10-22-13 4:05 PM EDT | Email Article

Apollo Group, Inc. (NASDAQ: APOL) today reported financial results for the three months and fiscal year ended August 31, 2013, with fourth quarter revenue of $845.0 million and diluted earnings per share of $0.19 per share, or $0.55 per share excluding special items.

“Fiscal Year 2013 brought challenges and opportunities for Apollo Group,” said Apollo Group Chief Executive Officer Greg Cappelli. “We set out this year to differentiate University of Phoenix, diversify Apollo Group and build a more efficient organization. We have made meaningful progress in each of these areas. With hundreds of millions of worldwide learners in need of higher education in this decade alone, we are well positioned for 2014 and beyond to help create a more educated global workforce and strengthen our great partnerships across four continents.”

Fourth Quarter 2013 Results of Operations

  • Net revenue for fourth quarter 2013 was $845.0 million, compared to $996.5 million in the fourth quarter 2012.
  • University of Phoenix Degreed Enrollment was 269,000, an 18.1% decrease from the prior year, and New Degreed Enrollment was 41,000 down 22.3% from fourth quarter 2012.
  • Operating income was $34.7 million, compared to $89.6 million from the prior year fourth quarter. The decrease was attributable to lower net revenue due to declines in enrollment, partially offset by lower operating expenses. Excluding special items, operating income was $100.7 million.
  • Income from continuing operations attributable to Apollo Group was $21.6 million, or $0.19 per share, compared to $52.6 million, or $0.46 per share from the prior year fourth quarter. Excluding special items, income from continuing operations was $63.1 million, or $0.55 per share.

Fourth quarter 2013 results included restructuring and other charges attributable to the Company’s restructuring activities of $67.3 million and a litigation credit of $1.4 million. (Special items for the fourth quarter 2013 and 2012 are included in the reconciliation of GAAP to non-GAAP financial information tables of this press release.)

Fiscal Year 2013 Results of Operations

  • Net revenue for fiscal year 2013 was $3.7 billion, compared to $4.3 billion in the prior year.
  • University of Phoenix Average Degreed Enrollment was 301,100, a 15.6% decrease from the prior year, and Aggregate New Degreed Enrollment was 172,900 down 20.2% from prior year.
  • Operating income was $427.4 million, compared to $676.3 million from the prior year. Excluding special items, operating income was $601.4 million. Fixed operating costs were approximately $350 million lower as compared to fiscal year 2012.
  • Income from continuing operations attributable to Apollo Group was $248.5 million, or $2.19 per share, compared to $422.7 million, or $3.22 per share in fiscal year 2012. Excluding special items, income from continuing operations in 2013 was $358.1 million, or $3.16 per share.

Full year 2013 results included restructuring and other charges attributable to the Company’s restructuring activities of $198.6 million and a litigation credit of $24.6 million. (Special items for fiscal year 2013 and 2012 are included in the reconciliation of GAAP to non-GAAP financial information tables of this press release.)

Balance Sheet and Cash Flow

As of August 31, 2013, the Company’s unrestricted cash and cash equivalents and short-term marketable securities totaled $1.52 billion, compared to $1.28 billion as of August 31, 2012. The principal components of this increase were $478.0 million of cash provided by operations; partially offset by $119.3 million for capital expenditures, $42.5 million used for the purchase of noncontrolling interests, a net investment of $38.0 million in long-term marketable securities, and $26.2 million of net payments on borrowings.

As of August 31, 2013, accounts receivable increased to $215.4 million from $198.3 million at August 31, 2012. Excluding accounts receivable and the related net revenue for Apollo Global, the Company’s days sales outstanding was essentially flat at 21 days compared to 22 days as of August 31, 2013 and 2012, respectively.

Total debt outstanding (including short-term borrowings and the current portion of long-term debt) decreased $27.9 million to $692.1 million as of August 31, 2013. Subsequent to August 31, 2013, the Company repaid the $605.0 million drawn on its revolving credit facility.

