Operator: Good day, ladies and gentlemen, and welcome to the Fourth Quarter 2012 DeVry's Earnings Conference Call. My name is Karris and I will be your coordinator for today. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. As a reminder, this call is being recorded for replay purposes.
I would now like to hand the call over to your host for today, Joan Bates, Senior Director of Investor and Media Relations. Please proceed.
Joan Bates - Senior Director, Investor and Media Relations: Thank you, Karris. With me today from DeVry management are Daniel Hamburger, President and Chief Executive Officer; Tim Wiggins, our new Chief Financial Officer and Pat Unzicker, our Vice President of Finance.
I'll now paraphrase our Safe Harbor language. This call will contain forward-looking statements. Actual results could differ materially from those expressed or implied. We undertake no obligation to publicly update or revise any such forward-looking statements. Please consult our most recent 10-K and 10-Q filings for a more complete description of factors that could affect our financial results.
On today's call, we'll highlight certain non-GAAP financial measures. Further information about these measures, including reconciliation to U.S. GAAP can be found in our results release which is available as an Exhibit to Form 8-K dated August 9, 2012. Telephone and webcast replays of today's call are available until August 29. To access the replay, please refer to today's release for information.
So before Daniel gets his overview, I'd like to quickly walk you through the changes we made to our enrollment reporting and the new schedule of announcements. In recent months, we've spoken with many of the analysts and shareholders that follow DeVry and one of the biggest pieces of feedback we've heard was that people want a better alignment of enrollment reporting with the quarterly financial results. So, as you saw in today's release, in addition to new and total student enrollment we're now reporting student enrollment for each of the six sessions at DeVry University in Chamberlain, we will be reporting enrollment at the end of each quarter for Carrington versus a four-month period.
Also in today's release, we've included the new schedule for each reporting period start with the fiscal first quarter when we report September enrollment results. Since there are six sessions, you will see that we'll report two sessions in two of the quarters and one session in the other two quarters. We've also included historical enrollment figures dating back to fiscal year 2009 so that you can familiarize yourselves with the new format and adjust your models appropriately.
We believe this new enrollment reporting structure provides greater alignment with our quarterly financial results and more information that we hope you will find beneficial in your ongoing coverage of DeVry.
So, with that, I'll turn the call over to Daniel.
Daniel Hamburger - President and CEO: Thanks Joan. Thank you all very much for joining us today. I'll begin with an overview of the quarter forward by Tim and Pat who will walk through the financial results before I wrap it up. Consistent with our announcement a couple of weeks ago, results for both the quarter and year fell short of our expectations, so on this call, we want to answer all your questions, and especially these three; what happened in the fourth quarter, what is it mean in terms of our plan to improve DeVry's performance and what's the long-term outlook for private sector colleges and universities or PSCUs and what's the long-term outlook for DeVry specifically.