ASPU - Earnings call transcript Q4 2018

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Operator

Good day ladies and gentlemen, and welcome to the Aspen Group Inc., Conference Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to introduce your host for today's conference, Ms. CFO. Gill, Janet

begin. You may

Janet Gill

student and call. Good These questions Chief afternoon. today Janet you. subject guidance, from risks call in quarter Actual name Aspen results remarks in afternoon. various Securities issued the the made should enrollments to revenue A results during risks statements forward-looking My uncertainties may an Commission predicted Officer. our Exchange Thank statements relating Aspen's results discussion this to press and earnings fourth Financial XXXX us release EBITDA. metrics, answers and adjusted performance. and as related fiscal Gill, note other you expectations EBITDA reported that of filings considered Group's differ company's include to Thank the regarding this not including year is uncertainties. mentioned contained Please to include for our for are with future and of joining which is indication our materially be and business

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

conditional for the doctoral delivered As USU, other programs. were program four nursing with today Aspen and programs, XXXX practitioner previously year-over-year University's hybrid nurse had master represent company new announced in the on and Aspen the XXX XXX online the Aspen an types Aspen prior programs, year and excess. increase of enrollments enrollments Therefore, represented will that traditional in University of and and XX% in including a QX and student removing enrollments, period XXXX period. we over focus Aspen's From XXX Aspen's XXXX year was other quarter other and enrollments University's XXX new XXXX new the note perspective, for from increase the the XX% on-campus program, in USU's University's enrollments University comparable quarter a family programs. student record prior the new QX Aspen XXXX comparable doctoral other company's Please undergraduate FNP programs, in USU brand nursing program,

starts by increase result revenues University's was new a Aspen rising primarily XX% of year-over-year. class in

rising company XX% nearly contributed the quarter. projected pace of revenues quarterly the a for that at approximately previously was USU While XX% the faster revenues than for

Aspen margin XX% year-over-year. fourth or increase just Group's profit XX% increased gross the quarter representing $X,XXX,XXX for

quarter, for revenues. the quarter. while University the for costs for revenues or represented XX% of Aspen XX% profit revenues profit services $X,XXX,XXX Aspen of to gross quarter University equaled USU rose XX% the gross of Instructional USU and

revenues XX% and of quarter, revenues and USU costs of services instructional for services equal USU the Aspen while University Aspen quarter. the instructional XX% costs University represented for

revenues. for the or quarter revenues decline. As XX% expect promotional we USU's its will $X,XXX,XXX percentage of that and Marketing of grow, instructional costs were costs

the outside as G&A included USU's with USU XX% and comparable promotional of [cost][ph] percentage revenues while [costs][ph] expenses are Also quarter, quarter. were we the grow, prior of that associated marketing USU University of marketing Aspen promotional equal or will revenues [cost][ph] Again, University an in expect force. for and decline. XX% Aspen promotional during to of increase and $X,XXX,XXX represented and year for its cost revenues marketing sales marketing period, $X,XXX,XXX for XX%. the compared [cost][ph], AGI $X,XXX,XXX promotional the quarter the

represented Aspen Clearly, as University equaled G&A we revenues the decreasing substantially Aspen this quarter, for of cost the G&A USU's XX% grow. University of USU see quarter. USU XXX% percentage cost revenues while revenues for

including shareholders net professional quarter employees, a to equals in fees. Aspen share for IT employees for corporate corporate cost stock-based the G&A increase New year the compensation an non-cash, loss the applicable Group Inc's period, loss and loss Net million the in $X,XXX,XXX quarter to corporate approximately per the office, $X,XXX,XXX. or for $X.XX rent, York prior loss of $XXX,XXX compared $X.XX of of was diluted as comparable AGI's

of included credit experienced Aspen University extinguishment $XXX,XXX of income contributed million the million loss operating operating an expense to generated $XX for operating related the which quarter. in corporate $X.X the million expenses the during of the interest facility. the quarter $X.XX quarter, USU while AGI million of one-time $X.XX

