STRA - Earnings call transcript Q2 2018 | Strategic Education, Inc.

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Operator

Good morning, everyone, and welcome to Strategic Education Inc. Conference Call in which we will discuss Strayer Education Inc. and Capella Education Company's Second Quarter 2018 Results. With us today to discuss the results are Robert Silberman, Executive Chairman for Strategic Education; Karl McDonnell, Chief Executive Officer for Strategic Education; and Daniel Jackson, Executive Vice President and Chief Financial Officer for Strategic Education.

Following remarks, we will open the call for questions. call Harbor forward-looking Securities provisions Act XXXX. this to made Litigation that of Safe the of note may statements include pursuant Reform Please the Private are on and uncertainties that Strategic current The of risks the Inc. are a number based expectations statements and subject Education to assumptions, company's that today's results cause to differ identified in could has materially. press release actual well other Further as Exchange Capella's XX-Q the be found information in and Inc. about these Education Securities today Strategic and filings and other Commission the relevant as uncertainties may with filed and X-K, future XX-K's. XX-Q's our Copies press of these release are filings at and the available full for strategiceducation.com. viewing website on And Inc.'s, the call Executive now, over Education to Strategic Silberman, I would Chairman. like to turn Robert Mr. please Silberman, ahead. go

Rob Silberman

Thank good ladies you, gentlemen. and morning, and operator,

our Education merger and previously Education Inc. reported Company. Strayer announced this we As today's on press of Capella in release, closed morning we

We're shareholders delighted to I'm new our to honored Strategic management So the this, team Capella a owners welcome morning's to this call to are call particularly of to first Directors capital. We of your earning's former assured Board being Education of as want welcome Inc. to committed company rest you the invested as Education. stewards we and of that have you good and

of all University's We to warmly also want welcome faculty staff. and Capella

respect level the you of students need a so provide tremendous you outcomes which have built University. resources the to look the have academic and continue highest you that We we amount to for of Capella all institution educational can providing forward with of to the you

before the also through as that that separate mind, well results long of to for you companies first in provide time were I cover call second intend results Dan or morning. on QX integration as organize for will more operating you detail each as our material have hand finally organization Education period. run Inc. through to of lot short comments. we'll plans companies couple a in Strategic as they the you then the of He'll questions. it for of SEI financial we And quarter bearing a new walk merger as this have We wrap here. with how well will course, both Karl stay

me McDonnell. CEO, that Karl introduce SEI's let with So

Karl McDonnell

Thank you, morning, everyone. Good Rob.

available begin the Before I available is website everyone would my on our We've quarter which contain including organizational the second announcement mirror will I a our information future find strategiceducation.com. which slides comments information aware to of merger reporting helpful some segment supplemental that design. post-merger you make addition in also and information packet can that like you that These download. made earning's to on additional on SEI

Moving we've previously and as forward stated. operationally

Strayer trustees separate of will operating We and its each with University two be own management Capella University, universities, team. board and

in that is portions Strayer original XX% more revenue and prior in in new of increase the strongest once enrollment generating again was of teams the continues all implemented prior Capella's their large slightly is planning dedication thank that believe hard literally management given the Capella work have strongest more performance total and year partially well from highs will new by time university revenue we've in which time X% We be shared include of decline such enrollment at their and year growth have were. on performance. had for And eighth offering the as HR, and detailed and the XXXX. in in IT X% both three consecutive Strayer's operating growing enrolment growth. increased period. year-over-year declines all more the student it's per a of Strayer today. results tuition nine per increase Capella's that FlexPath been noteworthy now revenue by over XX quarter. multi-year degree institutions representing growth Strayer has years hours both This announced very the fastest than schools. I'd master's SEI extremely fourth enrollment partially will particularly increased of X% our as past that And spending the also these comments non-degree the Capella legal. with years. perform versus of devoting I than reporting XX% streams for three Supporting Both being segment since the and strong months the functions and entities to University services delivering I Capella's make student the everyone second expectations rate XXX and revenue would second to quarter few Future new enrollment. results year the bachelors our quarter university's from of finance, are prior highest comprises student a which our student Strayer enrollment than our in University's coding University for posting like was X% both gone like to Education professionalism into results. will third corporate and now offset integration offset which increased what student X% is

this This the actually already Campus of status. additional the opening also has announced to University two that morning, in breakeven which Macon, plans of We three last new to is campuses open the Georgia XXXX. achieved during Strayer balance successful to quarter addition

details million of results. boot coding our the are versus begin X%. approximately non-cash down the prior University and have company's we Strayer's to include approximately grow the And results second combined quarter Design of enrollment quarter, $X.X write second total into in visibility summer in completed in Strayer year student are New University in coming Capella evaluating investment XX% term, space. summer so as term one we the Also rationalize, comment camp York second our some we value Code more now In + new in a expected have on operational Academy's quarters. and to our enrollments students the but we're physical during we now student support final results the These would enrollment addition, who in third our on who for should and that grow process location attending quarter, enrolled asset its quarter.

