ATGE - Earnings call transcript Q2 2019 | Adtalem Global Education Inc.

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Operator

Greetings and welcome to the Adtalem Second Quarter 2019 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Mr. Chaka Patterson, Vice President and Deputy General Counsel. Thank you. begin. Please

Chaka Patterson

and good reliance to forward-looking Wardell, today Officer; assumptions, the conference President Unzicker, Financial and discussion difficult team Adtalem’s and are call With our to Chief Lisa expectations, of like which risks, statements based are and Officer will that afternoon. contain you, in that which and from me predict leadership and Patrick on factors management remind as actual forward-looking Thank you differ I'd are to this Treasurer. Chief various cause statements projections estimates, of the filings These are for revise with uncertainties, law. other today. could results or The from materially upon statements could these subject or placed are XXXX SEC to those Executive more future of for to to impact any a should them. recent as required in We'll expressed refer undue ended discussion except the Annual forward-looking year results not or financial and update XX-K not statements disclaim condition. risks obligations Form implied other Report on our intentions you be We future statements. that any XX, guarantees operating June our and by of the therefore detailed performance and

GAAP intended During today’s comparable call, though supplement, to are substitute financial refer not our to which we directly measures. will measures, for most non-GAAP

days. to And Telephone refer the which replays access as please I’d also to today’s to release, is and contains and turn GAAP quantitative the that, today, non-GAAP website. now for replays, today’s are well Lisa. over on available of press Our of call discussed financial webcast our release. XX call available to reconciliation with To other information the as be measures,

Lisa Wardell

thank our XXXX afternoon, Good you call. second for joining fiscal earnings quarter and

the refreshed term, January enrollments and student in our we Becker the education product quarter student by business delivered growing Through operating prior new the results total largely a enrollment enrollment in differentiation approximately proceeds and second and continued prior increased X% income in while XXXX professional insurance our and X.X% segment one-time X.X% Adtalem segment Compared benefit from aided medical increased Maria. strong in driven the quarter our growth increased and During to healthcare year. XXXX ACAMS. year nearly by related XX%, hurricanes from to increased revenue period, the Irma

focused Excluding including milestones operating DeVry Further, with the in one-time of the benefit by quarter, Carrington line expectations. income about College special completion in items, the successful of our major ownership, transfers several insurance achieved and X%, and the other decreased we University as business now of University well the pursuing permanent are to required this School Barbados. energy successful from our with development of conclusion, These Ross we the the across opportunities entire as initiatives And team. relocation Medicine additional portfolio. tremendous on

talk you and for strong. in plans segment I me developed partnerships newly Barbados the January. Medicine, to the in University of its traction Further Ross in the fiscal level during Enrollments second-half our to School and in of healthcare let we're opened about our home With our our of a Before for doors seeing permanent high results vertical. quarter. facilities new medical was regard overview segment the XXXX, we give

a While students permanent prospective seeing is that increase already now it early, from still and trends encouraging we're home. has RUSM

including Barbados simulation academic center. represents simulation a society sciences new accredited institution healthcare, a and state-of-the-art medical campus Our in campuses, for SSH

an their care our giving patient their Additionally, and training, lab relative a basic upon edge allows advantage to them a clinical the prepare sciences peers. they center medical faculty better pursue for anatomy competitive of cutting to students best-in-class experiences virtual early medical completion