expense, the non-GAAP a $X.XX. was loss adjusted million negative interest net measure one-time the diluted financial Excluding $X.X a per share

the $X.XX April XXXX the the $XX expenses, the its $XX.X million per current. increased of cash at are share. $XX million. common shares XXXX, gross April $XX The year-end approximately of during of million which million. $X.X and $X.X was extinguished stock then company $XX.X Finally, stockholders liabilities was cash Total are million through raised are company After XX, AGI At fiscal $XX.X credit balance sale million million X.X by at total now facility. equity million. million assets operating

our to our I an color and update the additional quarter operational to provide Matthews fourth first results guidance and over turn on quarter. for call provide to Michael Now, fiscal will

Michael Mathews

business refer new been business, new forward which I Aspen in business other campus and Phoenix. this traditional is numbers new than Thanks, nursing, which doctoral program, Janet. we other programs business that semester finally, and very and in first When is to four discuss; other when our Nursing to now predominantly refer hybrid undergraduate the fully our is USU graduate predominantly which We've degree the is today's doctoral makes our initial in USU afternoon otherwise Good Aspen, clear and pre-licensure began the everyone. call FNP, it earnings to as when includes FNP first to I looking and units two except or have our BSN our Aspen quarter much our it ago, to their context its days includes USU programs. Aspen

about an Janet advertising was by our for of year-over-year. XX% mentioned traditional to business enrollments our spending XX% Internet earlier, As rose student that unit XXX up increase year-over-year. new Aspen for

best month unconditional So basis of on is analysis which partly cost increase includes due previous the our one the of from only. of as the of enrollment, moderate January COE describe conversion months we to to month COE course year, slightly compares isn't which rose January. rolling declining average $XXXX rate six quarter moderately the of To enrollments This course which our surprising of a $XXXX. XX.X% as from to enrollment a sequential XX.X% is

for the or for EAs. per six the means just quarter projection per was as quarter so is unconditional there's leads advisors They per team to Last students that X.Xx. no traditional we for basis LTV advertising an revenue Aspen's respectable staffed with consider ratio our of full X.X only in enrollment average, is students pretty efficiency our Therefore, with respectable referral the enrolling and over per little quarter, this quarter on defined it we're Our the you for now cost early doctoral for $X,XXX. the enrollment program, cost enrolment first XXX a unit EA. sits marketing enrollment $X,XXX. which marketing currently month a organic When days, doctoral these enrollments the enrolled at Aspen of that is started programs which

We leads be a [EGAs] and/or expect over year business. our to news LTV the decline lead projecting build $XX,XXX doctoral is, counts The and organic is increase the LTV Aspen to in our with continue traditional this to unit, higher [ph] referral than we're we COE as XX% which doctoral time. good the database next as over

in equal COE I or efficiency than X.Xx. for current at our doctoral year, indicated its just the which our business, next traditional our projecting doctoral the we're to rise declines from sits higher X.Xx ratio Assuming a business to ratio marketing to

to move let's USU. Okay,

this news day. the economic the significant most of As unit is

Note enrollments new the every quarter month. that of that Our number is the Registered of CABRN. the to for XX Nursing, eight California of EAs Therefore, limit CABRN COE to relative the unit is with increase month per enrollments USU an to $XXXX per given more to-date enrollments EA. the high allowing XX demand. to other discussions that new which call FNP with delivered COE the based staffing Based It's is review the artificially us program FNP student undergoing of students on in potential which expected than new the XXX enroll month the initial especially would other enrollment every enrollment limited of noteworthy has we strong the level fact be USU our Board decline on X.X USU primarily at thereafter. process standard the the should and than

good the Here's news.

it in two we're has structured the higher than business. our this our to tuition That other And projecting words is of completed be years. the efficiency are approximately in finish XXX% program, ratio in a two projected in is means XX,XXX, year to program Aspen X.Xx. be FNP fees this unit to be the is Given to LTV given marketing $XX,XXX unit, which start the traditional LTV