[ph], run to I merger. and expect rate by our remaining $XX working past on turning confidence of XXXX achieving million in by the spending Officer synergies within with we previously synergies Now that process tell Based led XX Capella has have on of months quarter. both of our Chief capturing can objective very integration. update After $XX and in high nine Strayer leaders realizing and implemented with the Steve those level you XXXX. an the months basis, on our today. to very of Polacek be plans of million million function implemented that a on I in in has our and a Integration detailed plans synergies a $XX resulted in these stated

turn and $X integrated transaction, University, potential closely $X will everyone are progress once of individuals expenses I these now again, in past on our we we've we more $X without million and improved physical which other team today, the company BXB to be for also merger. We're realized just include work group $X quarters. items synergies of will announcement wouldn't XXXX. thank can and marketing work XXXX to $XX now and over it in Capella realized savings for since our hard within to be synergies in of more talent financials. $XX efforts this estimate over nine be where revenue also And are like of And for approximately still closing these Dan fortunate in to to estimated optimization in closed walk and to We'll incredibly the Implementation and We locations future to dedication. approximately might have offerings. the report I'd that cost months an their their through million now and want to actually on million combined all million every the

Dan Jackson

and you, morning, Thank everyone. Karl good

First as Strategic Rob we name to this mentioned, Inc. our Education changed morning

adjusted confusion which separate describing our comment morning refer Strayer SEC this avoid also Strayer financial I results. merger cost discrete earnings to value Capella our fair call. exclude this adjustments One-time second with associated facilities certain Inc. references quarter results This no and assets. release in the numbers results on intended both as our our last and release performance results second the to GAAP for XX-Q. asset Capella intangible both note the is Please addition adjustments. in tax our Education on in morning and and also quarter included and as a in to earnings company's impairments, longer when Adjusted This reported in company use, as or adjusted non-GAAP the format will press the to financial results. release or We'll Education GAAP quarters, to in core to reflected few business Education the Education Education are earning's mentioned separately in Capella related I are results. with adjustments of illustrate However filed

resulting comments Design with Strayer from $X.X which the intangible a QX was $X.X which Design Code a resulting for Strayer's to the elimination quarter Academy of XXXX costs. no of benefit million mentioned million with $X.X in York million $XX.X for million leases from Karl New Strayer's income million the from an adjustment + comparable $XXX,XXX second Now Academy York and impairment associated to the non-cash value Code operations on use. for income from QX adjusted liabilities and in $X.X longer non-cash also Education's + few results. GAAP assets facilities charge related was includes included contingent operations as merger non-cash the associated New

for quarter that stock-based margin income quarter second quarter adjusted merger excludes million other Strayer's favorable the same XX.X% of $XX.X million We're which federal the was XX.X% tax the compared for due to adjusted was operations impact Excluding XXXX. XX.X% vested GAAP adjusted operating of in the Strayer's effective by benefit items discrete to for $XX.X XXXX during Strayer reporting second law. Strayer's second in accelerated the of and adjustments. was to period XXXX. tax these for second the compared the quarter tax tax XXXX from rate tax of for for a and the compensation deductions new the impact primarily cost enabled quarter

slightly higher QX was million the grew $XXX,XXX associated income quarter higher includes million from enrollment second and quarter the X.X% segment. the quarter to Capella's Now Capella in revenue revenue for capitalized costs from year. of Capella's operations write-down costs per Company's the skill by on operations for GAAP driven development and Capella year compared with $XX.X of $XXX.X second to raise income job GAAP in Education software related merger XXXX last $XX.X last $XXX,XXX $XXX.X learner. million for from results. few million notes

in XX.X% XXXX. costs, was adjusted adjusted quarter rate XX.X% $XX.X these second from the were XX.X%. impact effective compared merger income tax Excluding Capella's margin the the operations was operating excluding adjusted of for to for non-deductible Capella's cost quarter million.