Business Outlook

The Company offers the following outlook for fiscal year 2014 based on the business trends observed during the fourth quarter of fiscal year 2013, as well as management’s current expectations of future trends.

  • Net revenue of $2.95 – $3.05 billion; and
  • Operating income of $375 – $450 million, excluding the impact of special items including restructuring and other charges.

In fiscal year 2014, the Company expects to further reduce its fixed operating costs by a minimum of $300 million, which would result in a total decline of $650 million, or 18%, compared to the fiscal year 2012 cost base.

Apollo Education Group

The Company announced today that it intends to change its name to Apollo Education Group to more clearly reflect its mission and purpose. The change is expected to be effective in mid-November.

Conference Call Information

The Company will hold a conference call to discuss these earnings results at 5:00 p.m. Eastern, 2:00 p.m. Phoenix time, today, Tuesday, October 22, 2013.

Dial-In Numbers:

877-292-6888 (Domestic)
973-200-3381 (International)
Conference ID: 65232387

A live webcast of this event may be accessed by visiting the Company’s website at www.apollo.edu. A webcast replay will be available approximately one hour following the conclusion of the call at the same link.

A telephone replay will be available approximately two hours following the conclusion of the call until October 29, 2013.

Dial-In Numbers:

855-859-2056 (Domestic)
404-537-3406 (International)
Conference ID: 65232387

About Apollo Group, Inc.

Apollo Group, Inc. is one of the world’s largest private education providers and has been in the education business since 1973. Through its subsidiaries: University of Phoenix, Apollo Global, Institute for Professional Development, Western International University and College for Financial Planning, Apollo Group offers innovative and distinctive educational programs and services, online and on-campus, at the undergraduate, master's and doctoral levels. Its educational programs and services are offered throughout the United States and in Latin America and Europe, as well as online throughout the world.

For more information about Apollo Group, Inc. and its subsidiaries, call (800) 990-APOL or visit the Company’s website at www.apollo.edu.

Forward-Looking Statements Safe Harbor

Statements about Apollo Group and its business in this release which are not statements of historical fact, including statements regarding Apollo Group’s future strategy and plans and commentary regarding future results of operations and prospects, are forward-looking statements and are subject to the Safe Harbor provisions created by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current information and expectations and involve a number of risks and uncertainties. Actual plans implemented and actual results achieved may differ materially from those set forth in or implied by such statements due to various factors, including without limitation: (i) the impact of increased competition from traditional public universities and proprietary educational institutions; (ii) the costs and effectiveness of accelerating the enhancement of University of Phoenix educational offerings to remain competitive and to more effectively deliver a quality student experience at the right value; (iii) any adverse impact on University of Phoenix's business arising from the Notice sanction imposed by the University's principal accreditor, and any associated impact on the University’s pending recertification by the U.S. Department of Education for participation in Title IV student financial aid programs; (iv) the impact of the Company’s recent campus closures and other restructuring initiatives; (v) the impact of the recent operational and governance changes made to increase University of Phoenix autonomy in response to governance concerns expressed by its principal accreditor; (vi) the impact of any reduction in financial aid available to students, including active and retired military personnel, due to the U.S. government debt ceiling limitations, budget sequestration or otherwise; (vii) the impact of changes in marketing channels and other recruiting practices; (viii) the costs and effectiveness of University of Phoenix initiatives to improve student retention, improve student outcomes and demonstrate a compelling relationship between a student’s education and career; (ix) changes in law or regulation affecting the University of Phoenix’s eligibility to participate in or the manner in which it participates in U.S. federal and state student financial aid programs, including changes that may be included in the reauthorization of the federal Higher Education Act expected to be enacted during the next year and the proposed Department of Education regulations relating to gainful employment; (x) changes in University of Phoenix’s business necessary to remain in compliance with U.S. federal student financial aid program regulations, including the so-called 90/10 Rule and the limitations on student loan cohort default rates, and to remain in compliance with the accrediting criteria of the relevant accrediting bodies; (xi) changes in University of Phoenix enrollment or student mix; and (xii) unexpected changes in the U.S. or global economy. For a discussion of the various factors that may cause actual plans implemented and actual results achieved to differ materially from those set forth in the forward-looking statements, please refer to the risk factors and other disclosures contained in Apollo Group’s Form 10-K for fiscal year 2013 and other filings with the Securities and Exchange Commission, all of which are available on the Company’s website at www.apollo.edu.