When qualified the semester ago that to program today hybrid update the Phoenix for just first BSN discussed as program. significant students business the a four pre-licensure our were final Phoenix week. mentioned announced we Tuesday market, online/on-campus we wanting is a months in nursing enter started waitlist there on Our pre-licensure and this program

that its our Well, and of that's strong effectiveness experienced. demand program our what program. particularly predicted we for the given would innovative we've be cost exactly So nature

program. completed completed enrolled for we must to some admitted final social enrolled semester program. core with of per addition local five the core only all in the students general first in the year our nursing and over courses, marketing, media weeks two-year thereby XX nursing July which prerequisites students be week education which into $XXXX a have remaining radio about spent are XX of entering total and $XX,XXX being The on XX entered In prerequisite two before

is business than the literally our for campus $XXX. So less COE

Additionally, of XX. Stay the Therefore, November year, core remainder anticipated program final the year Aspen allow University [ph] nursing the overwhelming open campus demand weeks nursing starting ago XX company XXXX. and on [gen for are year our our a we academic my tuned our program in for Phoenix, second of enter having assessing the announcement to calendar for for related March waitlist guidance the top-line the during I'll ed] semesters because anticipate seasonality would several end which approaches to nursing for future. November program students a providing the two that quarter. in both prepared alternative semester for remarks and includes Phoenix year in our the started to be upcoming an first by began XX this to ready of core the two in near July that briefings today

has a to $X,XXX,XXX. of quarter example, year and because first By XXXX, quarter the to revenues revenues to effect $X,XXX,XXX. summer 'XX that by and following at rose therefore I a year courses sequentially it or other the As fiscal professional expects in length to less take as QX quarter primarily seasonal months company our in QX low occur tend the July fiscal students quarters. same relative ago specifically by the quarter QX $XX,XXX fiscal to working first more of three become ago $XXX,XXX of May during is way year the $X,XXX,XXX. sequentially following continue the X% point declined discussed of fiscal in the we seasonality a through quarter to XXXX, our total were pronounced XX% falls or revenues In XXXX. The The fiscal seasonality scale,

to to QX similar the fiscal to decline Aspen in relative revenues Specifically year. QX are University prior expected

the given However, are in overall QX relative flat revenues USU. to be contribution QX from revenue company expected to

prepared are revenues basis to our on growth company the rate the year-over-year to Although QX comments flat a in fact to ends in afternoon. expected for XX% accelerate approximately is year-over-year. be forecasted sequentially That

the we'd any to like address Now open to questions. call

Operator

from Partners. from [Operator first Darren is Capital question Aftahi ROTH Instructions] Our

Your open. line now is

Darren Aftahi

appreciate Hi, Yes. and on Hi, questions release. all my taking Janet. the detail the Mike. for Thanks

compositions Can the So numbers for payment handful, of ramping of on up just USU the to gross I USU two and businesses Aspen see for well between a just kind couple over had we Then, speak delta to first those Aspen as numbers, and then got payments you but time? the a is follow of just monthly ups. the I kind gross as X should core I've start margins understand monthly those on mirror margin.

Michael Mathews

Mike Darren. Yes. Good afternoon, Matthews.

earlier in all, students monthly on announced of USU payment First of the we the are XX% our student body. represent that plan today press release active that

significantly is Aspen XX% range. know you than higher in As that the

the only into to to three, those monthly four So, it's just we range, take aren't is time XX% that for similar the to and payment USU fact we expect fully plan going reason percentages in because get quarters ago but going that's happen. began

at X.Xx marketing versus about gross Aspen. we announcement business of for And just made could ratio margin X.Xx. The projected MER, we traditional that versus other sits question tell that efficiency as you're by is which USU asking our is USU our be believe our you to the

many gross earned be FNP the finished program two X the because and a rapid two but we result on in Aspen the traditional -- students, higher a as many, higher in expect MER average margins to students years structured which year year materially is history of of XX,XXX three the USU finished year versus in very they higher Aspen than we So business a for of four. where period our program

