Perdoceo Education Corp (PRDO) 2022 Q4 法說會逐字稿

Good afternoon. Thank you for attending today's Perdoceo Education Corporation Fourth Quarter and Full Year 2022 Earnings Conference Call. My name is Hannah, and I will be your moderator for today's call. (Operator Instructions) I would now like to pass the conference over to our host, Davis Snyder with Investor Relations. Please go ahead.

下午好。感謝您參加今天的 Perdoceo Education Corporation 第四季度和 2022 年全年收益電話會議。我叫漢娜，我將擔任今天電話會議的主持人。 （操作員說明）我現在想將會議轉交給我們的主持人戴維斯斯奈德與投資者關係部。請繼續。

Thank you. Good afternoon, everyone, and thank you for joining us for our fourth quarter 2022 earnings call. With me on the call today is Todd Nelson, Executive Chairman; Andrew Hurst, President and Chief Executive Officer; and Ashish Ghia, Chief Financial Officer. This conference call is being webcast live within the Investor Relations section of perdoceoed.com. A webcast replay will also be available on our website, and you can always contact the Alpha IR Group for Investor Relations support.

謝謝。大家下午好，感謝您加入我們的 2022 年第四季度財報電話會議。今天與我通話的是執行主席 Todd Nelson； Andrew Hurst，總裁兼首席執行官；和首席財務官 Ashish Ghia。此電話會議正在 perdoceoed.com 的投資者關係部分進行網絡直播。我們的網站上也將提供網絡直播重播，您可以隨時聯繫 Alpha IR Group 以獲得投資者關係支持。

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 results, developments or changed circumstances or for any other reasons.

讓我提醒您，今天下午的收益發布和今天發表的評論包括 1934 年證券交易法第 21E 條所定義的前瞻性陳述。這些陳述基於 Perdoceo Education 做出的假設和目前可獲得的信息，涉及風險和可能導致實際未來結果、業績、業務前景和機會與這些陳述中明示或暗示的結果、業績、業務前景和機會存在重大差異的不確定性。這些風險和不確定性包括但不限於 Perdoceo 最近的 10-K 表格年度報告以及隨後向美國證券交易委員會提交的文件中確定的那些因素。除非證券法明確要求，否則公司不承擔更新這些因素或任何前瞻性陳述以反映未來結果、發展或情況變化或任何其他原因的義務。

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.

此外，今天的評論涉及非 GAAP 財務指標，旨在補充而非替代最直接可比的 GAAP 指標。今天電話會議隨附的收益發布包含今天要討論的財務和其他定量信息，以及 GAAP 與非 GAAP 措施的對賬，可在公司網站的投資者關係頁面上查閱。

With that, I'd like to turn the call over to Andrew Hurst. Andrew?

有了這個，我想把電話轉給安德魯赫斯特。安德魯？

Thank you, Davis. Good afternoon, everyone, and thank you for joining us for our fourth quarter and full year 2022 earnings call. I would like to begin by thanking our faculty, student support staff and all other employees for their commitment and hard work while serving and educating our students. 2022 was another year of operational excellence during which we executed well against our primary objectives of enhancing student experiences, retention and academic outcomes. Let's start with some of the key takeaways and highlights from the fourth quarter and full year 2022.

謝謝你，戴維斯。大家下午好，感謝您加入我們的第四季度和 2022 年全年財報電話會議。首先，我要感謝我們的教職員工、學生支持人員和所有其他員工，感謝他們在服務和教育我們的學生時所做的承諾和辛勤工作。 2022 年是卓越運營的又一年，在此期間，我們很好地實現了增強學生體驗、保留率和學業成績的主要目標。讓我們從第四季度和 2022 年全年的一些關鍵要點和亮點開始。

We experienced meaningful improvements in student retention and engagement in the second half of 2022 as compared to the first half. We believe that the first half of 2022 was still being affected by the lagging impact of the pandemic and the related macroeconomic policies. Adjustments we've made to our marketing processes are now fully annualized and have allowed us to identify prospective students who are more likely to succeed at one of our academic institutions. We continue to make additional changes to our marketing processes to further enhance and support the improvements we have made on the student retention and engagement front.