Use of Non-GAAP Financial Information

This press release and the related conference call contain non-GAAP financial measures, which are intended to supplement, but not substitute for, the most directly comparable GAAP measures. Management uses, and chooses to disclose to investors, these non-GAAP financial measures because: (i) such measures provide an additional analytical tool to clarify the Company’s results from operations and help to identify underlying trends in its results of operations; (ii) as to the non-GAAP earnings measures, such measures help compare the Company’s performance on a consistent basis across time periods; and (iii) these non-GAAP measures are employed by the Company’s management in its own evaluation of performance and are utilized in financial and operational decision-making processes, such as budgeting and forecasting. Exclusion of items in the non-GAAP presentation should not be construed as an inference that these items are unusual, infrequent or non-recurring. Other companies, including other companies in the education industry, may calculate non-GAAP financial measures differently, limiting their usefulness as a comparative measure across companies.

Financial and Operating Metrics

Below are Apollo Group’s unaudited financial data and operating metrics for the respective periods:

  Degreed Enrollment(1)   New Degreed Enrollment(2)
Enrollment (rounded to hundreds) Q4 2013   Q4 2012 Q4 2013   Q4 2012
Associate’s 76,400 102,600 15,300 20,400
Bachelor’s 146,100 172,600 17,800 23,500
Master’s 40,600 46,400 7,400 8,200
Doctoral 5,900   6,800   500   700  
269,000   328,400   41,000   52,800  
 
Average Degreed Enrollment Aggregate New Degreed Enrollment(5)
Enrollment (rounded to hundreds) FY 2013(3) FY 2012(4) FY 2013 FY 2012
Associate’s 90,500 119,900 68,900 88,100
Bachelor’s 160,100 179,200 73,400 93,700
Master’s 44,100 50,600 28,300 32,000
Doctoral 6,400   7,200   2,300   2,900  
301,100   356,900   172,900   216,700  
 
Revenues (in thousands) Q4 2013 Q4 2012
Degree Seeking Gross Revenues(6) $ 824,766 $ 972,079
Less: Discounts and other (66,378 ) (62,613 )
Degree Seeking Net Revenues(6) 758,388 909,466
Non-degree Seeking Revenues 12,383 12,563
Other, net of discounts 74,210   74,468  
$ 844,981   $ 996,497  
 

Revenue by Degree Type (in thousands)(6)

Associate’s $ 180,968 $ 237,737
Bachelor’s 488,690 560,406
Master’s 137,032 152,205
Doctoral 18,076 21,731
Less: Discounts and other (66,378 ) (62,613 )
$ 758,388   $ 909,466  
 

Degree Seeking Gross Revenues per Degreed Enrollment(1), (6)

Associate’s $ 2,369 $ 2,317
Bachelor’s $ 3,345 $ 3,247
Master’s $ 3,375 $ 3,280
Doctoral $ 3,064 $ 3,196
All degrees (after discounts) $ 2,819 $ 2,769

(1) Represents students enrolled in a University of Phoenix degree program who attended a credit bearing course during the quarter and had not graduated as of the end of the quarter; students who previously graduated from one degree program and started a new degree program in the quarter (for example, a graduate of the associate’s degree program returns for a bachelor’s degree); and students participating in certain certificate programs of at least 18 credits with some course applicability into a related degree program.

(2) Represents new students and students who have been out of attendance for more than 12 months who enroll in a University of Phoenix degree program and start a credit bearing course in the quarter; students who have previously graduated from a degree program and start a new degree program in the quarter; and students who commence participation in certain certificate programs of at least 18 credits with some course applicability into a related degree program.

