ASPU - Earnings call transcript Q2 2018

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Operator

Good day ladies and gentlemen and thank you for standing by. Welcome to Aspen Group Inc Conference Call. At this time, all participants are in a listen-only mode.

Following management's prepared remarks, we will host a question-and-answer session and our instructions will be given at that time. [Operator Instructions].

conference being this purposes. for reminder, a call recorded is replay As is turn to my conference It pleasure the not to Ms. Financial Janet Chief Officer. Gill, Ma'am, you may begin.

Janet Gill

Aspen an of our outside business differ results is our in Actual release spend, today. and reported Chief expectations These Form results which that Group's forecasts be statements marketing adjusted and risks growth should results various answers subject fiscal integration include enrollment afternoon. Janet and XXXX statements student XXXX A call, may and Factors afternoon second for are EBITDA Good Securities to titled including name call. and including uncertainties year remarks in predicted the indication us Financial Please to made University earnings Aspen's marketing not this and with note joining uncertainties. looking forward of spend, for to April risks XX, section future and the our Aspen year-ended relating plan you. and include press payment our to you in XX-K as release the company's the monthly nursing, this Exchange filings Officer. at performance. issued and revenue, regarding our enrollments press discussion Risk EBITDA. to for metrics USU, Thank of of ability and today materially the questions, other the USU quarter Thank grow from the My growth, XXXX Gill, Commission, is contained particularly related considered during USU issued

the issues. marketing well United and as States the to continued of effectiveness our integration we as addition, usual University remain In subject

the quarter. forward-looking will you to during of the GAAP this Reconciliation measures of be disclaims transcript update available for at financial directly to EBITDA operational fiscal a I today call company will and by one performance. results press remind of in a this our reviewing XXXX begin There website. company's the talking company's I we Then for period. and Also, and the today. will course discuss by the the statement were Group second our result comparable year which conference financial the provided EBITDA Aspen XX% conference call that Mathews. To when would Group, of measures like tables quarterly Michael adjusted the about to obligations most turn are the comparable as will are we prior-year revenues issued the over Chairman to Mr. CEO any developments. call, increase $X,XXX,XXX, open, future in Aspen non-GAAP a from any financial release

The Internet a our to sequentially. August XX.X%, far, increased the by company by announced, by rate its year-over-year. record quarterly The in X,XXX previously enrollments month history. rate boosted Aspen lead-to-enrollment set the of month which in certainly increase in a the the sequential new fiscal quarter's increase record XX% this student and QX, of XX% of record rose quarter X,XXX, As most surpassing a representing advertising XX% in only a enrollments XXX conversion spend first company's was,

cost per $XXX. to end rolling from sequentially our enrollment average down consequently, $XXX the So dropped QX six-month of at

times cost ratio, times, marketing projecting which per calculated As investments. revenue by marketing on to that is enrollment per is increased efficiency earn return Aspen's Aspen dividing a result, over meaning X.X X.X its to enrollment, an

as in dropped $X,XXX,XXX call. last we the year-over-year. $X,XXX,XXX, second to that of back a profit was of instructional on to gross previous Group's was the costs XX% versus XX% improvement point guided for increase margin, increased quarter an or quarter sequentially. Aspen revenues the down which G&A earnings this basis revenues quarter XX% the XXX Note of second XX% quarter

the quarter by preparation the nonrecurring in sequentially. flat fulltime this United for University, relatively was acquisition remained of the G&A nonoperational projected, in expenses company of States offset As final lack employees XX quarter. The which hired

our of terms EBITDA, was a bottomline, a the end which $XXX,XXX per the students quarter negative non-GAAP financial a or course financial quarter represented payments increased negative X% a all a X% the of for monthly loss XX% loss in payment Adjusted number net $XXX,XXX over of In measure, or utilizing second second over the EBITDA, share last margin. our days. totaled $X.XX. the diluted quarter, X,XXX, method was net or measure, XX $XXX,XXX second margin. the At of of to non-GAAP

quarter provide next Now and I quarter. to second provide on will additional an turn the our to operational Michael to and color Mathews update for results call over guidance

Michael Mathews

Thanks afternoon States United quarter final December QX, on of before the course, of Fiscal University acquisition everyone. Janet. Good was closed X. which our

