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Apollo Education Group Inc Class A APOL
Q2 2012 Earnings Call Transcript

Transcript Call Date 03/26/2012

Operator: Good afternoon, ladies and gentlemen, and welcome to the Second Quarter 2012 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 26, 2012, 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 10, 2012 beginning, approximately, two hours after we conclude today. The replay number is 855-859-2056 or 404-537-3406 internationally. The conference ID for this replay is 56164637.

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

Beth Coronelli - VP, IR: Thank you for joining us today to discuss our second quarter results.

Participating on the call are Greg Cappelli, our Co-Chief Executive Officer of Apollo Group and Chairman of Apollo Global; Chas Edelstein, our Co-Chief Executive Officer; and Brian Swartz, Senior Vice President and Chief Financial Officer. Our President, Joe D'Amico is also here and will be available during the Q&A portion of the call.

As we discuss our results today, unless noted otherwise, we will be comparing the second quarter of fiscal 2012, which ended February 29th, 2012, to the second quarter of fiscal 2011. 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 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 obligation to update any forward-looking statements made during the call.

Additionally, the call 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 a reconciliation of the 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, and good afternoon, everyone. You'll have to forgive me for a wonderful Phoenix spring cold and cough I've picked up, so sorry about my voice; I'll do my best here.

I'd like to share a brief business overview, discuss our strategy, and then we'll turn the call over to Brian who is going to review the financial results, and then Chas to talk about our future.

Looking at the broader environment, we've experienced what many have called the most difficult 18 months in our sector's history. Education is changing based on the needs of a shifting U.S. workforce, certainly the changing economy, and then continuingly robust competition.

Read our Earnings Call Transcript disclaimer.
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