Good you, everyone. Thank morning, Rob.
cover areas intend As Rob do fair broadly today. a noted, amount I just we key have morning. this to cover four And to
comments our second have I'll financial quarter on results. First, some
the balance quarter provide I'll third and for of outlook preliminary the a Second, year.
And acquisition a of fourth, on affiliated of our new the some on update I'll today initiatives. and laureate an strategic provide couple University I'll Torrens assets announced Third, education. the from add comments we
quarter second financial on second with overall results go will these Dan First in more But quite and quarter though, minutes. few strong. were beginning results, our into a our detail
very X.X% earnings of revenue Our significant enabled quarter, us with a management approached cost generate to expansion. and along margin growth in growth second focused the
growth XX%, Our income with the on and yields lower respectively, to earnings up differential amount income entirely from due interest much XX% operating the our year on to balance sheet. the share of being lower and and large attributable adjusted almost significantly were cash per prior
of Our XX.X% XXX was adjusted up operating points prior basis margin from the year.
of Now, lockdown unemployment half we enrollment back the began which second our quarter, did impact to see on the impact demand COVID the results. in of our the
growing New and and Capella, X% Capella, while X% total and at X% enrollment at Strayer student X% enrollment at grew declined Strayer respectively.
downturn. in at primarily of as a both this between many versus Strayer’s couple academic the time anticipate XX% following And first for zero will undergraduate actually Strayer’s past students on the and Although total demand Strayer enrollment quarters. student be Capella’s within down non less the early been a a attributable current most severe similar its Capella we quarter less at approximately more recession unemployment represents and Strayer of and declined mix, much to will contraction, it down college larger third the focus -- Capella when when and Strayer, several mostly while new enrollment. summer Strayer’s students environment a third seen believe sensitive stages the be new weeks. result prior Strayer’s see still and impact has X%. its severe to University economic XXXX third demand year, stable in by overall likely the XX% quarter for Strayer University, term, education affected University We although is completed of graduate XX% results has did including related students. its reduction environment we between enrollment, non is sorry of enrollment quarter demand being less its its having corporate which learners
operating year, to from to the low year. investments into and the the planning will operating while be for better enrollment quarter be were total their prior preliminary up outcomes, quarter. cost digits year would than flat, flat Strayer’s. revenue And year X% flat operating of into and hold but be project we is adjusted yet, project So XXXX, pay from for visibility that with our prior quarter to be management to both income full up income current with strategic limited efforts, annual unemployment, we continue mid-single if the to in in expenses pandemic assume income have to to pre-tax to priorities Due along increases the the XXXX trends substantially any through we don't to these offset Based new our savings related balance meaning the you fourth the results have and we third visibility, revenue we we areas. our expect will other third and on adjusted
next into will year as As allocated our year. implement part XXXX a further to year. our resources are obviously, to get restructuring of this be this, that into properly heading company the later the And refined we ensure planning intends
call, a demand popularity last to Turning of comments Sophia shift consumer those now earnings the strategic to portal new college where in our our courses. I being I certified with learning, starting made or couple direct sudden online discussed online arising learning; and one more opportunities from digital of with A
general XXX,XXX decided Rob the July Sophia amazing. unique users we offer been have of than popularity end public As of year, quite noted of More more free in registered through XXX,XXX this than that to the March, and has to the early make for courses.
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And other since more for institutions setting, as highlighted covering the members opportunity online from little area in a instruction, including HBCUs. to of trading. since nation’s future is of XX% helping particularly Another SEI our I them received many has call, transition collectively faculty experience to many no potential have last than their for SEI institutions, than XX requests online of digital more a
a on several have non-SEI and XXX instruction than faculty created online to waitlist. in teaching with date have delivering, practices XXX to in more courses an We members teach best taught additional
requested highest these members of to In Torrens have accretive University three This and XXX% no part in of as with find we practices And latter this be the in is acquisition Rob, XXXX very students, United we to aided institution a investor team talented ground the And is we an institution adult federally close Linda is and me leaders it international. with as XXXX. I'd get highest a said anticipate briefly are in and education and superior have in of producing we best the Like like Capella confident very we've revenue Strayer this accomplish who we is have of the track service source recognized of asset this this merger as possible felt a level exceptional she most will assets record digital like announced quality, fact, led affiliated moving on university assets. morning, the higher strong Capella, immediately in significantly And outcomes. Asia into on which funded we that institutions. primarily their this we from with quality domestic by these Education's charge as finally year the Strayer institutions we today be acquisition desire Australia. comment Brown, States. Pacific our to faculty we Torrens will the that regions. the public now clearly, into report and in provided we found up. new previously, at that CEO, academic consistent to forward, of built and see focuses of Torrens attractive the Today, or Laureate only and moving But by the teach upon has learning. who
complete well planning, and this manner. team have transition which I as We and already more begun current travel SEI and to full the transition confidence team, timely complicated as admittedly be will integration her effective restrictions. with in in slightly Linda have But a
students, and mission express to and and this Linda work to my help like office. gratitude so SEI. continue Dan and to all the their considerable And on-going morning, colleagues Our also second our goal work any opposed many further my remote, is to now to they I'd SEI as Dan? when retention. were they and They finally results. they're to the improve tools more fulfill bring outcomes of team I'll that, when in financial support all ask within her of quarter on And cases, behalf even with in and run and as technologies through tirelessly to to