Our new a record of year. second enrollments August the enrollment of which historic surprise for on student was quarter X,XXX XX% based was in pleasant XXX month the August previous over the a up

though was even quarter, accomplished only advisor one XX% for month the We and enrollment per increase team. enrollments XX the at to a Aspen As for this Janet EAs that per team this quarterly tremendous more enrollments mentioned, sequential X.X the we the advisor quarter. ended meaning added X,XXX was averaged

As team. advisors additional on in enrollment to the as have we including to to four company We the enter advisors USU. X, dedicated the Janet which are Year, enrollment across more now mentioned, USU XX support quarter added USU the XX some of December fulltime launch enrollment New staff the we adding of

calendar growth strategy universities. upcoming both Now our I discuss the to like and for high-level plans year for would

a again and great new First, with of United of name we tagline identity Starting in launch making at we identity. will college It the being University Year, USU. corporate States New I will mirror affordable in vision USU. the our plan will leverage the and to a

So stay tuned.

business earn to or graduate and in monthly will professionals be program, MEd Our ability payment MBA initial previously will level market as plans. begin we offering discussed. the practitioner an nurse with are on education, and to or family at plans USU our certainly focus USU's programs exclusively also But working master almost FNP an

about be this As potential. this company, push plan a outside a very we of first with major nursing will excited are monthly payment and our

$XXX,XXX per Our self-limiting to enrollments upcoming month necessary clinical several and and an state-by-state. we we XXX FNP enrollment month these about placements is to are year spend are plan months, in projecting to USU we first calendar the the per obtain start. average at of or approximately In as strive partnerships

spending In terms or fiscal at of of marketing our beginning to are we year begin in start planning May next growth next plans Aspen University, for our the increase XXXX.

directed the the USU the hiring months new all because enrollment building center kept at just summer enrollment in have to under out began center. people past the six since was XX We Aspen the

continue enrollment increase in initial will into advisors for USU's University that spend focused for have $XXX,XXX Aspen to If place, May. order month Now us on sector. University. to the to enrollment what This group could will hire for of center allow per month been range, to $XXX,XXX be nursing starting coming per spending rate our in prior is the spend almost I repeat acquisition I said, USU we a approximately we Aspen just again new exclusively Aspen this the

are per Aspen to per May we increase of spending we of and month. month, spend planning this our $XXX,XXX $XXX,XXX behalf of are to on as month from As now rate USU $XXX,XXX

more of per to means per month company's May, month. approximately that the doubling be rate $XXX,XXX we will pre-acquisition as $XXX,XXX So than from spend

have ready in I several have scaling been you you shareholders months, Aspen. on been past Over theme which a hearing this have you guys hit gas". with consistent know, meetings to investors stable your the as be alike, this business model spring, remained economics will and the as should of given is, gas we Well, "hit the unit

will Long-term, others. our occupational evolve University USU given education. to-date undergraduate regarding which strategic significant as we ready variety high-level the both psychology, further now May in the that graduate I date. back technology to wide be our our to like provide announcement and almost will among leading say sectors, expect now discussed EAs nursing believe while we With will will education, sector nursing, we one as as that we University to of and Year, be New financial the Aspen's be offers reputation States making a current bringing topline spend and degrees number strategy We quarter, United on of nursing just higher will by any cement plans, across of May criminal white-collar Aspen continue the to Aspen target for and to would a guidance that for some and behalf focus to justice for Aspen would after with institutions details exclusively we of haven't USU. and position continue growth like on university prepare to Aspen's increase to the need affordability I a students hire at Aspen the also additional to business, between especially

May student about candidate in and year because payment monthly begin professional. challenges a the their a for students revenue a to into me USU's month started to is run the working model payment calendar March. new after body that of not this to how very in payment dramatic XX on an acquisition the of a the the our plan about Of by a student of student a in saying translate the make by per let about rates students attractive rate. university back economic USU students drop that the body body sense plan. the of $XXX,XXX First moving would original a of was XXX today only averaged monthly today are meant to one-half for one switching have March, majority in because as based revenue monthly rate was fact plan key monthly majority drop a you tuition remain order in acquiring USU that plan acquisition payment utilizing small run monthly X,XXX with business which to prior