Darren Aftahi

by Great. of my number cost come from headwind on logic. I at LTV, to have expand your my month, enrollment with And USU, of number to doctoral XX% use debt that? potential the And away the beyond I'm numbers then, other would for handicap then, looks have you going guess organic is kind the another every if does a it question, XX the a guess way within those two cause works be to USU that cost if up for the curious and so of I to Xx of jumped sequentially And enrollment and just was enrollment amount there that XX sort XXx you just diluting are math my then, last in I release kind in like I segments. maybe anything of I'm that your just out, able upside? what and referrals you this that to if relates to of speak bad could the Thanks. cap sequentially. if that

Janet Gill

Sure. Hi, Darren.

detailed very a of review balance. did we year, every this During

and we load completed day ago about that a we balances a on -- collection a we As but we a are review effort felt was was end cleaner for forward. those we it it done of for off at and it, then quite balances you old, a evaluated know, decision completed made any and based going months exactly, program lot good did XX that the lot so them we of we've write collect Yes, moving and all off that the of -- so we need of did wrote what would we reserve. just forward

Michael Mathews

analyzed properly. I your that other Darren. of think you've Yes, terms In question

started when today of then, our upped we way we significant the really we in Aspen into are accreditation And CCNA program a -- the in XXXX. in for Aspen has because budget BSN the XXXX. marketing got BSN November benefit

So quite sort that brand years naturally fairly a we to of thousands correct, of bit get you're you're in range of near advertising for that to get X significant and time when going XX% And today. And we're X new in size have course a to organic you enrollments. a that XX% of It's good to increase and students. have going to enrolling programs referral those level. take anywhere to to of

XX this of with enrollment So currently over month for the BRN if we other California could lift which appreciably. to cap cost we every and we quite the is able work then decline if month think expect that, do clearly that we're FNP enrollment

Darren Aftahi

Great. Thank you.

Operator

Thank you.

Martinuzzi Our next from question Eric from Street Lake Capital. is

now Your is line open.

Eric Martinuzzi

about about I'm XX, of USU the Thanks. talked growth apart to want being And XX% April revenue. curious, the pick you sort of quarter. under I just of organic rate

math the legacy -- about So coming rate. quick I'm if XX% do up with organic there, some on I growth business

then to subtracting year the So it from sound organic Does million ago. and that a XX% correct? about X.X comparing number just $X.X

Michael Mathews

the range. in That's Yes. right

Eric Martinuzzi

Okay.

Michael Mathews

our spend the marketing like for and our rate understand on is XX% And a in basis to XX% that business range. traditional

into well So spending category recently doctoral we USU. of budgets dollars significant shifted as the course obviously with as investment

Eric Martinuzzi

And sense. makes -- then That Yes.

Michael Mathews

if month. $XXX,XXX over mean And I I at you there, just look one thing could other to per but if averaged now add fiscal spend rate I'm historically interrupt program. last sorry $XXX,XXX we all about of our we're year

conservative on being not. So is didn't certainly significant. spending we're call we're increase that the I the overall because want think to anyone quite

Eric Martinuzzi

taking color by you obviously, just or by operating be broke that a it it, may The EBITDA EBITDA, think segments on loss income the I look at appreciate USU. out

assumption, to last given to revenue gross of But it's far USU to to, when your internal double seems need to going that Going an as to as back run we $XXX,XXX we're probably operating breakeven perspective? month, still if forecast me give roughly to million business not get what's it of quarter we're still income the to does -- that where margin from that self-sustaining kind the $X.X that, the a again get breakeven. as an rates own

Michael Mathews

our about year. be the around breakeven of by income looking to this operating on USU our end We're Yes. fiscal at year

Eric Martinuzzi

Okay.

