Operator: Good day ladies and gentlemen, and welcome to the Second Quarter 2012 DeVry Incorporated Earnings Results Call. My name is Melanie and I will be your coordinator today. At this time, all participants are in a listen-only mode. We will accept your questions at the end of the conference. As a reminder, today's call will be recorded.
I would now like to turn the call over to Joan Bates, Senior Director of Investor and Media Relations. Ms. Bates, please proceed.
Joan Bates - Senior Director, Investor and Media Relations: Thank you, Melanie. With me today from DeVry management are Daniel Hamburger, President and Chief Executive Officer; Tim Wiggins, our new Chief Financial Officer and Treasurer; and retiring CFO, Rick Gunst; as well as Pat Unzicker, Vice President and Controller.
I'll now review the Safe Harbor provisions of this 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 call are available until February 3, 2011. To access these replays, please refer to today's release for information.
With that, I'll turn the call over to Daniel Hamburger.
Daniel Hamburger - President and CEO: Thanks Joan. Thank you all very much for joining us today on our fiscal 2012 second quarter results call. I'll begin with an overview followed by a brief introduction of our new CFO Tim Wiggins and then Rick and Pat will walk through the results, before I wrap it up with a few operational highlights.
Let me start by saying there's no doubt, we're unhappy as we know you are as well with the enrollment results we've reported in recent terms. If you look back on 2011, it was a year of challenges. Two of those challenges continue to negatively impact us. Namely the adjustments we've made in response to the recent regulatory changes and the effects of the weak economy.
First the regulatory environment, and I think there's been some confusion about what impact the new regulations have had on DeVry, let's take a moment to clarify that, because there are two categories of regulation that came out last July; one in which DeVry needed to make changes and one in which we didn't. The first category was related to gainful employment and this was where we haven't had to make programmatic changes. In fact, we've yet to find any of our programs that failed to meet the criteria of the new regulations. So that was an area where we didn't have to make major business model changes. The second category where we did need to make changes was our performance management system, which we changed to comply with the new rules for employees and student recruiting and financial aid. I think our comments about not changing our programs but yes changing in the performance management area may have caused some confusion, so I hope this helps to clear it up.