new revenue quickly to million of is legacy guidance the rebuild the the XXXX tuition be will longer ramp on Group in provide USU tuition for in it's have because December as students at USU's months too plans a year majority range $X.X but the rather previous increased students So the for about the background majority revenue revenues month higher calendar charged payment $X.X and with institution. USU fiscal soon these to topline, are Inc during materially at will per of million. the rates January. Revenue quarter no will the on and current USU Aspen historically $XXX,XXX I of higher than for but of monthly the as this that well of USU are said, for only With quarter underway,

the our our if necessary the drive in is marketing our increases I are the This spend quarters. three XX% over coming quarters going afternoon. EBITDA are by comments in prepared enrollment to to go two planned adjusted year-over-year discussed rapid into to fiscal we upcoming in Consequently, to our next growth year. in on we the and detail, expect As for XXXX focused have centers. for territory negative growth ends That the relative

we open any Now address questions. to would call the to like

Operator

come Street. Please Lake [Operator Instructions]. And of Eric proceed. first our line with will from question Martinuzzi the

Eric Martinuzzi

on the don't Thanks. number know, Congratulations and Those that enrollments, easy come in just terrific. October X,XXX quarter. is I

Michael Mathews

Eric. Thanks

Eric Martinuzzi

investing for right mind is the curious, be talking expect come to rate in there them looks about, don't what operating payment way the we forma the for monthly and X, run FYXXXX topline the instance, I expression but is, pro in you to you USU or two your plans. of were the where, I with May over ourselves know But by past will like? enterprise I we realize are the handicapping shifting businesses Just a know combined, still combined what number

Michael Mathews

about for frame? nest year, or Eric talking fiscal you what Are time

Eric Martinuzzi

starts X. that May year fiscal The Right.

Michael Mathews

Yes.

I we year, we this fiscal least For have an comfortable to being, would course to which how we at relative XX% think want growth in the that year we the of say time XX%, another rate quarter are to just with go. upcoming end

Eric Martinuzzi

Okay. All right.

Michael Mathews

to two go. Sorry, quarters

Eric Martinuzzi

Yes.

we instance December in the USU hang do your you need FYXXXX? the You April business as wait quarter picture acquired, per Could a about given -- to versus to for start month January, is and uptick traction in are have that I an the do as till for we well QX. clear acquired we April there your expect see us seasonality for own in obviously from Or in both in January. pretty fiscal to talking know $XXX,XX there and QX?

Michael Mathews

willing that of about to to one of, Well, of The the invest amount we our mean they were really that they very in rate what aren't terms business six-month people acquisition. the owner which the aware limited the proceeding that course, sell. money the of spend fact I existing for things of is to are, limited USU was in our are grow

have relatively and though, and happy limited enrollments extremely of as publicly, our course the our even the indicated of with six last looks cost program months FNP were we rate I extremely previously the are for conversion So enrollment promising.

I as announced just at going until spending a are few for notice commence further USU. again, to $XXX,XXX minutes So ago, per we month

enrollment enrollment last have place. months We the day. We six in that center this center for the over built preparing

and will next obviously couple each you we success will on will how the body student see and so completed, give increases. our occurs And quarters over are our specificity of at USU we what enrollment

Eric Martinuzzi

Okay.

two the numbers anything the are plan pickup anything, monthly strange and payment do going reporting with program you quarterly students, students? acquired reporting With your happen the that these does incremental as see for to those title reporting, of we

Michael Mathews

That's I don't so. question. great No, think Yes. a

you most am our payment XX%. USU so of Title think know, over students for last past done IV in at we represent fiscal monthly revenues to say enrollments the was percentage several far I that I have of months. year half this And As that Aspen pleased the

So minority USU a of absolutely financial aid to Aspen. be like we expect federal just

than is FNP quite a other our bit some of more programs. of expensive Some program

higher think not percentage no, little I higher. will you bit So see a financial federal aid significantly but

Eric Martinuzzi

filed housekeeping shares second a see outstanding your million. Janet. number I you have then of XX of here XX.X December And the question for Okay. quarter. as Janet, for I got XX-Q

average share should little for be talk share you we about What if to third quarter? I a for average using we weighted So the count FYXXXX? want going funky weighted understand Or maybe count. or QX, to are have just bit QX

Janet Gill

Eric, different our yours. numbers than are little

have average the it's We calculated for have we XX.X we to what outstanding shares expect be EPS shares. outstanding think But XX.X. I and

number, million. be think good, you use that XX.X I that if So would

Eric Martinuzzi

Far QX.

taking questions. Okay. I All Well, thanks right. my for appreciate it.