and achieved Canada, Harvard will that of medicine airlift disaster well finally, the Dr. Center BSN XXXX. of program, the this in Harvard continues institutions. Caribbean improved of disaster the cohort of market medical location Chan in program and first Louisiana, enrolling awareness building Troy All excess last the enrollment above veterinary we will Med school to School by Caribbean School the its campus center including the global from caps academicians strong Chamberlain in caps. the Caribbean enrollment event. In its Brunswick Cornell Center. and Vegas, the year, medicine United in other market and NCLEX annual also programs. based with the BSN of including expert potentially specialist demand peak increases discussed strengthen, Las Public a ends upward physicians In Preston, American providing Medical of enrollment in of lineup access its continues our in Johns pursuing West pass research enhancing Robert biology established Edinburgh. to with solid international see veterinary of a Israel H. Medicine of previous experts Chamberlain former and The and more a with which capitalize the University for for quarter, leading for on demand Ciottone, disaster for also Ross greatly enrollment and University annual partnership the of Kerry center experiencing School rates for market Chamberlain from XXX the States, rather Harvard medicine AUC reputation Gregory demand to expected for presence in has Medical supply faculty Med from also to includes drive Meds and driven Ralph, at the students previous first its headlining the allow host hosted the continued XXXX, nursing veterinary reproductive September in in conference, date to attract a imbalances of University Health, This globe, England, Professor we at recent Dr. from into clinicians Europe. new to medicine, Beth three is the from at the nearly experience North than with as campus start New Ochsner Med Indies to Central and largely international global XXXX. toward School rate Gilbert, internal medical Emeritus doctoral launched growth in well member is has This XX%. showing Deaconess University with professor Ross colocated us BSN largest U.K. student new faculty at Michigan in credential, as students As profession. around medicine in of Dr. the March and companion a its University animal and trend European the to further of Ross leading animal November the Ross partnership attendees, significant Lancashire continue Meanwhile students Jersey. conference. market are Hopkins T. And demand directly Nursing XXXXs demand continues master

enhanced calendar the quarter segment rate and With a the XX takers pass effectiveness our we NCLEX combined performance the refreshed growth quarter of of Becker campuses professional test In NCLEX product XX% had XX.X%, strong including XX had third to of with marketing approximately exceeded our revenue education that of unit differentiation. rate national due total business improved average. the

including of key preparation, growth expanding professionals we're In training changes content to addition accounting support in profession the to including our accounting professional services industry. the the in in exam products development stem and

content is For to In stem engagements. for the example, to and audit speed America. firm accounting develop and non global the to to in globally and accountants, services helps and with we Becker course partnering The Europe, professionals. auditing solid large firm co of a for professionals onboarding continue see stem growth ACAMS accounting U.S., including Latin training accounting

expansion into Germany. Poland include and efforts European Our

gained in early Brazil. Panama, also some have traction We and Mexico

continue conference growing conferences the record growth year-over-year Our with Las post XX%. to over attendees Vegas

we're invest we in and ourselves by to top in provide encouraged ability remain high in and trends soft our expansion. programs core Brazil, in students. headwinds experience revenue continue further academic are currency we the The confident order recent results, continue in ongoing to to for line based since we distance learning deliver pressure, stability. will the And on administration growth quality XXXX that trend the position March will positive. and change certain face our in finally our some settle business we launch very While And to that to rapid are while economy our continue this

faculty Our credentials continues the the and IGC focused academic [indiscernible], by satisfaction our reflected of Brazilian quality rankings Ministry Education in of student score score, improve. composite exam program end consistently to national as a on

XX cities metric. Our the Brazilian institutions institution in of year was serve Among Xth Ministry national on are one based private for metric result Education year, main as XXX of IGC the Adtalem average in X that the IGC of number Brazil. institutions, Adtalem Brazil this the ranked the we improvement

As in revenue remain the driven differentiated addition growth XXXX, fiscal poised and and our the new second-half learning organic products, enhanced enrollment earnings programs we technology of by increases, enter of and student enabled environments. student we continued for

of a We business several years we deal believe course over have stronger the the last great accomplished today. a are and for

profitability. are to have market markets, each As look brands clearly both a in that services of associated respective ahead and we of verticals, the in that we leadership with team are and our strong and balance products differentiated understands cash flow, scale XXXX, that their fiscal

consistent that operating and is reflected growth results. team And deliver in Our our is more to diverse ability experienced, oriented.

continue in by direct prudently will our to and while to form platforms focus deliver improved our while providing organization the growth our and of operating capital We balancing investing owners in portfolio share our efficiencies align repurchases. growth for strategically to across returns driving allocation

ongoing repurchases share in our continued business. Our and confidence reflect our excitement

to value the deeper owners. to for Patrick a we always, our me building committed call over fellow financials are at the long-term With quarter. our that, let for for look a turn As

