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Apollo Education Group Inc Class A APOL
Q3 2011 Earnings Call Transcript

Transcript Call Date 06/30/2011

Operator: Good afternoon, ladies and gentlemen, and welcome to the Third Quarter Fiscal 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, June 30, 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 July 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 the replay is 71264066.

I would now like to turn the call over to Beth Coronelli, Vice President of Investor Relations. Mrs. Coronelli, go ahead please.

Beth Coronelli - Investor Relations: Thank you. Thank you for joining us today to discuss our third quarter results. I am also pleased to join the Apollo Group team. Participating on the call are Greg Cappelli, Co-Chief Executive Officer and Chairman of Apollo Global; Chas Edelstein, Co-Chief Executive Officer; and Brian Swartz, Senior Vice President and Chief Financial Officer. Joe D'Amico, President and Chief Operating Officer, is also here 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 the third quarter of fiscal 2011, which ended May 31, 2011, to the third 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 condition, regulatory compliance, and other matters regarding the business of Apollo Group that involve risks and uncertainties.

Various factors could also 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 reports filed with the SEC and available on our website at www.apollogrp.edu. The Company disclaims any obligations 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 Greg.

Gregory W. Cappelli - Director, Co-CEO, Apollo Group, Inc.; Chairman, Apollo Global, Inc.: All right, thank you, Beth. Good afternoon, everyone. I'd also like to take this time to welcome Beth Coronelli to the Apollo family as our new Head of Investor Relations working closely with Jeremy Davis who many of you already know. We think they are going to make a great team together. I am going to provide just a brief update on the progress we're making with our key strategic initiatives and that will be followed by Brian Swartz. He who will cover the financial quarter results and our business outlook, and then Chas will close with an update on the regulatory environment and comment on some of the opportunities we see going forward.

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