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Business Wire
31-07-2025
- Business
- Business Wire
Perdoceo Education Corporation Reports Second Quarter and
BUSINESS WIRE)--Perdoceo Education Corporation (NASDAQ: PRDO), a provider of postsecondary education programs, today reported operating and financial results for the quarter and year to date ended June 30, 2025. 'During the second quarter, our academic institutions continued to generate strong levels of prospective student interest, while student retention and engagement trended near multi-year highs,' said Todd Nelson, President and Chief Executive Officer. 'University of St. Augustine is executing well against its long-term goals and we continue to invest in academic, student support and learning technologies across our academic institutions. Finally, in line with our capital allocation strategy the Board authorized a new $75 million share buyback plan and approved a 15.4% increase in the quarterly dividend, the second such increase since the dividend commenced in 2023.' Second Quarter 2025 Results as Compared to Prior Year Quarter Total student enrollments at June 30, 2025 increased by 17.4% supported by a 7.4% increase at CTU, a 7.1% increase at AIUS and the acquisition of St. Augustine. Revenue increased 25.7% to $209.6 million compared to $166.7 million in the prior year quarter. Operating income increased 11.7% to $51.4 million, while adjusted operating income increased 25.4% to $61.5 million.* Earnings per diluted share was $0.62 as compared to $0.57, while adjusted earnings per diluted share was $0.67 as compared to $0.59.* Ended the quarter with $659.6 million in cash, cash equivalents, restricted cash and available-for-sale-short-term investments. On July 31, 2025 the Board increased the per share quarterly dividend by 15.4% to $0.15 per share, marking a second increase since the first quarterly dividend payment of $0.11 per share in 2023. Year to Date 2025 Results as Compared to Prior Year to Date Revenue increased 26.1% to $422.6 million compared to $335.0 million in the prior year to date. Operating income increased 11.7% to $103.1 million, while adjusted operating income increased 27.2% to $125.1 million.* Earnings per diluted share was $1.27 as compared to $1.16, while adjusted earnings per diluted share was $1.37 as compared to $1.19.* The Company bought back 1.6 million shares for $46.1 million and the Board authorized a new $75.0 million share buyback program effective July 31, 2025, which is set to expire in 18 months. TOTAL STUDENT ENROLLMENTS As of June 30, 2025, total student enrollments were 46,500, an increase of 17.4% as compared to 39,600 total student enrollments as of June 30, 2024. As of June 30, Total Student Enrollments 2025 2024 % Change CTU (1) 31,900 29,700 7.4 % AIUS (1) 10,600 9,900 7.1 % USAHS (2) 4,000 - NM Total 46,500 39,600 17.4 % Expand REVENUE For the quarter ended June 30, 2025, revenue increased 25.7% to $209.6 million compared to revenue of $166.7 million for the prior year quarter. For the year to date ended June 30, 2025, revenue increased 26.1% to $422.6 million compared to revenue of $335.0 million for the prior year to date. For the Quarter Ended June 30, For the Year to Date Ended June 30, Revenue ($ in thousands) 2025 2024 % Change 2025 2024 % Change CTU $ 117,970 $ 112,828 4.6 % $ 237,549 $ 226,397 4.9 % AIUS 54,723 53,722 1.9 % 108,782 108,227 0.5 % USAHS (2) 36,697 - NM 75,880 - NM Corporate and Other 191 190 NM 374 380 NM Total $ 209,581 $ 166,740 25.7 % $ 422,585 $ 335,004 26.1 % Expand (1) Total student enrollments do not include learners participating in: a) non-degree seeking and professional development programs, and b) degree seeking, non-Title IV, self-paced programs at our universities. (2) Perdoceo completed the acquisition of USAHS on December 2, 2024. Expand OPERATING INCOME For the quarter ended June 30, 2025, operating income increased 11.7% to $51.4 million as compared to the prior year quarter. For the year to date ended June 30, 2025, operating income increased by 11.7% to $103.1 million as compared to the prior year to date. For the Quarter Ended June 30, For the Year to Date Ended June 30, Operating Income ($ in thousands) 2025 2024 % Change 2025 2024 % Change CTU $ 46,262 $ 42,890 7.9 % $ 92,359 $ 85,046 8.6 % AIUS 12,080 12,926 -6.5 % 23,964 22,212 7.9 % USAHS (1) (1,694 ) - NM (2,024 ) - NM Corporate and Other (5,249 ) (9,810 ) NM (11,173 ) (14,974 ) NM Total $ 51,399 $ 46,006 11.7 % $ 103,126 $ 92,284 11.7 % Expand (1) Perdoceo completed the acquisition of USAHS on December 2, 2024. Expand ADJUSTED OPERATING INCOME The Company believes it is useful to present non-GAAP financial measures, which exclude certain significant and non-cash items, as a means to understand the performance of its operations. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.) For the quarter ended June 30, 2025, adjusted operating income of $61.5 million increased 25.4% compared to adjusted operating income of $49.1 million for the prior year quarter. For the year to date ended June 30, 2025, adjusted operating income of $125.1 million increased 27.2% compared to adjusted operating income of $98.4 million for the prior year to date. NET INCOME AND EARNINGS PER DILUTED SHARE For the quarter ended June 30, 2025, the Company recorded: Net income of $41.0 million compared to $38.4 million for the prior year quarter. Earnings per diluted share of $0.62 compared to $0.57 for the prior year quarter. Adjusted earnings per diluted share of $0.67 compared to $0.59 for the prior year quarter. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.) For the year to date ended June 30, 2025, the Company recorded: Net income of $84.7 million compared to $77.9 million for the prior year to date. Earnings per diluted share of $1.27 compared to $1.16 for the prior year to date. Adjusted earnings per diluted share of $1.37 compared to $1.19 for the prior year to date. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.) (1) The tax effect of adjustments was calculated by multiplying the pre-tax adjustments with a tax rate of 25.0%. This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments. Expand CAPITAL ALLOCATION During the year to date ended June 30, 2025, the Company repurchased 1.6 million shares of our common stock for $46.1 million at an average price of $28.19 per share and made capital expenditures of $2.8 million. On July 31, 2025, the board of directors of the Company approved a new stock repurchase program for up to $75.0 million which will commence on July 31, 2025 and expires January 31, 2027. The new stock repurchase program replaced the previous stock repurchase program. The other terms of the stock repurchase program are generally consistent with the Company's previous stock repurchase program. On July 31, 2025 the board of directors declared a quarterly dividend of $0.15 per share, which will be paid on September 12, 2025 for holders of record of common stock as of September 2, 2025. This marks a 15.4% increase in our quarterly dividend, the second such increase since dividends commenced in 2023. Any decision to pay future cash dividends, however, will be made by the board of directors and depend on the Company's available retained earnings, financial condition and other relevant factors. The Company expects quarterly dividend payments to be an integral and growing part of its balanced capital allocation strategy that also prioritizes investments in student support and technology projects, while also evaluating acquisitions and share repurchases. BALANCE SHEET AND CASH FLOW For the quarter ended June 30, 2025 net cash provided by operating activities was $78.8 million, compared to net cash provided by operating activities of $38.5 million for the prior year quarter. For the year to date ended June 30, 2025, net cash provided by operating activities was $143.9 million, compared to net cash provided by operating activities of $93.0 million for the prior year to date. As of June 30, 2025 and December 31, 2024, cash, cash equivalents, restricted cash and available-for-sale short-term investments totaled $659.6 million and $591.5 million, respectively. OUTLOOK The Company is providing the following third quarter outlook along with a full year outlook, subject to the key assumptions identified below. Please see the GAAP to non-GAAP reconciliation for adjusted operating income and adjusted earnings per diluted share attached to this press release for further details. Operating income, which is the most directly comparable GAAP measure to adjusted operating income, and earnings per diluted share, which is the most directly comparable GAAP measure to adjusted earnings per diluted share, may not follow the same trends stated in the outlook above because of adjustments made for certain non-cash items. The operating income, adjusted operating income, earnings per share and adjusted earnings per share outlook provided above for 2025 are based on the following key assumptions and factors, among others: (i) prospective student interest in the Company's programs and trends in student retention and engagement remain consistent with management's recent experiences and future expectations, (ii) no significant impact from current or future federal budget reconciliation or other legislative processes on the availability of current levels of federal student aid or the conditions associated with participating in such aid programs, (iii) no significant impact from new or proposed regulations, or from updated interpretations of current regulation, administrative actions by or changes in the structure of federal agencies or other adverse changes in the legal or regulatory environment, which may require operational changes in the way the Company's academic institutions attract, connect with, enroll, support and educate current and prospective students, among other impacts, (iv) no significant operating impacts from the settlement with the U.S. Federal Trade Commission or other legal or regulatory matters, (v) no material disruptions to the availability of the current levels of federal student aid whether due to the restructuring