Michael Mathews

revenues at rate run in what should The be double they today. least of are terms

Eric Martinuzzi

Okay.

and own just know for consensus little if for don't I commentary is QX, a quarters. this As of XXXX with comfortable that or number model given high versus then be I the -- care has a I'm $XX that QX much on to just something half you at The the back just is probably QX seasonality seasonality you my are your million? of front half million. look bit that question comment. is $XX and versus its going I'm to issues is QX those that both the stronger wondering, Is that

Michael Mathews

have new the course mean we having a business the last essentially as one company, were including units, four Well, X business a we campus I of business now have and several years now we of business.

for us, this moving new So at many that and different point decided to we've because guidance revenue so going provide there's we're parts. just quarter-by-quarter

in we're the provide we and this So following. will then next the guidance call so quarter just anyway, guidance for providing our for

Eric Martinuzzi

Understand.

me. And Okay. for question then, last

know Chief put Nursing you we the end news May The was expanding going Phoenix a a But, your guess news today out. potentially you remarks the prepared second new about Phoenix outside Phoenix. the added you about you having brought of reason implication Metro. growth that What expectation McNamara there on other talked to last Nursing Officer, I Anne Officer? was, in metro. What's of it's be the campus question, to that the another are I Chief and -- in campuses beyond

Michael Mathews

Yes.

there. You the leaves well are tea reading very

expect to than I soon one, us number campus were. about an that make we're Phoenix we because in to have even So we demand relatively a overwhelming in Phoenix knew announcement second going

expectations Our surpassed actually five short a period weeks of very of marketing. only great were time in

innovative the to detail about expanding We when of our have approach we'll beyond announcement. a make very and in that in to talk existing able then course we're campus Phoenix

behalf that have to on the to some And also as look metros a timeframe. the announcements demand the consulting waitlist and coming to third-party do to a analysis carefully over employed over and might very we supply make given our in market we from view. we other major study States We quarters United some to work of might enter -- that some any point expect

of expand to So we looking are Arizona, outside yes.

Eric Martinuzzi

then, for question housekeeping is the a And last item Janet. Okay.

outstanding of mid-quarter, filed. on to be current equity gets the the the I number XX-K had where basic the and… You curious shares know are assume page at are. But, the that what front kind we whenever will of raise

Janet Gill

today It's will and $XX.X $XX.X million million. today be

So…

Michael Mathews

their XX.X. the goes quarter when count to XX.X for filed was quarter was fourth share our quarter the Eric, we we're now the outstanding current that the And full rise will that what million. back share for K is place, for quarter then, and we we the the tomorrow, see this you just have in That it EPS announced. that be will in, count

Sorry, XX.X, XX.X. I apologize,

Eric Martinuzzi

Thank you helpful. my That's Okay. for taking questions.

Operator

Thank you.

question Malouf next Mike Craig-Hallum Capital. is from from Our

now is line open. Your

Mike Malouf

be doctoral taking of my a the Great. little if Thanks at what bit there just for that and like the look of big how on over the wonder How I questions. next think you us What's focus competition as little years? opportunity that for a program. Can big is? more sense give that couple that in could bit you? you you you of could

Michael Mathews

Good Mike are How Mike. you? Matthews. afternoon,

Mike Malouf

Great.

Michael Mathews

significant a doctoral business. sized the relatively is So program

Just you for kind feel to a give market. addressable a of

year. Our that practitioners, or there think you're nurse RN to doctoral nurses per RN BSN about category XX,XXX nursing is year. program, about The XX,XXX begin practitioner BSN programs as every that category enter there's year. -- each I sorry to nurse programs is FNP is aware The about students XX,XXX

understand offer Now that. the is market we range. doctoral year programs that that please than start the in United in much that per States XX,XXX the is are But higher addressable

and XX,XXX programs that our XX,XXX, if major XX,XXX, at you online. are it's three So look then

Mike Malouf

Great.

then a at about difference competition? size. costs, against take it's bumping you So when BSN program up the what the And in in look

Michael Mathews

of Yes. There's all competition excellent across education. higher categories

compete and programs. of profits. against non-profit schools we We doctoral traditional your the compete recently And public. universities of four offer non-profit course, So with most course private traditional accredited

Mike Malouf

or program, that limited you Okay. what XX to the every and with What you're FNP get And you're I are number to to trying go month know asking then to obviously for? could other regards higher.