Janet Gill

you. Thank

Michael Mathews

Eric. Thanks

Operator

Thank you.

Taglich the from of Howard come will line Halpern question Please next Our proceed. with Brothers.

Howard Halpern

Congratulations guys. Great quarter again.

Michael Mathews

Good afternoon Howard.

Howard Halpern

with the quarterly is And basis? a will I now? start Janet. After debt of your Hi. the interest the close write be on might I guess outstanding acquisition, what what expense

Janet Gill

The expect the day to million the month, drew acquisition. interest because $XX,XXX expense, we we after down per $X.X be about

is the about So month. $XX,XXX per interest average

Howard Halpern

and to forward I going in in also out are segment see such? for and of, terms And enrollments both Okay. information filing, student terms guess, Aspen USU going broken the know in we of

Michael Mathews

Yes.

absolutely segments. quarter, is view quarter we our just be to these But in because we think will universities but the The roll be segment. for of financial we it provide about us, very both are result what reporting two again one going KPI I we from will probably aren't really a KPIs. universities, doing two first transparent will different have operational point subsequent this we will

Howard Halpern

now Okay. forward? actually of And going expense terms what be that owning in might a for some campus, incremental

Michael Mathews

of It's Well, we like campus. a a don't just commercial own the actually rest all lease locations. our

the property deal yes, So view. from don't have accounting with to issue, an of point we

Howard Halpern

that are stick the going to both across Okay. USU? professors just platforms current be And now? engaged with Are utilizing they going to at Or you be are how USU?

Michael Mathews

We at about That's adjunct currently professors Aspen have a little question. professors XX a at over adjunct XXX and USU. good

some have on that folks don't that and really at as courses total are universities terms can of is of is So of for of professors point, of And of of but amount Aspen fulltime that's XX two we I and at some universities pool at going programs And How adjunct I believe, this know XXX. having both that professors, will degree think draw support professors advantages expect over have, in USU. our around I needed. many the a those this Aspen USU. absolutely we to fulltime for adjunct wonderful similar the professors the one we overlap,

Howard Halpern

that marketing that really occupational program? some the all going And nursing start the you plan, are actually offerings be going are degrees you you spent the be are Okay. USU, occupational directed to marketing going offering? dollars to at are of Or that the they towards to

Michael Mathews

Yes.

So what details are. I actually there u announced our

that. me just repeat let So

programs we foreseeable December so the So per at practitioner month for planning are level. three we to master degree nurse starting and approximately spend $XXX,XXX programs, nursing future programs, targeting this graduate be and graduate to our going are targeting are we month, the

be USU's master education program or of to are program as We program. also USU's as going MBA marketing well MEd

are monthly are programs the utilizing the So those payment three that with commencing we plans.

Howard Halpern

the on Okay. about And a Are in bit, marketing each little university talk you forward you least a transparency the beginning, too. for going return to going at the in beginning? separate, investment

Michael Mathews

acquisition that this one initial beauties Group Howard, have now decided but that just, haven't shared I yet, the Aspen thinking will boxes, services. you realize, of Inc is the of is providing my of to because basically I

Howard Halpern

Right.

Michael Mathews

have the we it's enrollment with I will XX people example, universities of shared in, well center category. services big support for this now, advising as we academic both believe, So as that

And because think for us example a think metrics think day, are or announce unit to what it for of positively sense negatively. overarching end about total of back operating will either into model and our enrollments you your the of I of in makes at business so cost and collective is then number which how I enrollment, USU a it the we I as us, the is, like enrollments, care affecting for

yes, the whether are actual offer think forth just it's well as country, provide right. cost or programs. different USU and in essentially just is because total enrollments probably same professionals we Aspen for so I for in to working that of as that will realize so And making enrollment so on It's we offer, and the the

Howard Halpern

Right.

might Or level are we add or last one the employees? couple have fairly you right number a at people fairly technology fair of that such? level, now have? with you Okay. employees more Are a And a that Or one. happy of you to

Michael Mathews

end that's and to But five be academic fiscal a $X.X I one currently, another of announced in increasing six center as pretty year, the move course, next of million much or to between to technology, a going enrollment rate our And the of people, we now it. to going significantly month the behalf Aspen couple earlier, months, to University. we hire operations. couple then are in are spend of marketing, prepare probably a we in have five In

perspective, So well. from will enrollment an certainly that rise G&A, as

Howard Halpern

work keep the guys. great up Well Okay.