(3) Represents the average of Degreed Enrollment for the quarters ended August 31, 2012, November 30, 2012, February 28, 2013, May 31, 2013 and August 31, 2013.

(4) Represents the average of Degreed Enrollment for the quarters ended August 31, 2011, November 30, 2011, February 29, 2012, May 31, 2012 and August 31, 2012.

(5) Represents the sum of the four quarters of New Degreed Enrollment in the respective fiscal years.

(6) Represents revenue from tuition and other fees for students enrolled in University of Phoenix degree programs. Also includes revenue from tuition and other fees for students participating in University of Phoenix certificate programs of at least 18 credits in length with some course applicability into a related degree program.

 
 

Apollo Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

     
As of August 31,
($ in thousands) 2013 2012
ASSETS:
Current assets
Cash and cash equivalents $ 1,414,485 $ 1,276,375
Restricted cash and cash equivalents 259,174 318,334
Marketable securities 105,809
Accounts receivable, net 215,401 198,279
Prepaid taxes 30,359 26,341
Deferred tax assets 60,294 69,052
Other current assets 64,134   49,609  
Total current assets 2,149,656 1,937,990
Marketable securities 43,941 5,946
Property and equipment, net 472,614 571,629
Goodwill 103,620 103,345
Intangible assets, net 132,192 149,034
Deferred tax assets 63,894 77,628
Other assets 32,030   22,750  
Total assets $ 2,997,947   $ 2,868,322  
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities
Short-term borrowings and current portion of long-term debt $ 628,050 $ 638,588
Accounts payable 73,123 74,872
Student deposits 309,176 362,143
Deferred revenue 213,260 254,555
Accrued and other current liabilities 346,706   324,881  
Total current liabilities 1,570,315 1,655,039
Long-term debt 64,004 81,323
Deferred tax liabilities 12,177 15,881
Other long-term liabilities 233,442   191,756  
Total liabilities 1,879,938   1,943,999  
Commitments and contingencies
Shareholders’ equity
Preferred stock, no par value
Apollo Group Class A nonvoting common stock, no par value 103 103
Apollo Group Class B voting common stock, no par value 1 1
Additional paid-in capital 93,770
Apollo Group Class A treasury stock, at cost (3,824,758 ) (3,878,612 )
Retained earnings 4,978,815 4,743,150
Accumulated other comprehensive loss (36,563 ) (30,034 )
Total Apollo shareholders’ equity 1,117,598   928,378  
Noncontrolling interests (deficit) 411   (4,055 )
Total equity 1,118,009   924,323  
Total liabilities and shareholders’ equity $ 2,997,947   $ 2,868,322  
 
 

Apollo Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

           
Three Months Ended August 31, % of Net Revenue
(In thousands, except per share data) 2013 2012 2013 2012
Net revenue $ 844,981   $ 996,497   100.0 % 100.0 %
Costs and expenses:
Instructional and student advisory 370,225 455,564 43.8 % 45.7 %
Marketing 168,589 180,322 20.0 % 18.1 %
Admissions advisory 59,316 85,852 7.0 % 8.6 %
General and administrative 91,775 92,322 10.9 % 9.3 %
Depreciation and amortization 38,179 44,741 4.5 % 4.5 %
Provision for uncollectible accounts receivable 16,232 38,733 1.9 % 3.9 %
Restructuring and other charges 67,330 9,408 8.0 % 0.9 %
Litigation credit (1,400 )   (0.2 )% %
Total costs and expenses 810,246   906,942   95.9 % 91.0 %
Operating income 34,735 89,555 4.1 % 9.0 %
Interest income 470 306 % %
Interest expense (2,671 ) (5,127 ) (0.3 )% (0.5 )%
Other, net 1,596   520   0.2 % 0.1 %
Income from continuing operations before income taxes 34,130 85,254 4.0 % 8.6 %
Provision for income taxes (12,734 ) (37,726 ) (1.5 )% (3.8 )%
Income from continuing operations 21,396 47,528 2.5 % 4.8 %
Income from discontinued operations, net of tax   26,641   % 2.6 %
Net income 21,396 74,169 2.5 % 7.4 %
Net loss attributable to noncontrolling interests 155   1,279   0.1 % 0.2 %
Net income attributable to Apollo $ 21,551   $ 75,448   2.6 % 7.6 %
Earnings per share – Basic:
Continuing operations attributable to Apollo $ 0.19 $ 0.47
Discontinued operations attributable to Apollo   0.20  
Basic income per share attributable to Apollo $ 0.19   $ 0.67  
Earnings per share – Diluted:
Continuing operations attributable to Apollo $ 0.19 $ 0.46
Discontinued operations attributable to Apollo   0.20  
Diluted income per share attributable to Apollo $ 0.19   $ 0.66  
Basic weighted average shares outstanding 113,105   112,815  
Diluted weighted average shares outstanding 113,740   113,539  
 