of federal agencies, staffing related changes or layoffs or changes to congressional funding priorities, (vi) earnings per diluted share outlook assumes an effective income tax rate of approximately 29.0% for the third quarter and approximately 26.5% for the full year, and (vii) excludes any future impact from the Company's stock repurchase program. Although these estimates and assumptions are based upon management's good faith beliefs regarding current and future circumstances and actions that may be undertaken, actual results could differ materially from these estimates. In addition, decisions the Company makes in the future as it continues to evaluate diverse strategies to enhance stockholder value may impact the outlook provided above. CONFERENCE CALL INFORMATION Perdoceo Education Corporation will host a conference call on Thursday, July 31, 2025 at 5:00 p.m. Eastern time to discuss second quarter 2025 results and 2025 outlook. Interested parties can access the live webcast of the conference call at in the Investor Relations section of the website. Participants can also listen to the conference call by dialing 1-800-715-9871 (domestic) or 1-646-307-1963 (international). Both dial-in numbers will use the access code 4671240. Viewers can also access the conference call by following this link Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. An archived version of the webcast will be accessible for 90 days at in the Investor Relations section of the website. ABOUT PERDOCEO EDUCATION CORPORATION Perdoceo's accredited academic institutions offer a quality postsecondary education to a diverse student population, with fully online, campus-based and hybrid learning programs. The Company's academic institutions – Colorado Technical University (' CTU '), the American InterContinental University System (' AIUS ' or ' AIU System ') and University of St. Augustine for Health Sciences (" USAHS") – provide degree programs from the associate through doctoral level as well as non-degree seeking and professional development programs. Our academic institutions offer students industry-relevant and career-focused academic programs that are designed to meet the educational needs of today's busy adults. CTU and AIUS continue to show innovation in higher education, advancing personalized learning technologies like their intellipath® learning platform and using data analytics and technology to serve and educate students while enhancing overall learning and academic experiences. USAHS prepares medical professionals to provide quality medical care to communities across the country primarily through its graduate health sciences degree offerings in physical therapy, occupational therapy, speech language therapy and nursing, as well as continuing education programs. Perdoceo's academic institutions are committed to providing quality education that closes the gap between learners who seek to advance their careers and employers and communities needing a qualified workforce. For more information, please visit Except for the historical and present factual information contained herein, the matters set forth in this release, including statements identified by words such as 'believe,' 'will,' 'expect,' 'continue,' 'outlook,' 'remain,' 'focused on,' 'should' and similar expressions, are forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on information currently available to us and are subject to various assumptions, risks, uncertainties and other factors that could cause our results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Except as expressly required by the federal securities laws, we undertake no obligation to update or revise such factors or any of the forward-looking statements contained herein to reflect future events, developments or changed circumstances, or for any other reason. These risks and uncertainties, the outcomes of which could materially and adversely affect our financial condition and operations, include, but are not limited to, the following: declines in enrollment or interest in our programs or our ability to attract and connect with prospective students; our continued compliance with and eligibility to participate in Title IV Programs under the Higher Education Act of 1965, as amended, and the regulations thereunder (including the new 90-10, gainful employment, financial responsibility and administrative capability standards prescribed by the U.S. Department of Education, the "Department"), as well as applicable accreditation standards and state regulatory requirements; the impact of various versions of 'borrower defense to repayment' regulations; the final outcome of various legal challenges to the Department's loan discharge and forgiveness efforts; rulemaking or changing interpretations of existing regulations, guidance or historical practices by the Department, or any state or accreditor and increased focus by Congress and governmental agencies on, or increased negative publicity about, for-profit education institutions; the impact of any federal budget reconciliation or other legislative