與上半年相比，我們在 2022 年下半年的學生保留率和參與度方面取得了顯著改善。我們認為2022年上半年仍受疫情和相關宏觀政策滯後影響。我們對營銷流程所做的調整現已完全按年度計算，並使我們能夠確定更有可能在我們的學術機構之一取得成功的潛在學生。我們繼續對我們的營銷流程進行其他更改，以進一步加強和支持我們在學生保留和參與方面所做的改進。

We saw continued growth within our corporate partnership program, especially at CTU. During 2022, we further increased the size of our corporate partnership team, and they are successfully engaging with employers to leverage their tuition assistance programs and provide a debt-free education to their employees. Finally, in December 2022, we completed the acquisition of Coding Dojo. Coding Dojo is focused on providing professional development, upskilling and reskilling opportunities within software and technology-related areas. We are excited to welcome the Coding Dojo team, and Ashish will provide more details on this acquisition in his prepared remarks.

我們在企業合作夥伴計劃中看到了持續增長，尤其是在 CTU。在 2022 年期間，我們進一步擴大了企業合作夥伴團隊的規模，他們成功地與雇主合作，利用他們的學費援助計劃並為他們的員工提供無債務教育。終於在 2022 年 12 月，我們完成了對 Coding Dojo 的收購。 Coding Dojo 專注於在軟件和技術相關領域提供專業發展、技能提升和再培訓機會。我們很高興歡迎 Coding Dojo 團隊，Ashish 將在他準備好的發言中提供有關此次收購的更多詳細信息。

Now to our financial results. Fourth quarter results came in ahead of our expectations. We reported net income of $16 million or $0.23 per diluted share, while adjusted earnings per diluted share, which excludes certain significant and noncash items, was $0.31.

現在我們的財務結果。第四季度的業績超出了我們的預期。我們報告的淨收入為 1600 萬美元或每股攤薄收益 0.23 美元，而調整後的每股攤薄收益（不包括某些重要的非現金項目）為 0.31 美元。

A quick note on total enrollments. At CTU, total enrollments increased by 2% as compared to the prior year-end. At AIUS, total student enrollments decreased by 10.8% as compared to prior year-end. As expected, the rate of decline at AIUS moderated from the 16.1% decline we experienced at the end of the first quarter of 2022. For both our academic institutions, these enrollment metrics were partially supported by improved student engagement and retention, especially in the second half of 2022. A few other highlights before I turn the call over to Ashish.

關於總註冊人數的快速說明。在 CTU，與去年年底相比，總入學人數增加了 2%。在 AIUS，與去年年底相比，學生入學總數下降了 10.8%。正如預期的那樣，AIUS 的下降速度比我們在 2022 年第一季度末經歷的 16.1% 的下降有所緩和。對於我們的兩個學術機構來說，這些入學指標部分得到了學生參與度和保留率提高的支持，尤其是在第二季度2022 年的一半。在我將電話轉給 Ashish 之前還有一些其他要點。

Prospective student interest has remained consistent, and we are further optimizing our enrollment processes to effectively manage the ever-changing environment of identifying prospective students. As discussed on previous calls, technology is an enabler and a differentiator for us. Leveraging data analytics and machine learnings, our student support staff have strived to provide current and prospective students with a more targeted, relevant and meaningful experience throughout their academic journey, from admissions and enrollment to classroom learning and interaction and ultimately, through graduation.