 

Apollo Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

     
Year Ended August 31, % of Net Revenue
(In thousands, except per share data) 2013   2012 2013   2012
Net revenue $ 3,681,310   $ 4,253,337   100.0 % 100.0 %
Costs and expenses:
Instructional and student advisory 1,579,464 1,800,569 42.9 % 42.3 %
Marketing 661,693 663,442 18.0 % 15.6 %
Admissions advisory 263,934 383,935 7.2 % 9.0 %
General and administrative 329,249 344,300 8.9 % 8.1 %
Depreciation and amortization 161,733 177,804 4.4 % 4.2 %
Provision for uncollectible accounts receivable 83,798 146,742 2.3 % 3.5 %
Restructuring and other charges 198,625 38,695 5.4 % 0.9 %
Litigation (credit) charge, net (24,600 ) 4,725 (0.7 )% 0.1 %
Goodwill and other intangibles impairment   16,788   % 0.4 %
Total costs and expenses 3,253,896   3,577,000   88.4 % 84.1 %
Operating income 427,414 676,337 11.6 % 15.9 %
Interest income 1,913 1,187 % 0.1 %
Interest expense (8,745 ) (11,745 ) (0.2 )% (0.3 )%
Other, net 2,407   476   0.1 % %
Income from continuing operations before income taxes 422,989 666,255 11.5 % 15.7 %
Provision for income taxes (174,024 ) (283,072 ) (4.7 )% (6.7 )%
Income from continuing operations 248,965 383,183 6.8 % 9.0 %
Income from discontinued operations, net of tax   33,823   % 0.8 %
Net income 248,965 417,006 6.8 % 9.8 %
Net (income) loss attributable to noncontrolling interests (439 ) 5,672   % 0.1 %
Net income attributable to Apollo $ 248,526   $ 422,678   6.8 % 9.9 %
Earnings per share – Basic:
Continuing operations attributable to Apollo $ 2.20 $ 3.24
Discontinued operations attributable to Apollo   0.24  
Basic income per share attributable to Apollo $ 2.20   $ 3.48  
Earnings per share – Diluted:
Continuing operations attributable to Apollo $ 2.19 $ 3.22
Discontinued operations attributable to Apollo   0.23  
Diluted income per share attributable to Apollo $ 2.19   $ 3.45  
Basic weighted average shares outstanding 112,712   121,607  
Diluted weighted average shares outstanding 113,285   122,357  
 
 

Apollo Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

     
Year Ended August 31,

($ in thousands)

