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Apollo Education Group Inc Class A APOL
Q2 2011 Earnings Call Transcript

Transcript Call Date 03/29/2011

Operator: Good morning, ladies and gentlemen and welcome to the Second Quarter 2011 Earnings Release Conference Call. At this time all participants are in a listen only mode. Later, we will conduct a question-and-answer session. Please refrain from entering into the queue until those instructions are given.

This conference call is being recorded today, March 29, 2011, 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 April 8, beginning approximately two hours after we conclude today. The replay number is 800-642-1687 or 706-645-9291 internationally. The conference ID for this replay is 478-378-38.

I would now like to turn the call over to Jeremy Davis, Director of Investor Relations. Mr. Davis, go ahead please.

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

As we discuss our results today, unless otherwise noted, we will be comparing second quarter of fiscal 2011, which ended February 28, 2011 to the second quarter of fiscal 2010. I'd also like to remind you that this conference call may contain forward-looking statements with respect to 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 materially differ 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 reports 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 for the most directly comparable GAAP measures. Our press release, which contains financial and other quantitative information to be discussed today as well as the reconciliation of GAAP to non-GAAP measures is also available on our website.

With that, I'll turn the call over to Chas.

Charles B. Edelstein - Co-CEO: Thanks, Jeremy, and good morning everyone. Special thanks to those of you on the West Coast who are up early with us this morning. I'd like to start up this morning with the brief overview of our business and how we are positioning ourselves within the higher education sector. Then, Greg will talk a bit about and the key initiatives we've been working on and why we are excited about what we are seeing and then Brian will cover the results from the quarter in more detail and provide some commentary on our outlook for the business.

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