Patrick Unzicker

good Thank everyone. afternoon you, Lisa,

Now results. turning our to

costs, compared the start X.X% segment ACAMS, X.X% X% Adtalem The by million growth transitionary During the $XXX our basis, in prior and On increase year. and the year. enrollments in increased Medicine well our the items education Operating performance of quarter, were year. prior the but quarter campus up Chamberlain was School costs. healthcare offset Brazil. special revenue improved quarter million and constant primarily as $XXX the prior excluding investments currency impact to in from somewhat segment in of in currency in expenses foreign of to second revenue medical University new the of due grew the nearly to Barbados a driven Ross second stranded compared costs strength as by in including headwinds Becker professional $XXX million, the Growing Adtalem in

compared items We the in to million $XX.X operations to prior are from excluding million expenses. excluding year. our per home continuing Diluted income items share special operations the office the University Net excluding was to in special the in Medicine $XX.X with items second from year. in in operations continuing tracking reflect earnings consolidations from $XX.X prior continuing million compared reduce was primarily plan Operating results special School quarter our was expectations. pretax to to million and estate special million $XX.X Ross campus related prior $X.XX Adtalem's year, restructuring home $X.XX of also items in charges including total Fiscal real office. to $X.X of Dominica compared XXXX exiting our income line

of we addition, gain a to proceeds $XX.X million related In Maria. and from hurricanes insurance Irma recorded

student results, total increased to Chamberlain to the the X.X%. to in X.X% new starting November prior students revenue Total only X.X%. session, our medical is compared $XXX X.X% prior January, with post-licensure segment But healthcare, X.X% grew million In new year. grew X.X% enrollment student a increased which the quarter increased Turning of and and quarter. enrollment decreased second the revenue student compared intake, year. enrollment

to as in doctoral on-campus enrollment New in included our medical XX% well veterinary prior master compared the as for Revenue year. to the our quarter and student and million as increased nursing programs schools X.X% growth an increase program. growth BSN across of the impressive level $XX

year due hurricanes New semester decline January and student percent students to starts total and enrollment shift to last the the The X.X%, from enrollment in declined is a Irma of to students session due compared prior semester in declined the January September new year. X.X% in in to XXXX student same the Maria.

compared new to a impact, normal to excluding the expense increases at medical XX% income schools. this Excluding of the to due enrollment million return second decrease support growth increased to special future items $XX.X in million cost prior the X.X%. level and quarter year. student was operating $XX Segment in was The

year due XXXX. fiscal $X.X quarter conference and while the to marketing planned second to million effectiveness, to Now million to XX% Revenue across was turning of the income to with almost to year. fiscal XX% the our of Segment the segment, ACAMS. revenue education growth conference $XX prior professional this part compared shift quarter. impact in The increased ACAMS revenue a by increase prior approximately from improvement significant enhanced revenue the in was prior increased to XX% $X.X associated driven in Becker and compared QX $X during totaled timing XQ annual due due operating the million both in year American to million Becker North the

Second of a decrease revenue student program $XX.X on totaled million, to of increased included reductions constant tuition decrease is quarter and Technology and offset currency segment basis. X.X% Business pricing down competition. The the aid and financial effect XX.X% a lower necessary

the the year. in quarter platforms. student positioned was new However, the second to operating prior million compared in its well enrollment segment growth million is income for $X.X online in Segment $XX

to degree $XX.X operating recently lower degrees. offered The the in basis centers under online Online income to several which programs learning Brazilian the approval making XXXX X,XXX on XXXX. launching delivered opening programs in and the Wyden Online over learning Second the regulations quarter of XXX and attractive new associates began changed They in segment primarily bachelors distance more February currency session. quarter learning institutions. offering was the infrastructure in Brazil necessary enrolled distance the brand. constant learning driven network has was currently economically larger The process are million. DiMaggio to Adtalem staff by students support reduction September distance Wyden in via facilities Government These this are and for operating on country. streamlined, operating are income a The revenue.