Moving XX%. expect consolidated range in the forward, be XX% the the SEI adjusted rate we tax effective of to to for

no Moving the in $XX.X million XXXX including from months Strayer's balance period primarily $XX.X quarter the to and with same first marketable $XX.X the compared first Education $XXX.X operations flow, XXXX to operating in cash and taxes. cash by ended compared period in six million and cash $XX XXXX to lower generated months million to ended of with sheet merger cash and million of the was the cash activities during in in million cost cash due from no of of the debt. in securities generated quarter operating six decline Strayer in million $XXX.X cash from offset activities Capella during same and debt. cash the The XXXX

first Regarding million of the during during to $XX.X same compared spent the million months spent expenditures, period Strayer through $X.X six XXXX capital million to period $X.X first same year. half of million last during compared year. the the Capella XXXX $X.X

Currently the five consolidated outstanding and million from facility. facility XXXX credit estimating there available in range million. of years million amended SEI $XX $XXX to we're to no year, borrowings to July, reset $XX Education existing maturity the today, full the are Inc.'s for through And For expenditures $XXX under million. finally borrowings amended another credit increase Strayer the capital

information For more credit the see facility, we filed this morning. on X-K the please Rob? exhibits

Rob Silberman

you Thank Dan.

throw we a questions. Just before open final couple perspective for of points my from it

the Directors balance $X very Strayer on at allocation, cash healthy merger set distributable the review cash today's quarterly. announced therefore institution a and each we previous The we year and a capital and upcoming per annual year. company that Capella year with our have solid SEI's strong into rock academic free board annual this operating board the our initial will share to generation actual creates of First outcomes of SEI the our morning, budget meeting be and know for committed We for planned flow financially of sheet. its paid when February at dividend investments to Board and dividend our after

institutions University. has XXXX. My a were second participation May as for this enrollment year, very initial national strong $X very clearly XXXX is end Karl employment second through increase. [ph] regards Strayer student very per share US both were in economy The intended Capella with results However Both the which and year by University quarter. and be to both labor positive in buoyed to partial June, only dividend numbers positive reported rates place continuing the point

Indeed work is best employment and likely looking we friction of and a to openings confidence of ease More of in exceeded increase way importantly, the motivated adult adults number turn for participation labor opening educational is to to in work. leads the perspective exceeding looking measure through which labor the for students. domestic increase in adults of both achievement. rates feel This that partly further more friction unemployed months the job number job markets the number is

or growth forecast guidance Now on strong economic through if don't of bode either want enrollment for did balance to financial that provide persists. results. the But I do our say, well the enrollment condition we these year. They or favorable

We SEI's earning's Finally, a first as to this state principal. as first is call. want

our in student's we'd of invested true operator, capital. that that first and the questions. our pleased value committed are of therefore, answer of both only increases belief of always. are our management to alumni generator success, be Board Our shareholders Directors as and the students to We the achievements And any and the team with long-term foremost academic

Operator

Instructions] Markets. Silber from is [Operator Capital from our first BMO Jeff question

open. line Your is now

Jeff Silber

combined some the the specific what next not I to at like merger. could maybe closing should will a expect was goals but issues what Thanks. Congratulations of the company of in months the the terms on entity. if of us next know wondering XX you're share year? over you the over I look with for level high going we this

Rob Silberman

Sure, Jeff.

number We of goals. have a

which One actually pre-closed to that was detailed management activities is both sure to be any We of wanted that business disruptions create with teams today organizations relating make was focus real successfully them we distractions or and just We didn't continuity. think I announced testament on our the to results integration to that to that's we've students. the want plans. to of able their implement

all accomplish scale and in and those both innovations can all to want organizations new my this us that we culture will our us way that to students. remarks, As had revenue the We we with have brings want I look And opportunity a to prepared healthy any a we as we said merger all create vibrant estimate that can can, benefit great for that the feel of that provides that, we things. that cross to we explore want XXXX. take all ways we synergies to through the and purpose

Jeff Silber

Strayer Okay, side, but great. the we to just enrollment enrollment Capella, know called back the get we more that just The strong even the results items if I if circle little you wondering were ended. whether at FlexPath on numbers to programs. And some I'm color at specific bit quarter just especially new there's Can Capella. pretty a highlight. out can

Rob Silberman

our a across our they thing levels. continues to significant At side. Georgia campus three levels across perform same have, enrollment they strong quite growth seen degree well, saw the that Macon, we had increase. degree enrollment we've JWMI Actually growth really all saw Capella all on

Jeff. really balanced So the across board, quite was it

Jeff Silber

modeling out to from historical quarter you and breaking we Are something I before the going basis, perspective. on results model guess guys a a quarterly great can quarterly your report third up you forma build a numbers? so get pro can that's Okay, we

Dan Jackson

it SX last year, Jeff, we'll similar normal forma in disclosures. will the report a an quarterly be updated what part not of disclosed but we pro our to

Jeff Silber

be sorry, I'm will when that And reported?