Michael Mathews

Yes. Thank you Howard.

Janet Gill

Thank you.

Operator

Gibson William Please line you. come Partners. our ROTH will from And Thank question next Capital of the with proceed.

William Gibson

do When we USU on to expect trending Should per the there? to trend that expect start the cost with in enrollment be higher?

Michael Mathews

Bill. Good it's Mike. afternoon By way, the

So being earlier and I enrollment month we working terms are enrollments, in so marketing which initially Aspen. the have we the that in are to reason behalf $XXX,XXX and don't average publishers any with we a history this starting on course the announced and currently things. all just are conservative we XXX we as expecting other of equals is, $X,XXX for of USU, spend $XXX range of are The per with brand

the perspective, be But term, short is, answer short very expect So it could bit from it a similar. to higher. I long-term little a be

We are being conservative.

William Gibson

have Thank we stats do classes new started? average tuition and any And on Okay. you.

Michael Mathews

For Aspen?

William Gibson

For Aspen in the second quarter, yes.

Michael Mathews

have can that that. that, I don't report you I sure. but get I provide if obviously we front to of me in can can

William Gibson

do just DeVry competition in you lastly, be would from on And any good. sale, expect changes the That Chamberlain? then the

Michael Mathews

is business forward that's assets going No, Chamberlain, online unchanged on a for and part couple again, be those along they of of from remain. of their their don't. sold is the I with and their go to other theirs that DeVry's Because point businesses focal basis view, a of essentially transaction, point

largest in because States, the have pre-licensure they Aspen But see country. going if the to school continue their their rearview primarily So are I be they they mirror, looking in large come around think United are they in the direction. campuses nursing to

William Gibson

Okay.

remains Chamberlain Is So Adtalem. that basically right? with

Michael Mathews

Yes. Absolutely, yes.

William Gibson

Okay. Thank you.

Michael Mathews

clearly their view. their is healthiest point That financial a within business corporation, from of

William Gibson

Got it.

Operator

you. Instructions]. Thank [Operator

Our Paradise proceed. will of Securities. next questions Please Isaac come Platinum the from Global line with

Isaac Paradise

Hi Michael.

program? have enrollments your programs? Are faculty teaching Or quality the the ensuring at nursing Aspen, stretched you how on are be a continue for you that the ratios? to might issues student As you you body quality grow drop doesn't being student to

Michael Mathews

great A Yes. question.

in should is, spend fact of status. now in to one number are nursing. some we flip the decided we continues nursing of program professors aware our to of a approximately to that the of school range talking grow, the I believe year be adjunct have So the XX are and fulltime about as I time professor things everyone last fulltime best that they our all

the I very spent am body the comfortable time extremely between confidence with reflect professors student with and our confident So amount level. our that and quality rates of retention our education, and of

Isaac Paradise

update to that programs do Okay. course to the and competing your of relative they Great. And often your ensure universities are against? content other how remain you you up-to-date nursing competitive

Michael Mathews

personalized effort. to annualized for to our our an approximately courses. system It's And learning update course, of the allows provide professors

and they such to So courses. their can customize video specific record other things

So of of improvement. ongoing an it's process kind curriculum

Isaac Paradise

Thank it. much. you Got very

Michael Mathews

Thank you.

Operator

you. Thank

Our of next questions will line Ceccherelli with Dillon Mike come from the proceed. Please Hill Capital.

Marc Nuccitelli

Hi It's Marc. are you? actually Mike. How

Michael Mathews

Hi Marc, you? How are

Marc Nuccitelli

right. Great quarter. all Congratulations. am I

to We certainly glad are to you growth. the see starting accelerate

for start it's that flow mentioned generating you the cash be EBITDA are draw and illuminate obviously do negative to start expect expect cash now revolver. to you you kind to I am quarters. positive Can think when assuming on facility? because expense, again? you an expensive to increase you interest When down You have your turn of few might you next going that what

Michael Mathews

Yes.