process on the availability of current levels of federal student aid or the conditions associated with participating in such aid programs; the success of our initiatives to improve student experiences, retention and academic outcomes; our continued ability to participate in educational assistance programs for key employers, veterans or other military personnel; our ability to pay dividends on our common stock and execute our stock repurchase program; increased competition; the impact of management changes; and changes in the overall U.S. economy. Further information about these and other relevant risks and uncertainties may be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and its subsequent filings with the Securities and Exchange Commission. PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES (In thousands, except per share amounts and percentages) For the Quarter Ended June 30, 2025 % of Total Revenue 2024 % of Total Revenue REVENUE: Tuition and fees, net $ 208,375 99.4 % $ 165,404 99.2 % Other 1,206 0.6 % 1,336 0.8 % Total revenue 209,581 166,740 OPERATING EXPENSES: Educational services and facilities 50,241 24.0 % 27,516 16.5 % General and administrative 97,793 46.7 % 89,311 53.6 % Depreciation and amortization 10,148 4.8 % 3,069 1.8 % Asset impairment - 0.0 % 838 0.5 % Total operating expenses 158,182 75.5 % 120,734 72.4 % Operating income 51,399 24.5 % 46,006 27.6 % OTHER INCOME: Interest income 6,460 3.1 % 7,190 4.3 % Interest expense (1,611 ) -0.8 % (112 ) -0.1 % Miscellaneous expense (10 ) 0.0 % (70 ) 0.0 % Total other income 4,839 2.3 % 7,008 4.2 % PRETAX INCOME 56,238 26.8 % 53,014 31.8 % Provision for income taxes 15,210 7.3 % 14,585 8.7 % NET INCOME 41,028 19.6 % 38,429 23.0 % NET INCOME PER SHARE - BASIC: $ 0.63 $ 0.59 NET INCOME PER SHARE -DILUTED: $ 0.62 $ 0.57 WEIGHTED AVERAGE SHARES OUTSTANDING: Basic 65,331 65,611 Diluted 66,582 67,077 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Quarter Ended June 30, (In Thousands) 2025 2024 NET INCOME $ 41,028 $ 38,429 OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Foreign currency translation adjustments - (8 ) Unrealized gain (loss) on investments 49 (93 ) Total other comprehensive income (loss) 49 (101 ) COMPREHENSIVE INCOME $ 41,077 $ 38,328 Expand For the Year to Date Ended June 30, 2025 % of Total Revenue 2024 % of Total Revenue REVENUE: Tuition and fees, net $ 420,223 99.4 % $ 332,402 99.2 % Other 2,362 0.6 % 2,602 0.8 % Total revenue 422,585 335,004 OPERATING EXPENSES: Educational services and facilities 98,783 23.4 % 57,374 17.1 % General and administrative 198,721 47.0 % 176,793 52.8 % Depreciation and amortization 21,955 5.2 % 6,085 1.8 % Asset impairment - 0.0 % 2,468 0.7 % Total operating expenses 319,459 75.6 % 242,720 72.5 % Operating income 103,126 24.4 % 92,284 27.5 % OTHER INCOME: Interest income 12,936 3.1 % 13,983 4.2 % Interest expense (3,293 ) -0.8 % (447 ) -0.1 % Miscellaneous (expense) income (26 ) 0.0 % 45 0.0 % Total other income 9,617 2.3 % 13,581 4.1 % PRETAX INCOME 112,743 26.7 % 105,865 31.6 % Provision for income taxes 28,027 6.6 % 27,994 8.4 % NET INCOME 84,716 20.0 % 77,871 23.2 % NET INCOME PER SHARE - BASIC: $ 1.29 $ 1.19 NET INCOME PER SHARE -DILUTED: $ 1.27 $ 1.16 WEIGHTED AVERAGE SHARES OUTSTANDING: Basic 65,504 65,583 Diluted 66,722 66,956 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Year to Date Ended June 30, (In Thousands) 2025 2024 NET INCOME $ 84,716 $ 77,871 OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Foreign currency translation adjustments - (39 ) Unrealized gain (loss) on investments 556 (1,016 ) Total other comprehensive income (loss) 556 (1,055 ) COMPREHENSIVE INCOME $ 85,272 $ 76,816 Expand PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Year to Date Ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 84,716 $ 77,871 Adjustments to reconcile net income to net cash provided by operating activities: Asset impairment - 2,468 Depreciation and amortization expense 21,955 6,085 Bad debt expense 13,015 12,631 Compensation expense related to share-based awards 5,443 4,557 Deferred income taxes - 562 Changes in operating assets and liabilities 18,776 (11,157 ) Net cash provided by operating activities 143,905 93,017 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of available-for-sale investments (192,891 ) (204,060 ) Sales of available-for-sale investments 189,272 145,945 Purchases of property and equipment (4,489 ) (2,022 ) Business acquisition 854 - Net cash used in investing activities (7,254 ) (60,137 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of common stock 1,295 1,805 Purchase of treasury stock (46,082 ) (6,769 ) Payments of employee tax associated with stock compensation (7,544 ) (3,435 ) Payments of cash dividends and dividend equivalents (17,718 ) (14,613 ) Earnout payments for business acquisition (1,757 ) - Principal payments for finance lease (2,432 ) - Principal payments for failed sale leaseback (489 ) - Net cash used in financing activities (74,727 ) (23,012 ) 61,924 9,868 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period 