未來學生的興趣一直保持一致，我們正在進一步優化我們的招生流程，以有效管理識別未來學生的不斷變化的環境。正如之前的電話會議所討論的那樣，技術是我們的推動因素和差異化因素。利用數據分析和機器學習，我們的學生支持人員努力為現有和未來的學生提供更有針對性、相關性和有意義的體驗，貫穿他們的學術旅程，從入學和註冊到課堂學習和互動，再到畢業。

During the year, we also redesigned our learning management system, providing a more intuitive student experience. We continue to update our mobile app and have further optimized our chatbots, supporting a more effective, efficient and round-the-clock interaction with our students. Overall, 2022 was a year marked with continued commitment to operational excellence, as our faculty and student support teams remain focused on delivering quality education to current and prospective students.

在這一年中，我們還重新設計了學習管理系統，提供更直觀的學生體驗。我們繼續更新我們的移動應用程序並進一步優化我們的聊天機器人，支持與我們的學生進行更有效、高效和全天候的互動。總體而言，2022 年是我們繼續致力於卓越運營的一年，因為我們的教師和學生支持團隊仍然專注於為現有和未來的學生提供優質教育。

With that said, I would now like to turn the call over to Ashish for a deeper review of our operating performance. Ashish?

話雖如此，我現在想把電話轉給 Ashish，以更深入地審查我們的經營業績。阿希什？

Thank you, Andrew. I will review the full year and fourth quarter results and then discuss our balance sheet and 2023 outlook before handing the call back to Andrew for his closing remarks. Please note all comparisons I discuss are versus the comparative prior year period, unless otherwise stated.

謝謝你，安德魯。我將回顧全年和第四季度的業績，然後討論我們的資產負債表和 2023 年展望，然後再將電話轉回給安德魯作結束語。請注意，除非另有說明，否則我討論的所有比較都是與去年同期相比。

Before I begin, a quick reminder about year-over-year comparability. Financial results for the AIU System and CTU reflect the 4 acquisitions that have been completed since the third quarter of 2021, including the most recent acquisition, which was completed on December 1, 2022. Also, total enrollment numbers that I discuss or any enrollment trends that I refer to exclude learners participating in non-degree-seeking and professional development programs as well as degree-seeking non-Title IV self-paced programs at our universities. With that said, let us begin with an overview of our operating results.

在我開始之前，快速提醒一下同比可比性。 AIU 系統和 CTU 的財務結果反映了自 2021 年第三季度以來完成的 4 次收購，包括最近一次收購，該收購於 2022 年 12 月 1 日完成。此外，我討論的總註冊人數或任何註冊趨勢我指的是不包括參加我們大學的非學位尋求和專業發展計劃以及尋求學位的非 Title IV 自定進度計劃的學習者。話雖如此，讓我們從我們的經營業績概述開始。

For the full year 2022, operating income decreased 13% to $129.6 million. Adjusted operating income, which excludes certain significant and noncash items, was $164 million, or 6.6% lower as compared to the prior year. This decline in adjusted operating income was primarily due to nonrecurring investments at our academic institutions made during the fourth quarter in human capital and marketing as well as other operating processes.

2022 年全年，營業收入下降 13% 至 1.296 億美元。不包括某些重大和非現金項目的調整後營業收入為 1.64 億美元，比上年下降 6.6%。調整後營業收入的下降主要是由於我們的學術機構在第四季度對人力資本和營銷以及其他運營流程進行了非經常性投資。

Commensurately, for the fourth quarter, adjusted operating income of $32.4 million was 22.9% lower as compared to the prior year quarter, and adjusted earnings per diluted share was $0.31 as compared to $0.40 for the prior year quarter. Please note, the full year adjusted operating income of $164 million exceeded our latest outlook range of $157 million to $160 million, primarily due to better-than-expected student retention and engagement in the fourth quarter.

相應地，第四季度調整後營業收入為 3240 萬美元，較上年同期下降 22.9%，調整後每股攤薄收益為 0.31 美元，上年同期為 0.40 美元。請注意，全年調整後的營業收入為 1.64 億美元，超過了我們最新的 1.57 億美元至 1.6 億美元的預期範圍，這主要是由於第四季度的學生保留率和參與度好於預期。

Net income for the year was $95.9 million compared to $109.6 million, equating to $1.39 per diluted share. Adjusted earnings per diluted share, which, again, we believe is more indicative of the underlying operating performance, was down approximately 4.1% to $1.63. Full year revenue was $695.2 million as compared to $693 million, while revenue in the fourth quarter increased by 10.2% to $176.1 million.