Our effective continuing items special XX% tax was excluding from rate quarter. the second operations in

the million million capital in prior $XX operations Now year-to-date million fiscal Fiscal $XX the balance for months compared from XXXX totaled turning year. the and of sheet $XX X in to to position, our flow financial $XX million first totaled cash prior expenditures year. to compared

million, net by of accounts financial December receivable aid Our an driven at increase was of received. XX, $XXX timing X.X% XXXX the

For and a X.X% of million with compared X.X% solid first cash year, million. the revenue outstanding bad as in We quality months quarter X our programs was cash the the student of $XXX fiscal equivalents of and closed and $XXX the debt outcomes. year, of percentage the bank prior borrowings reflecting to of

strategy to are healthy maintaining enhance shareholder committed We support growth a and balance to sheet returns. our

an fiscal XXth XXXX, common for of of repurchase we share months of total repurchased $XXX.X X.X average $XX.XX approximately we shares price January purchase X million. first of share a per the During year million XXXX, stock at In our completed program.

under by the plan now executing long-term to strategy. of XXXX. are shares last including approved share and committed a confident Board allocation We repurchasing our capital back as remain $XXX million our part buying our November program strategic We

Now turning to outlook. our

X% For to the prior fiscal of third revenue we quarter to the expect X% grow compared year. XXXX, to

X% compared costs We expect third X% to prior year. operating XXXX items quarter increase to before to special the

the and with to to range, approximately grow Q&A. to call turn $XX Full dollar. full year year the to expected the of our earnings compared X% the be of million X% million XX% X% we in $XX tax U.S. rate be operator to revenue third in million range. per the assumes an Consistent increase dollar. to outlook I before The expect The X% approximately Barbados. BRLX.XX special outlook for continuing year our U.S. fiscal range to including exchange an RUSM to previous XX% With prior anticipate will BRLX.X outlook, is spending year. rate of to the full to assumes to the the the exchange rate to quarter share that, to the income million $XX We relocation year effective for operations prior compared $XX to from to capital items now in XXXX over

Operator

Peter thank first question Please And of from you, proceed. Instructions] our with Jaffray. comes [Operator line the Piper Appert

Peter Appert

FIES there? I So could that would Brazil, little exposure persist. maybe those guess financial can competition might on expand What highlighted the bit confidence issue. you're in improve issues you just give and results you what It a seems increased an is seeing the like some you you

Lisa Wardell

that have things. level that couple the administration there. Certainly So somewhat we cetera. with well, new macro certainly of control We is environment a et understand the believe don't the stabilizing we

look the primarily institution. our pressure pricing we seen on Wyden As at we've market

So is et America One, of separate there. are from There's things of that, the Online couple from pressure cetera. the FIES a students lot is or coming a FIES. pricing it using that

is we're as we below across certainly certainly become less in which the are half programs things, competitive percentage there but ago. of FIES all making market not that is then so pricing, couple focused that way. now institution, sure at And what XX% of than of XX% we're we and more couple look right those the sensitive. have price some as just had portfolio, around it Our the a We differentiating trending successes on a Wyden at was years certainly our they

that comes the We seeing through channel the look because in obviously as seeing early site in that and we we're variable and to enrollment Wyden our improve on growth what to operating bottom not then and that's on that's you Online, on do DiMaggio at flowing just through that going at cost. line program the look statistics margin as segment are very that

really a elements the perspective program well product face confident doubt of a to [indiscernible] between that that growth that the but market, cetera. pretty So program perspective, perspective in brand, going so market, be etcetera. positioned across able to and No as there emerging things we're across type those partnerships different of are to that really doing pretty we confident. programs from new that a and I think we're from in differentiation of with there's some are we're relates the some in Brazil good in headwinds seeing a that from et brand risk-return, a we're currencies we it market of We're

Patrick Unzicker

build enrollments our student we've in response pricing to some taken. the nice very Peter, actions seeing new continuation in of of

if of business up almost our online a So enrollments were recall you It's up launch excluding September, about back student XX%. X.X%. that were new Brazil continuation in student new enrollments very successful base even in the

cycle those the increasingly and we're of continuation February we March into here enrollment we and So feeling as stand key where nice confident on come trends. in