131,753 119,021 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period $ 193,677 $ 128,889 Expand PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES UNAUDITED SELECTED SEGMENT INFORMATION (In thousands, except percentages) For the Quarter Ended June 30, 2025 2024 REVENUE: CTU $ 117,970 $ 112,828 AIUS 54,723 53,722 USAHS (1) 36,697 - Corporate and Other 191 190 Total $ 209,581 $ 166,740 OPERATING INCOME (LOSS): CTU $ 46,262 $ 42,890 AIUS 12,080 12,926 USAHS (1) (1,694 ) - Corporate and Other (5,249 ) (9,810 ) Total $ 51,399 $ 46,006 OPERATING MARGIN (LOSS): CTU 39.2 % 38.0 % AIUS 22.1 % 24.1 % USAHS (1) NM NM Corporate and Other NM NM Total 24.5 % 27.6 % Expand (1) Perdoceo completed the acquisition of USAHS on December 2, 2024. Expand PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES UNAUDITED SELECTED SEGMENT INFORMATION (In thousands, except percentages) For the Year to Date Ended June 30, 2025 2024 REVENUE: CTU $ 237,549 $ 226,397 AIUS 108,782 108,227 USAHS (1) 75,880 - Corporate and Other 374 380 Total $ 422,585 $ 335,004 OPERATING INCOME (LOSS): CTU $ 92,359 $ 85,046 AIUS 23,964 22,212 USAHS (1) (2,024 ) - Corporate and Other (11,173 ) (14,974 ) Total $ 103,126 $ 92,284 OPERATING MARGIN (LOSS): CTU 38.9 % 37.6 % AIUS 22.0 % 20.5 % USAHS (1) NM NM Corporate and Other NM NM Total 24.4 % 27.5 % Expand (1) Perdoceo completed the acquisition of USAHS on December 2, 2024. Expand PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1) (cont'd) For the Quarter Ended June 30, For the Year to Date Ended June 30, ACTUAL ACTUAL 2025 2024 2025 2024 Pre-tax adjustments included in operating expenses: Amortization for acquired intangible assets (2) 0.06 0.02 0.13 0.04 Total pre-tax adjustments $ 0.06 $ 0.02 $ 0.13 $ 0.04 Tax effect of adjustments (3) (0.01 ) - (0.03 ) (0.01 ) Total adjustments after tax 0.05 0.02 0.10 0.03 Adjusted Earnings Per Diluted Share $ 0.67 $ 0.59 $ 1.37 $ 1.19 For the Quarter Ending September 30, For the Year to Date Ending December 31, 2025 2024 2025 2024 Reported Earnings Per Diluted Share $0.55 - $0.57 $ 0.57 $2.29 - $2.36 $ 2.19 Pre-tax adjustments included in operating expenses: Amortization for acquired intangible assets (2) 0.06 0.02 0.26 0.09 Total pre-tax adjustments 0.06 $ 0.02 0.26 0.09 Tax effect of adjustments (3) (0.01) - (0.07) (0.02) Total adjustments after tax 0.05 0.02 0.19 0.07 Adjusted Earnings Per Diluted Share $0.60 - $0.62 $ 0.59 $2.48 - $2.55 $ 2.26 Expand PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1) (cont'd) (1) The Company believes it is useful to present non-GAAP financial measures which may exclude certain non-cash items as a means to understand the core performance of its operations. As a general matter, the Company uses non-GAAP financial measures in conjunction with results presented in accordance with GAAP to help analyze the performance of its operations, assist with preparing the annual operating plan, and measure performance for some forms of compensation. In addition, the Company believes that non-GAAP financial information is used by analysts and others in the investment community to analyze the Company's historical results and to provide estimates of future performance. The Company believes adjusted operating income and adjusted earnings per diluted share allow it to analyze and assess its operations and compare current operating results with the operational performance of other companies in its industry because it does not give effect to potential differences caused by items it does not consider reflective of underlying operating performance, such as depreciation and amortization. The Company believes the items it is adjusting for are not normal operating expenses necessary to run its business. In evaluating adjusted operating income and adjusted earnings per diluted share, investors should be aware that in the future the Company may incur expenses similar to the adjustments presented above. The presentation of adjusted operating income and adjusted earnings per diluted share should not be construed as an inference that the Company's future results will be unaffected by expenses that are unusual, non-routine or non-recurring. Adjusted operating income and adjusted earnings per diluted share have limitations as an analytical tool, and should not be considered in isolation, or as a substitute for net income, operating income, earnings per diluted share, or any other performance measure derived in accordance with and reported under GAAP or as an alternative to cash flow from operating activities or as a measure of liquidity. Non-GAAP financial measures, when viewed in a reconciliation to corresponding GAAP financial measures, provide an additional way of viewing the Company's results of operations and the factors and trends affecting the Company's business. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding financial results presented in accordance with GAAP. Results of operations include the USAHS acquisition as of December 2, 2024. (2) Amortization for acquired intangible assets relate to definite-lived intangible assets associated with acquisitions. (3) The tax effect of adjustments was calculated by multiplying the pre-tax adjustments with a tax rate of 25.0%. This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments. Expand
