Operator: Good day, ladies and gentlemen, and welcome to the Fourth Quarter 2011 DeVry Results Conference Call. My name is Jeff and I'll be your operator for today. At this time, all participants are in a listen-only mode. Later, we will facilitate a question-and-answer session. As a reminder, this conference is being recorded for replay purposes.
I would now like to turn the conference over to your host for today, Ms. Joan Bates, Senior Director of Investor and Media Relations. You have the floor, Ms. Bates.
Joan Bates - Senior Director, Investor & Media Relations: Thank you, Jeff. With me today from DeVry management are Daniel Hamburger, President and Chief Executive Officer; Rick Gunst, Senior Vice President and Chief Financial Officer; and Pat Unzicker, Vice President and Controller.
I'll now review the Safe Harbor provisions of these results call. This call may contain forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements reflect, among other things, management's current expectations, plans and strategies, and anticipated financial results, all of which are subject to known and unknown risks, uncertainties, and factors that may cause the actual results to differ materially from those expressed or implied by these forward-looking statements.
Please see our public filings with the Securities and Exchange Commission for more information about forward-looking statements and related risk factors. Telephone and webcast replays of today's results call are available until August 25, 2011. To access the replays, please refer to today's press release for more information.
I'll now turn the call over to Daniel Hamburger.
Daniel Hamburger - President and CEO: Thanks, Joan. Thanks everyone for joining us today. Overall, we're pleased with our performance in fiscal 2011, academically, operationally, and financially speaking as well. This performance was driven by our commitment to academic quality and strong execution of our diversification strategy.
While we delivered strong results for the year, we also continued to make long-term investments in the quality of our programs and services, laying the foundation for continued growth in the future. We now have more than a 119,000 students currently enrolled in our DeVry family of institutions. While we recognize this figure was slightly down for the year, we remain encouraged by the results we were able to achieve in one of the toughest economic environments in history.
Now, it's clear that DeVry, and higher education in general, are facing some headwinds in the current environment caused by a number of factors, and I'll touch on these and then address the steps we're taking to overcome these challenges.
At the start, one thing I'd like to address is something I've been asked about quite often recently which is the impact of increasing admission standards on enrollment growth. Lately, we've heard several universities cite new admission standards as a reason for enrollment decline, as they've turned away students that previously would have been admitted.
That hasn't been the case for DeVry, because we don't have open enrollment institution and have had enrollment standards in place. Some people have been surprised when I tell them this, because there's a perception that all private sector colleges are open enrollment, and that's not the case, and it's not the case at DeVry.