Michael Mathews

it's it doesn't way. really, Well, not that work

California idea the for asked asked of an over So well and the them students provide They like many of how of don't growth California that negotiation. state we of a really United say us the as across us States. a in us and no, they discussion plan a to five we'd for it's process. and of BRN to enroll somewhat as as part back the come more or And both period year yes

XXX. enrollment we'd but XX your to to answer So, that from to like see lifted specifically, level question

Mike Malouf

So XX month. basically be it'd a

sort you what thinking? that's So of are

Michael Mathews

rate. our double Yes. run we That current Yes.

Mike Malouf

it. Got

had addressing people Okay, then, you can a plans? sitting talked for I us know that final give if are I'm have but about a with you just to great. that need kind of that national update there don't degrees. really just And an credits USU that out taking and those on question, number regards And wondering of

Michael Mathews

No sure. problem. Yes,

limitations acquired of called them undergraduates when of we USU that we going of the which knew university. had couple Completion they the Bachelor was One Programs what's only in a within

So an of they But and they obviously a nursing had They have other business education a specializations. program nice undergraduate. have than undergraduate they program sciences. all have series program with excellent health a that's

justice process So with going regional would then in a we're we number effective a prepare to mass a in and specializations. to others. the program to degree very ourselves a WASC to the accreditor psychology criminal go completion order like and significant suite are in which order working of of we need look also study to programs to market And of the professional to launch bachelor begin school programs a an have subsequently number with manner. include -- broad In technology very of

time it's So little to before of we'll a ready. take going be bit us

Mike Malouf

for great. the Thanks Okay, Appreciate Thanks. color. it.

Michael Mathews

you. Thank

Operator

you. Thank

question Halpern next Howard from Taglich Our from Brothers. is

Your is now open. line

Howard Halpern

taking Hi Mike. my question. Thanks for

Michael Mathews

Hi, Howard.

Howard Halpern

don't plan monthly to is the start earlier, it you payment what mentioned of now. if value well know a I Just but off, had annual

Michael Mathews

would monthly plan left. the payment value contractual is are how is and many approximately of ran if [indiscernible] student took total So That every the That's that be the your of $XX XXXX full to payments million. students today you total. math tale the

Howard Halpern

could Okay. I how segment each you And you the then unit and have moving many advisors, guess to or each total business for enrollment breakdown now?

Michael Mathews

I we've increased ended numbers and right previous the me, center the the then. Again, of front Yes. numbers have I XX we were in gave as but that April don't since

So X have we in today. group advisors enrollment I believe doctoral our

the as say in of front have high high enrollment USU of I We traditional have XXs in could And me, I advisors the I to exactly I XX XX today want range Again the we're terms be business. don't in unit. Aspen in Howard, our numbers believe apologize. as

Howard Halpern

I program for how you that And business? envision building the I doctoral the guess Okay. for referral program, as Aspen guess traditional built do

Michael Mathews

Well, programs. so we doctoral have three

Okay.

our in computer and a our we course doctorate practice. have So of doctorate BNP, in education of doctorate nursing science,

as -- on which education our to we in launched the so our And methods, social through K the districts BNP outside Internet case to using call there's media. is use well sector we force hospitals And advertising course of in sales January call are as traditional students. marketing for and potential now on help we also XX which of

supported So force. a it's combination the outside umbrella traditional sales our Internet of advertising by

Howard Halpern

Okay. the Well, keep great work. thanks and

Michael Mathews

Thank you.

Operator

you. Thank

DeYoung Our Goudy from Park next Jamie from is question Capital.

now is Your line open.

Jamie DeYoung

Janet. Good it back quarter, Congratulations afternoon, sub-XX Mike, strong revenue. profitability, million Aspen on Aspen -- to a core really impressed, has got in

feet a that's So really congratulations. impressive

Michael Mathews

Jamie. Thanks

Janet Gill

Thanks Jim.