Yahoo
21-06-2025
- Sport
- Yahoo
Penguins fill out Dan Muse's coaching staff
This article originally appeared on First-year coach Dan Muse's staff will include two assistants who played for the Pittsburgh Penguins. Make that three, if you include goalie coach Andy Chiodo, who Muse has decided to retain. Advertisement The other two are Nick Bonino, a bottom-six center on the Penguins' Stanley Cup-winning teams in 2016 and 2017, and Todd Nelson, a defenseman who was the team's fourth-round draft choice in 1989 and played one game with them in 1991. In addition, former NHL winger Rich Clune was hired as an assistant, while Troy Paquette was brought in as an assistant video coach. Click here to read more from Download the FREE WPXI News app for breaking news alerts. Follow Channel 11 News on Facebook and Twitter. | Watch WPXI NOW
New York Times
20-06-2025
- Sport
- New York Times
Penguins hire Nick Bonino, Todd Nelson as assistant coaches, retain goalie coach Andy Chiodo
PITTSBURGH — Dan Muse's coaching staff is complete. The Pittsburgh Penguins announced Friday that the assistant coaches who will surround the first-year head coach include former Penguins center Nick Bonino, former Hershey Bears head coach Todd Nelson, former Anaheim Ducks assistant coach Rich Clune and former Toronto Marlies video coach Troy Paquette, who will become an assistant video coach for the Penguins under video coach Madison Nikkel. Goaltending coach Andy Chiodo will remain on the staff. Let's take a look at each coach a bit more closely: Why he makes sense: One of the most respected and cerebral members of the 2016 and 2017 Stanley Cup champion Penguins, Bonino has never coached before but seems to have some natural attributes for the role. Former Penguins coach Mike Sullivan was fond of saying that a few of his players on that team — he would always mention Bonino and Matt Cullen — were like coaches on the ice. Advertisement There is another connection, too: In 2023-24, Bonino played under Muse with the Rangers and, before that, during his time with the Nashville Predators. Muse was an assistant coach on both of those teams. The Penguins have a lot of veterans on this team, and Muse was hired primarily to guide the new wave of Penguins who will arrive in the coming seasons. While Bonino has never coached before, he was a respected teammate of Sidney Crosby, Evgeni Malkin, Kris Letang and Bryan Rust. He also played with Erik Karlsson in San Jose. If there is a problem between the new coach and one of the veterans, Bonino is a natural bridge. The Penguins have suffered greatly defensively since Bonino's 2017 departure and haven't been as difficult to play against since he left. Those were two areas of expertise during his NHL career, and perhaps he will bring some wisdom to the young Penguins in this regard. He also remains a fan favorite and the subject of a viral Punjabi goal call by Harnarayan Singh in 2016: What Muse is saying about him: 'Nick's understanding of what it takes to win at the NHL level is unmatched, and his unique experience as a player who filled many different roles over the course of his career will only help him as an assistant coach. His familiarity with the Penguins organization, as well as my familiarity with him as a player, and person, made him a great fit for this role, and we're excited to welcome him to our coaching staff as he enters the next phase of his career.' Why he makes sense: Nelson was considered one of the best — if not the best — coaches in the American Hockey League. He was also briefly the head coach of the Edmonton Oilers a decade ago and served as an assistant coach at the NHL level with the Atlanta Thrashers and Dallas Stars. He was a candidate for the Penguins head coaching job, and this hire will be roundly praised. Nelson is very highly regarded in hockey circles, and his experience will figure to pay some dividends for a coaching staff that isn't overly experienced. He has been a head or assistant coach for more than 20 years and was named the 2024 AHL Coach of the Year. 3 seasons in Chocolatetown. 141 wins. 2 Calder Cups. For that, and the countless memories that will last a lifetime, thank you 🫶🏻 Join us in wishing Todd Nelson all the best as he heads back to the NHL as an assistant coach with the @penguins! 