Dan Jackson

October. In

Jeff Silber

so In then. before sorry. nothing October, I'm

Dan Jackson

October, QX It will report results. our be just in we before

Jeff Silber

the you results. report Before

I'll other back in cash the uses Rob investing - towards? anything be will in besides Is looking forward. final one Okay, great be jump going in then the just else your there business. of I'm queue. the policy had mentioned and wondering dividend and might of dividend question, that terms

Rob Silberman

each the of our Jeff I academic Well cash really overtime and board not of say one. acquirers large the investing for that a is agenda we, our owners. fairly quarter to as were in look a because an outside we've for at but have students as is acquisitions always the the utilization capital of you objective over highest allocation stated most and capital that returns our would and the has first produced just use the prolific period outcomes primary The XX-year on business, the done we

that that lot there but future horizon that inaccurate can't the it a the we So time, say actually authorization, then in owns which business want repurchase it the best that long is a use dividend we those think to is be giving to just - get might that we pretty to predictable it besides our Capella and share in over to available owners we I a the can probably we say capital board, give option of with the attracted - really that our the is a interest. we've its circumstances, look it's intrinsic at institution trading seen intrinsic board be business, outside of an after where that things enhancing stock that is period from of We them way we by way. dividend. something the prolific take hasn't the its far been below universities return but would a them of the not that, that a manage so away to owners investing policy our most so serial have And the done feel intent value or that value we potentially then is in a value value and the inside whole stock of of acquirer.

continue through when able and report So things if that. four of any to were we of accomplish then, developments, have each as all at them and to we'll we obviously we those go quarter

Jeff Silber

Okay, fair for enough. Thank you much color. so the

Operator

you. Thank

Jaffray. question from Our is next Appert Piper from Peter

open. now is line Your

Peter Appert

at best basically for growth that in, So back your numbers struggling offerings as while that to this, to start the performance, color say noteworthy to been and get initiatives growth they are I a that other to of sustainability sustained they've quarter the the in the given of terms start this particularly years. think University confidence think are so or better that number. move Capella in be the eight in I more positive driving driving and in programmatic specific that any marketing might double-digit

Karl McDonnell

know of continues Capella. are to in with in quite the of terms level generated they pleased I crafting would economy both Well enrollment of interest there first both the in is I definitely thing the is Capella stronger and the being a a from quarter. reference, message We've grow. the and FlexPath standpoint. I know campaigns that. working of I marketing was Rob's the that in and generated is from our results to sense that role that terms always heard comments demand that suspect a specifically that they Peter right played that, that teams Strayer were

of that's Robust continued marketing just strength a solid I team. very a combination macro offerings conditions and the combined think of programmatic FlexPath. with effective

Peter Appert

terms in marketing this Okay, so specifically new initiatives nothing [indiscernible]. of quarter

Karl McDonnell

will, sort if it combination There did referenced. think of results. just bullet these everything one silver I a was of sort that of, generated I and no you thing It's they

Peter Appert

business pro-cyclical and your remind us, your currently. education these the and little historically. is corporate a you of increased on enrollment counterintuitive of focused being it comments so And Rob's the people can you're earlier seeing We've channels that in what thought how bit terms of comments countercyclical, this historically days, more that corporate deals. function partnership are percent these think about is Right Karl of I a about sector thought being

Rob Silberman

level I confidence we that, decision in to crash metric you a shifting Peter the in what of being to that, if look go And the economy a a or I service. in as the school personally back manufacturing Capella institution, University reason say, you at never think the of is to would rate. as was provides cyclical as I employment felt growth. the Strayer letters both I to most and Once have the base. enrollment participation more a pretty counter product large had to the a of a some history from training a level based by an of And not money, the adult an it's and economy. prior knowledge It's the shareholders XXXX of truly job think belief written advantaged robust economy, are of or high downturn such important shifting in Strayer and programs advantaged downturn late by in programs. time, labor the emotion. of There investment XXXX, period a and sort is It's lower actually severity I've I think that's unlike before