Peter Appert

stories to do And can what, anything you then the RN pre here, feels pricing of two BSN The anything quite wise, stabilize quite it's side or the nursing, licensure like I'm on sure RN weak, right. strong, marketing really tale the it structurally not of things? a wise, to to BSN perhaps

Lisa Wardell

Yes, look at to decline, the you has operational to trying things the we're of with drive terms we do in And we're certainly - marketing gap. lot to some closing and that certainly a RN that do that. of if BSN of to the

we've As some feel that of market the you you at –part overall discussed that Well, is helps there. there we the and And at look shifting good the growth understand is certainly bit. trends market to and us be of that of positioned look competitive XX% before. see the it's a some it with as the we the onsite pricing

look students a to that the is and are that we decrease perfect example to on hospital system we're co-location things marketing getting about those aggressive so we but that at across can continue directly. is of thinking focusing work portfolio. certainly more the One Peter with how there a and those Ochsner cost systems partnership continue we our really

on continues the of So, we both very yes, understand got in confident sides actions shift. certainly we but as place and on market feel the to the I those on-site that like right

Peter Appert

for other Lisa, campus Ochsner new worked with has in And Any terms partners? a really locations sticking the well relationship thoughts with you. hospital obviously perhaps that of second, for

Lisa Wardell

Yes.

not here out model now works for So have we now point but for we we that in obviously for is the next the discussions a one are stepping we model certainly feel quarter hospital where point to us, prove University identify we are where we identified partnership our we’re [indiscernible] can really across wanted that is this works at partners. Chamberlain that one general that at up

do other start we with that. their think we’re us do how model, better about understand solving are of the able and that to pain for points more across because to we as that cost So us hospital system the to to this save partnership workforce what we’re really really our and able helps streamline

actively So we are looking.

and new get something As recall able Chamberlain so right a or got absolutely we and open will should of partner do being in but fact of to the Antonio the we have is in parallel excellent you that may for and funnel. a University Texas track in San terms standalone few campuses campus that scheduled we we on

Patrick Unzicker

seen just solid Peter very based results. then enrollment our in caps that, the add very continuation we've And nice with increases on of [indiscernible]

Las increased north really in Michigan, footprint said, front campus increasingly so So to meet but as increase Jersey well-positioned Lisa size market we of as sell to that to as with seen caps that Vegas, we're campus shift ability continues New the market our demand. our

Peter Appert

suggest year? last all in guide doing results the on things And else the in I really Can would highlight the just had math am the inflection and thing some think get I numbers of correctly. are causing some fiscal fourth later quarter that if me strong you very my in

Patrick Unzicker

earnings fiscal of increasingly acceleration of XXXX. very view XXXX our point both and then Yes, consistent and fiscal as our see exit start we revenue much with an that’s to in

total will to at build We student enrollments total the businesses with are that then growth. to Brazil. and the contribution the the both profit, inherent by revenue in and bottom Becker nice leverage driven build very the student flow increased we’re seeing that and the that enrollments through of we earnings then all see in in course nicely. those with fourth see And quite stability all coming line as Chamberlain together start the of that in quarter And nice continuation share increasingly the at see

Operator

Please proceed. from Capital comes question next Our BMO line of Markets. the with Jeff Silber

Jeff Silber

timing know of were expect in and be medical to some to we Would noise maybe and margins I there focus in on Wanted they year-over-year year-over-year second shift segment that relocation health a margins costs. the a half? and in terms business year-over-year somewhat basis on the some was that down for up

Patrick Unzicker

On as of a full year referenced expect a of margins be as lower office higher a lower slightly we’ll you move - full-year with result somewhat XXXX year to XXXX cost. of noise absorption FY expand slightly to some than just the bit prior we’d But start enrollments. comparable basis we the little home growing and that margin into benefit then, see the of just to

Jeff Silber

excluding just there And remember caps number focusing correctly BSN on was? you program. campus growth some were your there caps just were on I also was in year-over-year knew normalize the trying have had lifted Do same basis schools that increase - to I XX% am I that a school said think what you I you of enrollments, new on open. in a if the the

Patrick Unzicker

as of which we on enrollments. the with really is about you a So look contributed student exception have school XX about think Aashna same the would it way basis this new about