📰 — Hershey Bears (@TheHersheyBears) June 20, 2025 What Muse is saying about him: 'With over two decades of coaching experience, Todd brings a championship pedigree and a winning history that speaks for itself. He has consistently demonstrated an exceptional ability to get the most out of his players, most recently in Hershey, and his leadership qualities and wealth of experience will be a tremendous asset to our team as we continue to build a culture of excellence.' Advertisement Why he makes sense: There is real familiarity and a pretty strong connection to Kyle Dubas, the Penguins' president and general manager. Clune, a tough customer as a player for five seasons with the Los Angeles Kings, Predators and Maple Leafs, began his NHL coaching career in the Toronto organization while Dubas was Maple Leafs GM. Dubas named him a player development coach in 2022. He would later join the Marlies (AHL) staff as an assistant coach before moving on to Anaheim as an assistant coach at the NHL level last season. The Penguins want to get tougher to play against, and Clune, a tough player in his day, should have some ideas on how that can happen. He's also a highly regarded, young coach. What Muse is saying about him: 'Rich brings a wealth of knowledge across every level of professional hockey, spanning from his 15-year playing career to his time in development and coaching at the AHL and NHL levels over the past three years. Rich's experience in coaching, development and as a former player and captain will be extremely valuable in this role, and we're excited for his addition to our coaching staff.' Why he makes sense: The decision to retain Chiodo, whom the Penguins promoted to be their NHL goaltending coach in 2021, will come as a surprise to some fans, given the considerable struggles that goaltenders Tristan Jarry and Alex Nedeljkovic endured last season. However, Chiodo will be back coaching the Penguins' goaltenders. While their goaltending was not up to par last season by anyone's estimation, the Penguins generally believe that their putrid defensive work last season — not their goaltending itself — was the biggest reason for their inability to prevent goals. Chiodo is extremely well-liked in the organization. The work he and Jarry did together during the final month of the regular season stood out. Advertisement Why he makes sense: Video coaches have become more important in recent years, as everything from replay challenges to in-depth, strategic nuance is highly dependent on their work. Paquette is considered one of the best in the business, and Sullivan ofter referred to him as a 'superstar.' Trust is particularly important for a video coach, and Paquette, a native of Kingston, Ont., was hired by Dubas as Marlies video coach in 2021. So, familiarity and trust are already in place between the general manager and Paquette. (Photo of Nick Bonino: Bruce Bennett / Getty Images)
CBS News
20-06-2025
- Sport
- CBS News
Penguins officially introduce Nick Bonino and the rest of the 2025-26 coaching staff
The Penguins made it official on Friday afternoon, naming Nick Bonino as an assistant coach for the 2025-26 season. "Nick's understanding of what it takes to win at the NHL level is unmatched, and his unique experience as a player who filled many different roles over the course of his career will only help him as an assistant coach," said Head Coach Dan Muse. "His familiarity with the Penguins organization, as well as my familiarity with him as a player and person, made him a great fit for this role, and we're excited to welcome him to our coaching staff as he enters the next phase of his career." Joining Bonino on Muse's staff will be assistant coaches Todd Nelson and Rich Clune. The team also named Troy Paquette as assistant video coach. Remaining on the coaching staff is goaltending coach Andy Chiodo. ' The 56-year-old Nelson is returning to the NHL after spending the last three seasons as the head coach of the Washington Capitals' AHL affiliate, Hershey Bears. In that time, the Bears won back-to-back Calder Cups in 2023 and 2024. His team also set an AHL record of winning nine consecutive playoff series. Over three seasons, Nelson coached the Bears to an overall record of 141-53-12-10. "With over two decades of coaching experience, Todd brings a championship pedigree and a winning history that speaks for itself," said Muse. "He has consistently demonstrated an exceptional ability to get the most out of his players, most recently in Hershey, and his leadership qualities and wealth of experience will be a tremendous asset to our team as we continue to build a culture of excellence." Clune joins the Penguins staff after serving as an assistant coach with the Anaheim Ducks last season. The 38-year-old got his coaching start with the Toronto Maple Leafs under Kyle Dubas when he was a player development coach in 2022. The next year, he was an assistant coach for the Maple Leafs' AHL affiliate, the Toronto Marlies. He had a 15-year professional playing career across the NHL, AHL, and ECHL. Clune played 139 NHL games with the Los Angeles Kings, Nashville Predators, and Maple Leafs, scoring 22 points. "Rich brings a wealth of knowledge across every level of professional hockey, spanning from his 15-year playing career to his time in development and coaching at the AHL and NHL levels over the past three years," said Muse. "Rich's experience in coaching, development, and as a former player and captain will be extremely valuable in this role, and we're excited for his addition to our coaching staff." Paquette comes to Pittsburgh after spending the last four years as the video coach for the Marlies.