of there. Number couple day a mentioned Well, million, earlier, $X.X acquisition. one, as in drew the we Janet Okay. down the questions after

the have facility. million $XX down $X.X of now we So million out drawn

to as million years the the cash each year $X.X the million. $XX over have right. There a of $X was acquisition, about Our a we, final complete two million ended we course, quarter note. And is next payment

our don't have funds additional would down plans so from draw quarters to facility. expectations we the I three to is what any say, credit say I so in you And next, would or that any

again the We half from view. second in positive fiscal of upcoming this to turn are year an adjusted of point looking EBITDA

eyes pedal important with it are now. jack what open growth that second asset that to And we this decided have we positive the you quite would put happen. a to the this adjusted thought it, put that been again and wide the metal was make and as everybody our long absolutely really, that really needed yes, up rate I time is EBITDA to, So down really knows we university for is

have hit, put And to kind when this to of the you basically effect the year. so, decision quarter we terms this you everyone is that jump. pedal metal couple grow hopefully of made respects a when rate the doing at that are in and that, XX% And do there of lag fact coming a marketing spend a

I the that answers question, Marc. So hope

Marc Nuccitelli

could and any that absolutely appreciate get your advisors do $XXX,XXX Yes, you degradation in underscore, point? when to that. how are confident And you I ramping at if to many advisors start advisors that feel not you expect And just you your period, you obviously point? at going per need spending

Michael Mathews

We confident. feel Yes. pretty

And monthly We is XX like our be hire have XX time I we we another, we to to and plan approximately. May, XX don't training and month. what people between done, six should from we the do enrollment And have XX to by is And hiring which gone hit Marc, per XX there. we know, do to we probably four today. and to programs always need will

Marc Nuccitelli

versus suspect other of some few spend? organic I of had marketing have and just organic hospitals you know growth working these a I with growth. Can obviously quite maybe institutions. touch are How is your methods tremendous on you your you programs?

Michael Mathews

have over historically, growth Yes. difficult a we are But same I XX%. growing, percentage. it's have to organic we the little mean bit as been

we XX%. it's over quarter, around are right This not XX%,

So why announce one but it's will because the things hanging I I the of well. the give next mean not, you quarter, there answer. planning asked in that to question, pretty am I

the be building is all Year major a that for outside tactic announcing universities marketing utilize. the with that an first sales going will New after are which time, commence we to We force

going I roll initial we of foremost the also are of off I will three strength expect, before be country. healthcare education the the it and to it markets, will I will out three I start you the new, might when to, first USU's military because to sector as program first test as like look am And type well. the markets. We in test education those executive And likes that something across we targeting start target sector also VA to target in of and we because test

Marc Nuccitelli

you. Thank great. That's Okay.

Operator

Thank you.

line GVA Research. next Garrity will Our come with from Please questions the proceed. David of

David Garrity

and Hi Congratulations congratulations closing the acquisition. on good a Mike. on quarter

of is progressing? FYXXXX there you you to are the to plans corporate In part touch there? how at with anything your when in might terms your been balance into growth up of How accounts, that FYXXXX? especially for into plans, of going looking relationships on growth business want healthcare, that is respect building at and terms looking of And does fit

Michael Mathews

Yes.

up first program, for and exclusively about that nursing in next next partnerships when on healthcare I to what step. corporate are and exactly the an for today the of the partnerships is set just the corporate outside locations step, The to corporate XX only cafeteria question arena. talk call a partnership, And follow-up trying USU's tables almost was is sales their Your communicate and force corporate Marc step we basically that's Aspen in that approximately to get those example. we logical have partner,,

So it's going we that results drive step to are further have will calendar enrollment I to final excellent this help that we year the that the on beyond growth begin make Internet. even think coming

David Garrity

good. Thank you very Very much.

Operator

no showing am questions at I you. this Thank time. further

some comments Mathews, or and remarks. it's hand for now Officer over Executive my Sir? closing back the Chairman conference Michael to Mr. Chief pleasure So to

Michael Mathews

questions. looks forward Yes. talking Thank thank you everyone afternoon for want everyone to with the your team to you I for again here joining and us this soon.

to late hopefully to an I and to talking time. at sometime mid by look be University announcement, will forward We you. making regarding Thank January that you Aspen

Operator

we gentlemen, This all and today's participation wonderful day. in thank does for program a Ladies Everybody have you and conclude may your our conference. disconnect.

Aspen (ASPU) 13 Dec 172018 Q2 Earnings call transcript