Jeff Silber

across then number. can good you - more activities in pretty about remarks referring portfolio on what business would a to? a mentioned if think you're you That's color little additional development And get I we your just the bit call prepared

Lisa Wardell

home as office well and as as this of focused on portfolio a first at a there able this look that been was we the lot both clear certainly entire across very lot can and back across - relocation. divestitures, as noise the time resources our half is has really imagine, we’ve of XXXX, of So been really you focus to

across can into having been back And half our as of portfolio so that employers. conversations year go better serve we relates the to the more a lot we how we have

the system obviously So institutions Becker on relationship side. and multinational the hospital have employer but we finance ACAMS

see more to a have education starting really of those cross-sell transaction are exercise mentioned it versus ACAMS but terms to in professional paper getting within play. of partnerships to before potential partnership Becker was We and - between we

the built Med that us where campus both medical will that students but the the will as UCAN revenue that cost Drew example on in as campus in try so potential class or type month at will others now be of AUC things. to we there Ross incremental have to the On on Charles September in us students announced start month actually a plan announced have students articulation actually agreements U.K. for several side where allow having the small certainly we and we side lower this margining an growth that we next

So we’re we have that president team about last as of model the for we now fill I this really last timeframe. getting [indiscernible] just mental person to out before it on that May/June group me. group healthcare think where the mentioned out

time new enrollment across relow the permanent talk and with quite now develop do and the So dry complete do you what and up student of that we the we portfolio. are to have Ross geared are having a home and well capacity there, we to is that relationships

Operator

with Paris proceed. Alex of Barrington line Research. from comes Please question next Our

Chris Howe

is, Howe sitting in color provided and on on This for great times first this. it you My Chris is many Alex. question touched some

basis this for for term beyond Where call. Just you to growth is you the look this mentioned longer-term as guidance? it guidance in should say ACAMS two runway on we at these its regard as to year? ACAMS to longer would Becker, and fiscal a and prior its businesses contribution How longer far term

Patrick Unzicker

Great and to very nice we as Investor and back very expand through we at time the continuing margins continue tracking very provided the business. question then to in you that but in revenue see double-digit continuation line that May a Chris term guidance over Day, with and much see flow and would growth nice we’re of we longer know reinvest in

shared stabilization some a see very continuation five-year what very our in with much of nice trends. to very had plan we those Becker So, track on pleased and and of

Chris Howe

as would you the me on And opportunities of between monetizing here? say the you different question, opportunities and a bit are cross-selling my the leaves to cross-selling awareness far Lisa opportunities little and where Becker as of this ACAMS about these follow-up touched realization the

Lisa Wardell

that but rate is group - and among terms who would as for in obviously in the awareness say the high me well say from terms stage that president able run easy of mentioned the as have it’s its shift is in early we now very folks institutions of to I good a because revenue I the institutions. to monetize news those making

And or sort months now almost for is really see year connections. nine to starting a new talent these to we six this some of putting ACAMS pay dividends in as ago

just is I think So for accounting stem state. early

seeing in be are because cetera lots to what it we things think ACAMS as that places recognized not cetera. to et certifications we model the as do the terms use the but that market able of would able that We’re to relate other only et we're about are of different model in we certifications

So more probably we but runway in but our terms our have terms out awareness to six to feel a cetera. certainly long or we of of for as there XX revenue, in five talk come customers that of employers, like et

Operator

line Meuler Our the Baird. next proceed. Please Jeff of from with question comes

Jeff Meuler

I conference, just that question. should glass considering that take QX Maybe is guess The benefited any or comments guess guidance along other QX something QX QX given know anything that we a slower strong know on just growth there guidance? on timing I guidance but the QX, QX of in considerations perspective those given the timing for lines or the ACAMS from empty be implied half there really from just comp is you in and I just

Patrick Unzicker

for to If have course quantification on look, transparent from of revenue the will disclosures prior next we there. and our on - we're of back we of hurricanes. Jeff, weeks. have once out the the of as there year, go some very shift delay of we've we a was overlapped a classes Yes been of noise needed couple QX But and

in - the third prior we have second would normally would tautened have recognized shifted year. quarter that into revenue the quarter had the So

much year that very quarter both overcoming acceleration. be one little from we that then earnings bit is of of for month-and-half here we'll EPS. full the the just of see and today in sit revenue as that the we'll nice And unchanged seasonality teaching again, and in guidance just So obviously third of Brazil in and then a isn't our a course our quarter weaker because terms of