Yahoo
04-06-2025
- Business
- Yahoo
Kalahari Resorts & Conventions Celebrates Major Construction Milestone in Virginia
1.38 million-square-foot resort on track to open November 2026; Governor highlights statewide business growth during milestone event SPOTSYLVANIA, Va., June 04, 2025--(BUSINESS WIRE)--Kalahari Resorts & Conventions marked a major construction milestone today with a Ceremonial Steel Signing at its newest location in Spotsylvania, Virginia. Set to open in November 2026, the $900 million development is Kalahari's most ambitious resort to date and will bring 1.38 million square feet of all-under-one-roof experiences to the East Coast. To commemorate the occasion, Virginia Governor Glenn Youngkin joined Kalahari leadership, construction partners, and community stakeholders on site to celebrate progress and underscore the project's role in Virginia's broader economic growth. During remarks, the Governor referenced the more than $100 billion in capital investment commitments made across the Commonwealth to date - positioning Virginia as a national leader in business expansion and job creation. "From day one, we declared Virginia open for business, and the results speak for themselves," said Governor Glenn Youngkin. "With more than $100 billion in capital investments from companies building their future in the Commonwealth and 265,000 new jobs created during our administration, Virginia isn't just competing to win, Virginia is winning. Very soon, families will gather right here at Kalahari Resorts to create priceless memories and share unforgettable moments. Together, we are making Virginia the best place to live, work, and raise a family." "This moment is more than a construction milestone - it's a testament to the collaborative spirit and momentum behind this project," said Todd Nelson, Founder and CEO of Kalahari Resorts. "We're building more than a resort; we're building a destination that will energize the region and bring unforgettable experiences to families and travelers from across the country." When complete, the Spotsylvania resort will be a comprehensive vacation, entertainment, and convention destination offering: 907 guest rooms and suites, including 1-, 2-, and 3-bedroom options with upscale amenities 175,000-square-foot indoor waterpark – the largest in Virginia Outdoor waterpark spread across 10 acres 90,000-square-foot Tom Foolerys Adventure Park, featuring thrill rides, a ropes course, bowling, zip lining, laser tag, and over 250 arcade games 150,000-square-foot convention and meeting space, including two expansive ballrooms and 16 breakout rooms 12 onsite food and beverage outlets, including four full-service signature restaurants: Double Cut® Steak House Sortino's Italian Kitchen Cinco Niños B-Lux Grill & Bar Entertainment venues including Redd's Piano Bar & Lounge 10,000+ square feet of retail space, fitness center, Build-A-Bear Workshop®, and more Construction is progressing steadily under the leadership of Hensel Phelps, with specialized contributions from Neuman Group (pool construction) and Henderson (sitework development). More than 500 workers are currently on site, with construction staffing expected to peak at 800 in the coming months. Kalahari Resorts – Spotsylvania County is poised to generate meaningful economic impact for the region. In addition to hundreds of construction jobs, the resort is expected to create more than 1400 full and part-time hospitality, culinary, retail, and operations roles. Details around local hiring commitments, educational partnerships, and community engagement initiatives will be announced in the coming months. Located just off I-95 near Dominion Raceway & Entertainment, the resort is within easy reach of Richmond, Washington D.C., Charlottesville, and other major metro areas across the Mid-Atlantic. For more information, visit: About Kalahari Resorts and Conventions Kalahari Resorts and Conventions in Wisconsin Dells, Wisconsin, Sandusky, Ohio, the Pocono Mountains, Pennsylvania, Round Rock, Texas, and opening soon in Spotsylvania County, Virginia, deliver a beyond-expectations waterpark resort and conference experience all under one roof. The African-inspired Kalahari Resorts, privately owned by the Nelson family, are home to America's Largest Indoor Waterparks. Todd and Shari Nelson, the founders of Kalahari Resorts, were honored with an induction into the Wisconsin Business Hall of Fame in 2023. All Kalahari Resorts feature well-appointed guest rooms and suites, the full-service Spa Kalahari, a fun-filled family entertainment center, on-site signature restaurants, unique retail shops and a state-of-the-art convention center. For more information, members of the media are encouraged to visit View source version on Contacts Jessica LangrehrPR Account SupervisorMorning Walkprteam@ 872.208.8535