當年的淨收入為 9590 萬美元，高於 1.096 億美元，相當於每股攤薄收益 1.39 美元。調整後每股攤薄收益下降約 4.1% 至 1.63 美元，我們認為這更能反映基本經營業績。全年收入為 6.952 億美元，去年同期為 6.93 億美元，第四季度收入增長 10.2% 至 1.761 億美元。

Both institutions experienced gradual improvements in student retention and engagement throughout the year. Please also note that the year-over-year revenue comparability was positively impacted by the academic calendar redesign as well as acquisitions completed in 2021 and 2022 that were not part of the full comparative prior year period. Excluding these benefits, revenue would have been lower at both institutions for the quarter as well as full year.

這兩所機構在全年的學生保留率和參與度方面都經歷了逐步改善。另請注意，同比收入可比性受到學術日曆重新設計以及 2021 年和 2022 年完成的收購的積極影響，這些收購不屬於上一年完整比較期間的一部分。排除這些好處，這兩個機構本季度和全年的收入都會降低。

As it relates to our segments, total student enrollments for CTU increased by 2% as of year-end while the AIU System ended the year approximately 10.8% lower. Growth in total enrollments at CTU was primarily driven by growth in our corporate partnership program. Total student enrollments declined at AIUS, but as previously mentioned, the rate of decline during the fourth quarter has moderated from declines experienced in the first half. In general, improvement in student retention and engagement experienced during the second half of the year has helped offset some of the enrollment decline experienced in the first half.

與我們的細分市場相關，截至年底，CTU 的學生入學總數增加了 2%，而 AIU 系統在年底時下降了約 10.8%。 CTU 總入學人數的增長主要是由我們的企業合作夥伴計劃的增長推動的。 AIUS 的學生入學總數有所下降，但如前所述，第四季度的下降速度已較上半年有所緩和。總的來說，下半年學生保留率和參與度的提高幫助抵消了上半年入學人數的下降。

Fourth quarter revenue at CTU was $108.4 million or 13.1% higher than the prior year quarter while the full year revenue increased by 2.7% to $419.6 million. Operating income of $34.1 million for the quarter was $1.6 million lower versus the prior year quarter, while full year operating income decreased by 4.6% to $141.6 million. At AIUS fourth quarter revenue was $67.4 million or 5.9% higher than the prior year quarter, while full year revenue decreased by 3.1% to $274.5 million. Operating income of $3.5 million during the quarter was $6.8 million lower versus the prior year quarter, while full year operating income decreased by 14.9% to $33.3 million.

CTU 第四季度收入為 1.084 億美元，比去年同期增長 13.1%，而全年收入增長 2.7% 至 4.196 億美元。本季度營業收入為 3410 萬美元，比去年同期減少 160 萬美元，而全年營業收入下降 4.6% 至 1.416 億美元。 AIUS 第四季度收入為 6740 萬美元，比去年同期增長 5.9%，而全年收入下降 3.1% 至 2.745 億美元。本季度營業收入為 350 萬美元，比去年同期減少 680 萬美元，而全年營業收入下降 14.9% 至 3330 萬美元。

The declines in operating income at both CTU and AIUS were primarily due to the nonrecurring investments discussed above and were partially offset with efficiencies within marketing and student enrollment processes. As previously discussed, excluding the positive impact on year-over-year revenue comparability from the academic calendar redesign and the acquisitions, revenue would have been lower at both academic institutions. But we ended the year on a high note as it relates to student retention and engagement, partly aided by the positive impact from various student loan initiatives. And as we enter 2023, we expect to operate at those improved levels.