significantly a The XX-year that driving, go confidence more the I which them that growing a to there financial in if over end and employment. months, and to labor employment reason to order better likely over rate participation of recover healthy willingness last I lives the the for is started old back to that is nine think program to go continued a to economy post-secondary sacrifice, job time mismatch make two the in down to and down it's more of their openings that XXXX other seeing both and the do and last enrolling grow just sacrifice The generates and they what to to that, the you're accelerating go unemployed terms uproot probably is students that, is at I through for and opportunity starting the workers a mentioned down years because between in feel think went is perspective and XXXX. that As to in six only school. of

question would not the call, someone I and falls end economy think I I I of certain had that's we're that on five over we're one certainly XXXX the So beneficiaries a lower six were a below and you XXXX where My happened much us. and within counter cyclical belief is if say cyclical, asked the last bands bands, cyclical or what of a or period and think those then economy. a kind, year are the we're truly from stronger to healthier now

Peter Appert

And can you of enrollments remind the corporate portion me Rob, for partnerships? what is current entity new

Rob Silberman

quarter, about It's Peter. a

Peter Appert

what And you a do of could vision have terms in that be?

Rob Silberman

to employers Well as I as relationships have get Capella we the we high go can with wanted we does too. it. extensive mean

with that will plans One as earlier as is to offerings going and said be a primarily forward. I your merger of the focus can, we BXB integrate of many as that we so have the

Peter Appert

about And for your a historically, and then business I you coding that businesses struggle bit for has the talk companies vision can opportunities both been think a of there?

Rob Silberman

the space, street and it's the the the look be the a investment. is have, over return I experience is a viable that, a view average My is continue there actual that person Well the for nascent believe to it's great long-term think people. a camps. on own your going and students When I coding not very tangible boot product at you aware of

invest basically XX and somewhere weeks of XX your You between life.

that $XX,XXX a you and of as XX% between you time, $XX,XXX roughly You plus depending job $XX,XXX and school somewhere web $X,XXX the a junior somewhere spend developer. between pays the to get on

ROI. organic be, The I job. demand level and so an but So like good problem feel is, awareness the to that's patient large small, for and at be it's to the a strategy then amongst have a next levels get of still come, to be them to breakeven pathway get a going the wait decade of our over just which is paying continues real why sort the for to to important people population

Peter Appert

in Okay, for costs then new entity? trajectory the bit a lastly, you marketing and can thank the you. little cost about talk marketing And

Rob Silberman

we Sure year-over-year on a new Strayer to the reduction cost side and actually saw our students. acquire

say over a years. period three If you two look more normalized to

X%, moving in think somewhere reasonable forward been in and increasing and expenses I marketing X% XXXX range between somewhere have beyond. seems X%, that

Peter Appert

Great. Thank you.

Rob Silberman

Peter, more to scale we real - one scale coding well the us thing I is which are it in different one that have advantages and of wanted which of of now the transaction is, their add, of specifically area, the the three just it more schools I approach. in gives platforms one think gives all us terms

So we've learned an understand experimentation and and area the really in lessons after can market. to of that go got months several try we that

Peter Appert

the and Thank you deal. Right, congrats great. on closing

Operator

next [Operator Analysis. Greendale question Instructions] our Corey is from from First

Your line is now open.

Corey Greendale

I appreciate questions. and sticking you around answer guys multiple

to P&L as the XXXX just your guidance the is actually or I as far will of expectation. $X in $X hit So make synergies - helpful. the thoughts on sure want million was Karl to the million the cadence I understood you're saying like

Karl McDonnell

Yes.

Corey Greendale

happens stuff the the of ramp does is that over kind today even And next of bulk few that that months. or in

Karl McDonnell

of and we the implemented all be on No that will $X in estimate run are today of changes there sum equal it basis end and rate and are will and implemented. week-by-week changes million savings XXXX. year of $XX changes being the some a will additional $X those actually The now activities million be in realized to between million about of

Corey Greendale

bit, a can little if Capella. Okay on understood. around And jump then I

the that for based been student I like are Q's, is says, what but says increasing lot it on the revenue per and actually on it discount thoughts they've going on Capella down. actually tuition I net, adjust be they know kind coming students net on So of think stuff at in the you've side what pricing, Strayer a side, to the of done strategy any the the value prop least forward? might

Karl McDonnell

that revenue very you're I be you have per determined, right. student had think performance. They've but to strong

our said, but thought, quarter. future students the any X% decline I fourth offset in a for partially will declines as was side that all we be we're than more in Strayer the the On increase little putting by tuition