2013 2012
Operating activities:
Net income $ 248,965 $ 417,006
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation 49,462 78,705
Excess tax benefits from share-based compensation (17 ) (1,150 )
Depreciation and amortization 161,733 178,234
Accelerated depreciation and impairments included in restructuring 62,267
Loss on fixed asset write-offs 8,190
Goodwill and other intangibles impairment 16,788
Non-cash foreign currency loss (gain), net 220 (497 )
Gain on sale of discontinued operations (26,678 )
Provision for uncollectible accounts receivable 83,798 146,742
Litigation (credit) charge, net (24,600 ) 4,725
Deferred income taxes (29,517 ) 21,850
Changes in assets and liabilities, excluding the impact of acquisition and business dispositions:
Restricted cash and cash equivalents 59,160 61,073
Accounts receivable (103,369 ) (129,773 )
Prepaid taxes (3,985 ) 9,303
Other assets (19,514 ) (11,568 )
Accounts payable (1,775 ) 12,525
Student deposits (52,587 ) (58,740 )
Deferred revenue (39,091 ) (39,154 )
Accrued and other liabilities 78,708   (128,091 )
Net cash provided by operating activities 478,048   551,300  
Investing activities:
Purchases of property and equipment (119,348 ) (115,187 )
Purchases of marketable securities (208,878 )
Maturities of marketable securities 65,074
Acquisition, net of cash acquired (73,736 )
Proceeds from dispositions, net 76,434
Other investing activities (1,500 ) (1,694 )
Net cash used in investing activities (264,652 ) (114,183 )
Financing activities:
Payments on borrowings (636,387 ) (562,269 )
Proceeds from borrowings 610,236 629,145
Purchases of stock for treasury (9,537 ) (811,913 )
Issuances of stock 3,867 11,949
Purchase of noncontrolling interest (42,500 )
Excess tax benefits from share-based compensation 17   1,150  
Net cash used in financing activities (74,304 ) (731,938 )
Exchange rate effect on cash and cash equivalents (982 ) (468 )
Net increase (decrease) in cash and cash equivalents 138,110 (295,289 )
Cash and cash equivalents, beginning of year 1,276,375   1,571,664  
Cash and cash equivalents, end of year $ 1,414,485   $ 1,276,375  
Supplemental disclosure of cash flow and non-cash information:
Cash paid for income taxes, net of refunds $ 201,055 $ 246,824
Cash paid for interest 7,869 9,794
Restricted stock units vested and released 27,054 36,182
Credits received for tenant improvements 6,049 27,009
Capital lease additions 3,500 44,145
Debt incurred for acquired technology 14,389
 
 

Apollo Group, Inc. and Subsidiaries

Reconciliation of GAAP Financial Information to Non-GAAP Financial Information

(Unaudited)

       
Three Months Ended August 31, Year Ended August 31,
(In thousands, except per share data) 2013 2012 2013 2012
Net income attributable to Apollo, as reported $ 21,551 $ 75,448 $ 248,526 $ 422,678
Income from discontinued operations, net of tax and noncontrolling interest   22,805     28,952  
Income from continuing operations attributable to Apollo 21,551 52,643 248,526 393,726
Reconciling items:
Restructuring and other charges, net of noncontrolling interest 67,330 8,942 198,625 37,843
Litigation (credit) charge, net (1,400 ) (24,600 ) 4,725
Goodwill and other intangibles impairment, net of noncontrolling interest(1)       14,370  
65,930 8,942 174,025 56,938
Less: tax effects, net of noncontrolling interest (24,368 ) (2,986 ) (64,478 ) (14,940 )
Income from continuing operations attributable to Apollo, adjusted to exclude special items $ 63,113   $ 58,599   $ 358,073   $ 435,724  
 
Diluted income per share from continuing operations attributable to Apollo, as reported $ 0.19   $ 0.46   $ 2.19   $ 3.22  
 
Diluted income per share from continuing operations attributable to Apollo, adjusted to exclude special items $ 0.55   $ 0.52   $ 3.16   $ 3.56  
 
Diluted weighted average shares outstanding 113,740   113,539   113,285   122,357  
 
(1) The charges for fiscal year ended August 31, 2012 represents impairments of UNIACC’s goodwill and other intangibles, net of noncontrolling interest, with no income tax benefit as UNIACC’s goodwill and other intangibles are not deductible for tax purposes.
 

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Morningstar - - Apollo Group, Inc. Reports Fourth Quarter and Fiscal Year 2013 Results
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