CTU 和 AIUS 的營業收入下降主要是由於上面討論的非經常性投資，部分被營銷和學生註冊過程中的效率所抵消。如前所述，排除學術日曆重新設計和收購對同比收入可比性的積極影響，兩個學術機構的收入都會降低。但我們以高調結束了這一年，因為它與學生的保留率和參與度有關，這在一定程度上得益於各種學生貸款計劃的積極影響。當我們進入 2023 年時，我們希望在這些改進的水平上運營。

Moving on to Corporate and Other. Operating losses for the quarter and year were $14.9 million and $45.3 million, respectively. These losses were higher than the comparative prior year period, primarily due to increased legal fees, including those associated with acquisition efforts and the responses to the Department of Education relating to loan forgiveness applications by former students. Please refer to the disclosures regarding borrower defense to repayment in our 10-K that was filed this afternoon for additional information on this matter.

轉到公司和其他。本季度和年度的運營虧損分別為 1490 萬美元和 4530 萬美元。這些損失高於去年同期，主要是由於法律費用增加，包括與收購工作相關的費用以及對教育部有關前學生貸款減免申請的回應。有關此事的更多信息，請參閱我們今天下午提交的 10-K 中有關借款人抗辯還款的披露。

Now turning to income taxes. For the fourth quarter, we recorded a provision for income taxes of $8.5 million. This resulted in an effective tax rate of 34.7%, bringing our annual tax rate to 28.6%. The effective tax rate for the quarter was negatively impacted by approximately 9.1% as a result of the establishment of a full valuation allowance against the deferred tax asset related to an equity investment, increases in tax reserves for uncertain tax positions and the tax effect of expenses that are not deductible for income tax purposes, which on a relative basis collectively represented a higher percentage of the quarterly earnings. The full year tax rate was also negatively impacted by the establishment of a valuation allowance on select combined state net operating loss carryforwards, and the tax effect of stock compensation. Finally, we expect that for the full year 2023, our effective tax rate will be between 25.5% and 26.5%.

現在轉向所得稅。第四季度，我們記錄了 850 萬美元的所得稅準備金。這導致有效稅率為 34.7%，使我們的年稅率達到 28.6%。由於對與股權投資相關的遞延稅資產設立全額估值備抵、不確定稅收狀況的稅收儲備增加以及費用的稅收影響，本季度的實際稅率受到約 9.1% 的負面影響不可扣除所得稅，相對而言，它們共同佔季度收益的百分比較高。全年稅率也受到對選定的合併國家淨經營虧損結轉的估值津貼的建立以及股票補償的稅收影響的負面影響。最後，我們預計到 2023 年全年，我們的有效稅率將在 25.5% 至 26.5% 之間。

Now to our balance sheet and liquidity. For the full year 2022, cash flow from operations was $148.2 million versus $191.1 million in the prior year. We ended the year with $518.2 million of cash, cash equivalents, restricted cash and short-term investments. This represents an increase of approximately $18.8 million over year-end 2021. Key drivers of cash for the year were: positive cash flows from our academic institutions, which were partially offset by cash outflows related to $28.9 million of income tax payments, $23.1 million of share repurchases, $12.6 million of capital expenditures and $84.3 million related to the 2 acquisitions during 2022. For 2022, capital expenditures were $12.6 million compared to $10.5 million in the prior year. For full year 2023, we expect capital expenditures to be approximately 1% to 2% of revenues as we continue to invest in our technology infrastructure upgrade.

現在到我們的資產負債表和流動性。 2022 年全年，運營現金流為 1.482 億美元，上年為 1.911 億美元。年底，我們擁有 5.182 億美元的現金、現金等價物、受限制的現金和短期投資。這比 2021 年底增加了約 1,880 萬美元。當年現金的主要驅動因素是：來自我們學術機構的正現金流，部分被與 2,890 萬美元的所得稅支付、2,310 萬美元的所得稅相關的現金流出所抵消。股票回購、1260 萬美元的資本支出和 8430 萬美元與 2022 年的兩次收購相關。2022 年的資本支出為 1260 萬美元，而上一年為 1050 萬美元。對於 2023 年全年，隨著我們繼續投資於技術基礎設施升級，我們預計資本支出將佔收入的 1% 至 2% 左右。

Now let us discuss our outlook for 2023. We expect the full year adjusted operating income to range between $150 million and $170 million. This compares to the adjusted operating income of $164 million in 2022. This outlook reflects our current beliefs that recent improvements in student retention and engagement, partly supported by the positive impact from various student loan initiatives implemented by the current administration, will continue to persist into 2023.

