan. on is

Just ask for missed excluding wanted organic might to the about to speak it, business, growth mentioned you this, Trident? have you the and could – if I but

Todd Nelson

think I enrollment can but year-over-year. I the break think growth can numbers present, a for were from that the Yes, didn’t we good there it you XX% perspective was more you We during very a AIU. quarter from – out, see that quarter that days

a but and So it’s use as not that had you benchmark, XXX% again, good growth. can exactly apples-for-apples, new yet student they

a still And out about XX%, part XX% you Trident, growth the there’s yes, AIU. when yes, significant year-over-year. – but, amount of is so implied And again, a without that that’s still you’re talking take

Ashish, at all. to that to you want add

Ashish Ghia

No.

organic is I income growth also enrollment is there Trident, separate organic resulting say operating don’t think growth in We do the that we out, growth. underlying excluding is enrollment and at AIU that correct. but our

So say. I to think that’s fair

Brendan Popson

Okay. you anything seen And for cost then synergies little bit least speak Trident, of to time? and at a had on you’ve terms revenue you’ve that in of could

Todd Nelson

compliance I And have improvements they that the level to types benefited more especially, their things able what things even think been our I I types pleased be They’re very in then faculty technology we’ve – think, and of they very the programs, at with graduate even programs and military, And for robust students. it’s have us. to infrastructure dedicated those and help brought They’re a those again, just would just particular, And quality the seen. and think them that, lot that been I staff felt Trident have graduate they’re nice think from in of they been, Well, general, the we’ve of encouraging good, with. really students. the we’ve that company. – in been relationship we of though with are that

more why two resulting the them you’re And seeing in future. effort the and of I – forward that’s of is the looking so of in quarter good growth combined the to that think

Brendan Popson

partners. And new your speak pulling like some there things to good any you but then and this question. back sounded or quarter, opportunities guess, any then remote I is It you any corporate heard incremental Could training? – corporate just last just interest any with

Todd Nelson

partners always are good All have to pulling that some a in We’ve areas – on point. our as of anybody the at going industry. as is I what’s that that not questions. fortunate our we’ve across our our industries overall risk lot this Not far of by economy. are knowledge partners been technology. Whether a back – have you affected in would that been got it’s in think Again, of

Some are And I for of positive. that’s us, very healthcare, are again, well. those in been, them areas are that doing think and

as for company. learning a far remote strength opportunities, As – there real the is the this

robust technology is benefit just people is environment I really this again, not as to think have a and in environment, academic we because technology again, that’s infrastructure what are refine And and is one to but quality to that of to of very over technologies the do of I to And going are an in this, noticed, good remote of complement face-to-face And own staff and again, efficiencies. transition some as think more as education it the than there a continue and very years dollars I a look technology academic the where, the than education. develop in you we to a cases, of and I candidly things certainly seeing this I utilized to have think I that. outcomes an really experience forward, real as noticed like the have my the and good some years on-ground learning years this think somewhat the deliver going children lacking. or, our on of from that some shine as We the And staff, where, some produce but opportunity – also the that’s type at technology. to millions our devoted forward remote grandchildren, alternative, better –

Operator

question is from Sidoti. of next Our Greg Pendy

Greg Pendy

was I this University. if was one asked probably just And this Trident with but quarter end – apologize earlier,

at thinking next that over, at next over be as two, just it be not but CTU we you quarter had, say, or CTU, the AIU, about picture, kind looking students? the just the similar and think maybe with should of the operating would big couple number how a and margin margin differential AIU if years, operating of So of same do

Todd Nelson

externally are CTU of similar believe your there’s AIU of a per there very have what And quality programmatic of program, partner a at enhanced and AIU years of what way and similar approvals of add if a level And And Again, them you will students the Trident, it AIU students. particular a so programs one is already adding your time at exist for adding are, a that, faster credit the I given we to Greg, yes, variables would potential. that depth a that the look over margins lot one that that, both you individual between that certain and those go from very certainly, that your get and can good consistency they’re yes, our program the approved the we consistent versus development programs. and had change hour, being much environment if at serve. AIU things as than cost But CTU through it’s in of offerings you the there’s in do is and opportunity that your breadth affect – question. several that. think at the of demographic lot point did number view,

shorten you margins. quarter. with Trident that allow time, And to need obviously, you. And may the really comparable feel next external But still to so again, that believe for yes, would Thank there’s that. that actually – you’re does, all elements us time look the have It But that opportunity thank we like that to forward happen. to and and we ability to. that I joining you I their we impact you excluding, there, still frame again today, the referring you scale are and think, would added the speaking certainly, just, takes accomplish

Operator

may now today’s disconnect. The conference you presentation, you and for concluded. has attending Thank now

Perdoceo Education (PRDO) 8 Aug 202020 Q2 Earnings call transcript