Rob Silberman

Strayer for All University. students

Karl McDonnell

year last student head programs should we And earlier All XXXX. a this I students of been expect all as out so scholarship for to we disruptive University. revenue has begin result per into Strayer flatten the that discontinued of as the or we did whether, say to

Corey Greendale

than lower these or in expected that? who was result, that what And drove a QX discounts the because corporate get of mix

Karl McDonnell

are by Well We those effective combination students, since in it or the an was impacted of lower per rate. paying slightly fewer two corporate was students had channel three tuition definitely the things. so receipts growth

Corey Greendale

about it I and I said sense. so competitive, discounting generally talked Capella, look side at just what to think fair Capella about is adjustments repeating you'll Okay the to something you say makes I'm that think master's whether you being more out level

Karl McDonnell

I mean on quarter everything growth we we look Corey. seeing reported that strong degree all including they're today masters. across the segments Yes, But pretty at based

Corey Greendale

Capella get based the like of provides programs Then I Okay. the is broadly. opening anything more that is on that's at at somewhat is another at the sustainable competitive flood of experience that competitive the about when in the and credit FlexPath technology group you there it as type programs Department a definition at the part another If more look happens, looking that of everything in gates as Education overtime? think everything or look competency goal does Capella question, advantage sounds hour again, and they potentially the

Karl McDonnell

of from are at number Everything a the course the relative specific course has a design learning. level. competency Capella think curricular, measured advantages outcomes to that I competitive of base the

advantage of Capella design. is the all as the So that. Delivery, education measurement, of the I most delivery. of ahead a result. it's way It's and competitively higher like of feel not combination just

Rob Silberman

Particularly head very think last is point I powerful. start, the the

Corey Greendale

driving down trending start think high what Okay over would the does at increase I it and expected I but it bad and then it I when trending Dan, for changes, been keeping the still debt verification is Strayer. what's know in down? start

Dan Jackson

we turn the to year. a processing Corey volume see Title expected down in by end of issues of this the the IV

think what we I So think QX the I the about was factors. additional expected,

continued grad the to course shift under students. Of

to bad believe can the managed think the be we X% range, debt I in down long-term that may. it back

Karl McDonnell

University. Strayer At

Dan Jackson

It maybe get to point. we that before XXXX

Corey Greendale

strong, been and the the new then There comp we of of their to new is back growth are take we ago. as quarter-to-quarter to result look was that that has, questions. account much appreciate year easier into should than new the quarter-to-quarter lot quarter, think more very student Capella what's a happen results. should Dan kind I of Strayer's than Peter, about volatile going student we the student in the as that's prior obviously to Okay, one going

Dan Jackson

a to an see students [ph] comfortable want particular Well student come, I think specific trying it, comparisons our they or enrollment with of comp high number axel Corey it at degree is we're that you We in new with to regard definitely cannot any the the should quarter. to report that on changed, we too wrapped whether assume come volatility, delighted We a get hasn't drive happens. we're tough not a which obviously results when just in quarter-to-quarter it's last were easy to around when comp. But this quarter. or Capella policy

that's think that, right think that I helping pay and in the now institutions attention to honest. to really we working both be back to going school beyond macroenviroment adults I much general, it, don't of and supportive is

Corey Greendale

this last number? [indiscernible] contributed I the number breakeven or I fit student how making one. to it new is Okay my understand much and the enrollment give some either the one, think sense

Karl McDonnell

It strong. It probably mean all exceeded definitely XX was basis pretty our of expectations. it was points. I

Corey Greendale

enrollment overall the To number.

Karl McDonnell

new Strayer's student To growth rate.

Corey Greendale

rate. To student growth

Great. Okay.

I had. Thank I all that's you. think

Karl McDonnell

Corey. Thanks

Operator

closing showing this to would questions. you. the further I'm no time to Thank like I At over remarks. back Rob Silberman call turn for

Rob Silberman

closing of have I stated management Thank accomplished reiterate, our have said, and testament to same faculty that Dan and performance extreme such to strong work what operator very, had and hard of both and as to and you again really everyone's the appreciative. of gratitude staff integration teams both and to Karl want planning time the at the are organizations transaction the Karl you've a all both commitment sets this, the and around very of we

in us, our our November shareholders For new results. talking very everybody third our Please free contact feel shareholders you from look quarter Capella. we questions particularly Thanks and with much. forward and if to to have

Operator

the thank and today's conference. for This Ladies concludes participation program. gentlemen, you your in

You may now disconnect.

Strategic Education (STRA) 1 Aug 182018 Q2 Earnings call transcript