Lisa Wardell

some it corporate our glass upside confidence make I the to QX portfolio. particularly half initiatives of going in would and just through full, these we've driving as would to I say - are development got ask other the significant

in year it to Patrick QX. very been what transparent as our again guidance confident as very and full relates said shifted So about

Jeff Meuler

I the year NCLEX regular And that that increases, can a link thing enrollment to in of improved and direct cap nursing what is a the out? year see and guess become extent then to rates caps kind on we increased passage

Lisa Wardell

take earlier makes lot at as show so distances Yes, three of direct listed get particularly uncapped about et differentiation campuses rate and through Each Brunswick you is our ability those continue you to to NCLEX that Sacramento all about this newest and part scores. obviously anticipate students your the of for that anticipate when state will cetera. NCLEX that newer nursing post a our state campuses caps in all competitive when on think start board a become continue to talking you of it's pass as would those correlation. about you we new The know - capacity each when testing because kind these is so that depending XXX% we New it that our came absolutely students would

is the nicely academic education, how really the because important metrics thesis just does quality think financial tie while about our us growth. to is and revenue mission it to most very So we

Jeff Meuler

of think following changes potential impressive that Becker, you or business guess to really think there I'm then I just how sustainability trying the around or marketing? the And to about growth about how we product - turn could underlying

Patrick Unzicker

sustainable is much Yes, very we as this so very being pivoted. - see,

Specifically value our about the in overall of XX% Beckers of competitive represents business that side and the our prop revenue. in pricing BXC sharpening

look continued changes. very terms growth then that seen Becker product stack quarters strong think And we're to we about have the increasingly of of some market response confident a and accounting and continuing some had firms see help we've and And solve XX,XXX them some large keeping the start again now of that we had And nice so we very with we're that professional career leverage we’re continued professional CPA. helping students the quarter. X-X think improved reputation, more year continuation with pricing a the the the the at the in into to going of we And here, impact in row we've want of, wins a education. that So starting stabilization problems. as current their strategically, I some in education, business. as to to And prepare a lately them in careers workforce

a CPA beyond in being just the really see we're test for starting prep. growing to Becker continuation known So nice

Jeff Meuler

just perspective have from from you with P&L help or I promotion? business of last know Lisa see unit some And me, better Steven's you guess me I role usually either could responsibility. then the understand sort my one COO's

have little he different reads the role call. So leads doesn't IR then but description he I on also a formal a and conference think

maybe talk role? that just you promotion his about and just So Thanks. could if

Lisa Wardell

Sure, absolutely.

what helpful so how Chief really then do did important position development, think educate. we is the inorganic to and as strategic from past institutions role M&A, time So we have sure as to strategy past ourselves some the life being we in we we so do have units responsive relationships, with who as us and he in life how in we finish in to actually of we Officer that business can about have Naturally corporate of the but as and student about presidents that to how that's and his here. these he announce. if general and his to to it's role, would and as tick-and-tied and and experience can work interacts themselves. about the learners life-long and and better really have directly horizon cycle corporate obviously terms I've start employers because think can we talking in about cycle, that as it around we it something sort you organic relates development I we're his and what drive the with adding been enable the on certainly that employer beyond drive across But done actually someone to really or that the think the Operating wanted about we is terms and past ties longer make capacity things here and think Steve both development, side Obviously group force beyond through about how think the be of among that things the institutions work have

Lisa Wardell

joining to we for quarter. to Global you would Well, forward call. We look everybody thank conference QX to the we appreciate your next like really talking support and Adtalem Education

Patrick Unzicker

everybody. you thank Okay,

Operator

today's you. will And This conclude thank teleconference.

your and this participation. your you time thank lines disconnect may You at for

Adtalem Global Education (ATGE) 7 Feb 192019 Q2 Earnings call transcript