現在讓我們討論一下我們對 2023 年的展望。我們預計全年調整後的營業收入將在 1.5 億美元至 1.7 億美元之間。相比之下，2022 年調整後的營業收入為 1.64 億美元。這一前景反映了我們目前的信念，即最近學生保留率和參與度的改善，部分得益於現任政府實施的各種學生貸款計劃的積極影響，將繼續持續到2023.

Full year revenue will be higher than 2022, reflecting the benefits from recent acquisitions and the academic calendar redesign at CTU as well as underlying organic improvement in student retention and engagement.

全年收入將高於 2022 年，這反映了 CTU 最近的收購和校歷重新設計帶來的好處，以及學生保留率和參與度的潛在有機改善。

Adjusted earnings per diluted share is expected to range between $1.63 and $1.85 versus $1.63 in 2022.

調整後每股攤薄收益預計在 1.63 美元至 1.85 美元之間，而 2022 年為 1.63 美元。

For the first quarter of 2023, we expect adjusted operating income to be in the range of $51 million to $53 million as compared to $50.9 million in the prior year quarter, with adjusted earnings per diluted share to range between $0.55 and $0.57 per diluted share versus $0.50 in the first quarter of 2022.

對於 2023 年第一季度，我們預計調整後的營業收入將在 5100 萬美元至 5300 萬美元之間，而去年同期為 5090 萬美元，調整後的攤薄每股收益在 0.55 美元至 0.57 美元之間，而去年同期為 0.55 美元至 0.57 美元。 2022 年第一季度為 0.50 美元。

As disclosed in our Form 10-K filed today, the Department of Education has recently gone through and is going through additional negotiated rule-making processes while also updating interpretations and guidance surrounding various other topics. While we continue to monitor and evaluate these rule-making initiatives as well as new or updated guidance coming from the department, any operational changes undertaken to ensure compliance with the department's rules and interpretations could have an impact on the outlook presented above.

正如我們今天提交的 10-K 表格中所披露的那樣，教育部最近已經並正在通過額外的協商規則制定流程，同時還更新了圍繞其他各種主題的解釋和指南。在我們繼續監測和評估這些規則制定舉措以及來自該部門的新指南或更新指南的同時，為確保遵守該部門的規則和解釋而進行的任何運營變更都可能對上述前景產生影響。

Our 2023 outlook also assumes ongoing investments in technology, data analytics, academics and student support processes. We believe these investments have been successful in positively impacting academic outcomes and student experiences. We will also continue to increase the size of the corporate partnership team at CTU and make selective investments in our recent acquisitions as they integrate within our academic institutions.

我們的 2023 年展望還假設持續投資於技術、數據分析、學術和學生支持流程。我們相信這些投資已經成功地對學術成果和學生體驗產生了積極影響。我們還將繼續擴大 CTU 企業合作夥伴團隊的規模，並在我們最近的收購整合到我們的學術機構時對其進行選擇性投資。

I would like to conclude by commenting on our balanced approach to capital allocation that is intended to enhance shareholder value while maintaining appropriate levels of student-serving investments in our academic institutions. We continue to focus on maintaining a strong balance sheet and adequate liquidity while investing in organic projects, in particular, technology-related initiatives which are designed to benefit our students and evaluating diverse strategies to enhance stockholder value, including acquisitions and share repurchases.