Jamie DeYoung

Aspen you. on Can are a and had targeting? of give an that questions Just addressable us for you couple today update what the nursing USU is market

Michael Mathews

in today XX% magnet or reported is are nurse employed of There's XXX,XXX with which that there's recently approximately million U.S. practitioners. in The U.S. sure. about hospitals RNs all the nearly the X.X only AACN XXX Yes, XX% hospitals. about

of a prepared. become your at is BSN magnet nurses be Hospital, to XX% Of the employ to course have you least that one have parameters to of

projected and RN demand our be as about strong Nurse that XX,XXX XX,XXX starts are doctoral degree start, mentioned that practitioners just the in demand projected to per for to RN we to coming So the year, program been the each program earlier program no to BSN coming see largest we Aspen's for average about enjoy completion I programs per while offer occur year category. mentioned in earlier year will Howard I reported very years. three slowdown XX,XXX to continue BSN that see starts I years. we to about It's that for mentioned

the didn't of you pre-licensure know Arizona BSN of this, there's ask enrollments just I X.X% today represents terms U.S. the which pre-licensure about students over addressable pre-licensure Finally market the in but in in XXXX about

Jamie DeYoung

helpful. you. Thank Great. That's

at for Aspen You fiscal look at XXXX a would like company run and year exited at when what me at XXXX USU. with you're enrollments Aspen USU? of revenue give sense at enrollments the approximately the you rate XXXX XXXXX and XXX Can

Michael Mathews

specific you Jamie, couldn't well. right, you question All more What tried. if a get

Okay break for try you. well to down let it me

run Aspen's said XXXX an revenue which annual annualized. an $XXXX. that's traditional business, That as about what's $XX has implies students. of million annual Again rate about today you student active of about per

an we traditional run of project then traditional an rate another and enrollments Aspen million. annual an pre-licensure annual XXXX annual students would XXXX have expected the would Aspen's So had XX to about have by the double XX,XXX I two If doctoral increase business business revenue those an would additional students, assuming least we for rate per at we additional in at project active student BSN run $XX $XXXX. businesses USU is Aspen's million.

your USU students. So I was question think XXXX

So, $XXXX, $XX have million, you're more USU I think XXXX than the what students math. looking if is at approximately which you that double

So math breakout at point is if that that over the would students, rate that -- XX,XXX total doing million. as you're then right, told I you think be described is, implying the all be my run I'm if revenue XX would

Jamie DeYoung

of million, approximately Got right. booked you. run Actual twice a that, $XX but rate of over revenue

Michael Mathews

that. would revenue Yes. around would way other of words the other In But rate revenue around. the be over be XX. annualized it's think I run about booked twice the

Jamie DeYoung

Okay.

of of when then reach each your XX% so annualized suffice categories an less addressable you level basis? of still capturing be And say three in than to that market enrollments that you'll these on

Michael Mathews

Yes. Oh, yes.

XXXX be anywhere Of course, there talking XXXX, what only it those of so, is would XX,XXX, none XX% about then near Because yes, correct. and you're is XXXX, again yes.

Jamie DeYoung

Got That's it. right. All helpful.

long much you've here. go got like Thanks still Mike. runway to so a Sounds

Michael Mathews

Yes.

You're welcome.

Operator

you. Thank

Capital Partners. is question Darren Aftahi from next from Our ROTH

now Your line is open.

Darren Aftahi

you year Yes. want I to say the potential just read 'XX to fiscal or calendar? campus just year follow in I new clarify up, that release. But a calendar ask a when in XXXX want adding

Michael Mathews

Calendar.

Darren Aftahi

Got it. you. Thank

Michael Mathews

fiscal. is there could didn't it possibility end the to If But by the we a of just do that project exists yet. want I

Darren Aftahi

you. Fair enough. Thank

Operator

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

Michael Mathews

your questions looks afternoon a you you joining afternoon. especially good this today. and Have our thank with everyone us Thank again want for everyone forward soon. to here I to team for talking

Operator

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

now may You disconnect.

Aspen (ASPU) 12 Jul 182018 Q4 Earnings call transcript