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Apollo Education Group Inc Class A APOL
Q4 2010 Earnings Call Transcript

Transcript Call Date 10/13/2010

Operator: Good afternoon, ladies and gentlemen and welcome to the Apollo Group Incorporated Fiscal 2010 Fourth Quarter and Year-end Earnings Conference Call. At this time, all participants are in a listen only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. Please refrain from entering into the queue until those instructions are given.

This conference call is being recorded today, June 30, 2010, and may not be reproduced in whole or in part without permission from the Company. There will be a replay of this call available through October 22, beginning approximately two hours after we conclude today. Additionally, this call will be broadcast over the Internet and can be accessed via the Company's website.

I would now like to turn the call over to Allyson Pooley, Vice President, Investor Relations of Apollo Group. Ms. Pooley, go ahead, please.

Allyson Pooley - VP, IR: Thank you and good afternoon everyone. Thank you for joining us to discuss our fourth quarter and year-end results. Participating with me on the call are Chas Edelstein, our Co-Chief Executive Officer; Greg Cappelli, Co-Chief Executive Officer and Chairman of Apollo Global; and Brian Swartz, our Senior Vice President and Chief Financial Officer. Joe D'Amico, our President and Chief Operating Officer, is also here and will be available during the Q&A portion of the call.

Before we begin, I'd like to remind you that as we discuss our results, unless noted otherwise, we will be comparing the fourth quarter of fiscal 2010, which ended August 31, 2010 to the fourth quarter of fiscal 2009. I'd also like to remind you that this conference call may contain forward-looking statements with respect to the future performance, financial conditions, regulatory compliance and other matters regarding the business of Apollo Group that involve risks and uncertainties.

Various factors could cause actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. These factors are discussed under risk factors and elsewhere in the Company's most recent 10-K and subsequent 10-Q report filed with the SEC and available on our website at, www.apollogrp.edu. The Company disclaims any obligation to update any forward-looking statements made during the call.

Additionally, during the call, we may refer to non-GAAP financial measures, which are intended to supplement, but not substitute the most directly comparable GAAP measures. Our press release, which contains financial and other quantitative information to be discussed today as well as a reconciliation of the GAAP to non-GAAP measures, is available on our website.

With that, I will turn the call over to Chas.

Charles B. Edelstein - Co-CEO: Thank you, Allyson and good afternoon everyone. During fiscal 2010, we made some good progress on our long term strategic initiatives, which are designed to enhance the student experience, expand student protection and ensure we enroll students who have the greatest likelihood of succeeding in our programs.

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