最後，我想評論一下我們平衡的資本配置方法，該方法旨在提高股東價值，同時保持對我們學術機構的學生服務投資的適當水平。我們繼續專注於保持強勁的資產負債表和充足的流動性，同時投資有機項目，特別是旨在使我們的學生受益的技術相關計劃，並評估各種戰略以提高股東價值，包括收購和股票回購。

With respect to share repurchases, we repurchased 2.1 million shares in 2022 for approximately $23.1 million at an average price of $11.02 per share. As of December 31, 2022, approximately $26.8 million was still available under our authorized stock repurchase program. It is our intent to continue repurchasing shares under our program when market and other conditions are appropriate.

在股票回購方面，我們在 2022 年以每股 11.02 美元的平均價格以約 2310 萬美元的價格回購了 210 萬股股票。截至 2022 年 12 月 31 日，根據我們的授權股票回購計劃，仍有約 2680 萬美元可用。我們打算在市場和其他條件合適時繼續根據我們的計劃回購股票。

And with respect to acquisitions, we continue to explore acquisition opportunities that further extend the depth and breadth of our educational and academic offerings. Speaking of which, let us take a minute to discuss the acquisition of Coding Dojo, which was completed in December of 2022.

在收購方面，我們繼續探索收購機會，進一步擴展我們教育和學術產品的深度和廣度。說到這裡，讓我們花點時間討論一下 2022 年 12 月完成的對 Coding Dojo 的收購。

Coding Dojo is an education technology company providing upskilling and reskilling opportunities in technology and various computer programming languages. Since 2013, Coding Dojo has been educating students using its unique 3-stack approach and providing graduates with the ability to learn new technology and programming languages. The initial cash consideration was approximately $53 million. Additionally, there is a contingent consideration payable over 2 years if certain performance metrics are met. For the year ended 2022, Coding Dojo had unaudited revenues of approximately $35 million, and we expect to be at least cash flow neutral for 2023.

Coding Dojo 是一家教育技術公司，提供技術和各種計算機編程語言方面的技能提升和再培訓機會。自 2013 年以來，Coding Dojo 一直在使用其獨特的 3-stack 方法對學生進行教育，並為畢業生提供學習新技術和編程語言的能力。初始現金對價約為 5300 萬美元。此外，如果滿足某些績效指標，則在 2 年內支付或有對價。截至 2022 年，Coding Dojo 未經審計的收入約為 3500 萬美元，我們預計 2023 年現金流至少會保持中性。

Please refer to our earnings release filed today for important information about the key assumptions and factors underlying the discussion from today's call as well as the GAAP to non-GAAP reconciliations.

請參閱我們今天提交的收益報告，了解有關今天電話會議討論的關鍵假設和因素以及 GAAP 與非 GAAP 對賬的重要信息。

With that, I will turn the call back over to Andrew for his closing remarks. Andrew?

有了這個，我將把電話轉回給安德魯，讓他發表結束語。安德魯？

Thank you, Ashish. In closing, I am proud of the way our company executed throughout 2022, and I am pleased with the momentum we have following the fourth quarter. Going forward, our academic institutions remain focused on serving and educating students, and our investments will continue to prioritize student experiences and academic outcomes. I would like to once again thank all of our students and staff for their ongoing hard work and dedication. Thank you for joining us today, and we look forward to speaking with you next quarter.

謝謝你，阿希什。最後，我為我們公司在整個 2022 年的執行方式感到自豪，我對我們在第四季度之後的勢頭感到滿意。展望未來，我們的學術機構將繼續專注於服務和教育學生，我們的投資將繼續優先考慮學生體驗和學術成果。我想再次感謝我們所有的學生和教職員工一直以來的辛勤工作和奉獻精神。感謝您今天加入我們，我們期待下個季度與您交談。

That concludes today's Perdoceo Education Corporation Fourth Quarter and Full Year 2022 Earnings Conference Call. Thank you for your participation. You may now disconnect your lines.

今天的 Perdoceo Education Corporation 第四季度和 2022 年全年收益電話會議到此結束。感謝您的參與。您現在可以斷開線路。