Q2 2024 Perdoceo Education Corp Earnings Call

July 31, 2024

Thank you for standing by. My name is Kathleen and I will be your conference operator today. At this time, I would like to welcome everyone to the Perdoceo Education Corporation First Quarter 2024 Earnings Conference Call.

Operator: Your conference operator today.

Operator: At this time, I would like to welcome everyone to the Pedro Sayer Education Corporation, first quarter 2024 earnings conference call. All lines have been based on mute, all throughout the present patient to prevent any background noise. Thank you.

Operator: Operator, Operator Today. At this time, I would like to welcome everyone to the Perdoceo Education Corporation First Quarter 2024 Earnings Conference Call. All lines have been placed on mute all throughout the presentation to prevent any background noise.

All lines have been placed on mute all throughout the presentation to prevent any background noise.

Operator: Thank you. I would now like to turn the call over to Mr. Sam Gibbons, Investor Relations. Please go ahead.

Sam Gibbons: I would not like to turn the call over to Mr. Sam Gibbons, Investor Relations. Please go ahead, sir.

Unknown Executive: Thank you. I would now like to turn the call over to Mr. Sam Gibbons, Investor Relations. Please go ahead, sir.

Unknown Executive: Thank you, Operator. Good afternoon, everyone, and thank you for joining us for our second quarter 2024 earnings call. With me on the call today is Todd Nelson, President and Chief Executive Officer, and Ashish Ghia, Chief Financial Officer. This conference call is being webcast live within the Investor Relations section at PerdoceoEd.com. A webcast replay will also be available on our site, and you can always contact the Alpha IR Group for Investor Relations support.

Sam Gibbons: Thank you, operator.

Sam Gibbons: Good afternoon, everyone. And thank you for joining us for our second quarter of 2024 earnings call. With me on the call today is Todd Nelson, President and Chief Executive Officer, and Ashish Ghia, Chief Financial Officer. This conference call is being webcast live within the Investor Relations section at PerdoceoEd.com. A webcast replay will also be available on our site, and you can always contact the Alpha IR Group for investor relations support.

Unknown Executive: Thank you, Operator. Good afternoon, everyone, and thank you for joining us for our second quarter 2024 earnings call.

Speaker Change: With me on the call today is Todd Nelson, President and Chief Executive Officer, and Ashish Ghia, Chief Financial Officer.

Speaker Change: This conference call is being webcast live within the investor relations section at perdoceoed.com. A webcast replay will also be available on our site, and you can always contact the Alpha IR group for investor relations support.

Sam Gibbons: Let me remind you that this afternoon's earnings release and remarks made today include forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions made by an information currently available to Perdoceo Education and involve risks and uncertainties that could cause actual future results, performance, business prospects, and opportunities to differ materially from those expressed in or implied by these statements. These risks and uncertainties include; they're not limited to, those factors identified in Perdoceo's most recent annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission.

Unknown Executive: Let me remind you that this afternoon's earnings release and remarks made today include forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions made by and information currently available to Perdoceo Education and involve risks and uncertainties that could cause actual future results, performance, business prospects, and opportunities to differ materially from those expressed in or implied by these statements. These risks and uncertainties include, but are not limited to, those factors identified in Perdoceo's most recent annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission.

Speaker Change: Let me remind you that this afternoon's earnings release and remarks made today include forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934.

Speaker Change: These statements are based on assumptions made by and information currently available to Perdoceo Education and involve risks and uncertainties that could cause actual future results, performance, business prospects, and opportunities to differ materially from those expressed in or implied by these statements.

Speaker Change: These risks and uncertainties include, but are not limited to, those factors identified in Perdoceo's most recent annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission.

Sam Gibbons: Except as expressly required by the security laws, the company undertakes no obligation to update those factors or any forward-looking statements to reflect future events, developments, or change circumstances, or for any other reason.

Unknown Executive: Except as expressly required by the securities laws, the company undertakes no obligation to update those factors or any forward-looking statements to reflect future events, developments, or changed circumstances or for any other reason. In addition, today's remarks refer to non-GAAP financial measures, which are intended to supplement but not substitute for the most directly comparable GAAP measures. The earnings release that accompanies today's call contains financial and other quantitative information to be discussed today, as well as the reconciliation of GAAP to non-GAAP measures, and is available on the investor relations page of the company's website. With that, I'd like to turn the call over to Todd Nelson. Todd?

Speaker Change: Except as expressly required by the securities laws, the company undertakes no obligation to update those factors or any forward-looking statements to reflect future events, developments, or changed circumstances, or for any other reason.

Sam Gibbons: In addition, today's remarks refer to non-GAAP financial measures, which are intended to supplement but not substitute for the most directly comparable GAAP measures. The earnings release that a company in today's call contains financial and other quantitative information to be discussed today, as well as the reconciliation of the GAAP to non-GAAP measures and is available within the investor relations page of the company's website.

In addition, today's remarks refer to non-GAAP financial measures, which are intended to supplement but not substitute for the most directly comparable GAAP measures.

Todd S. Nelson: The earnings release that accompanies today's call contains financial and other quantitative information to be discussed today, as well as the reconciliation of the gap to non- GAAP measures and is available within the investor relations page of the company's website. With that, I'd like to turn the call over to Todd Nelson. Todd? Thank you, Andrew.

Sam Gibbons: With that, I'd like to turn the call over to Todd Nelson. Todd?

Todd Nelson: Thank you, Sam.

Todd S. Nelson: Thank you, Sam. Good afternoon, everyone.

Todd Nelson: Good afternoon, everyone, and thank you for joining us for our second quarter 2020 for earnings call. I'll discuss some key business highlights through the second quarter. As usual, you are operating a financial performance and in more detail and discuss our outlook for the year.

Todd S. Nelson: Thank you, Sam. Good afternoon, everyone, and thank you for joining us for our second quarter 2024 earnings call. I'll discuss some key business highlights through the second quarter. Ashish will review our operating and financial performance in more detail and discuss our outlook for the year.

Todd S. Nelson: And thank you for joining us for our second quarter 2024 earnings call. I'll discuss some key business highlights from the second quarter, and Ashish will review our operating and financial performance in more detail and discuss our outlook for the year.

Todd S. Nelson: However, before we begin, I'd like to thank our faculty, student support staff, and all other employees for their ongoing commitment and hard work in serving and educating our students. We ended the first half of 2024 on a strong note as it relates to student retention and engagement. As a result, second quarter operating results came in ahead of our expectations discussed on the last earnings call, partially due to better than expected revenue results.

Todd Nelson: However, before we begin, I'd like to thank our faculty, student support staff, and all other employees for their ongoing commitment and hard work in serving and educating our students. We ended the first half of 2024 on a strong note as it relates to student retention and engagement. As a result, second quarter operating results came in ahead of expectations, discussed on the last earnings call, partially due to better-than-expected revenue results. Let me now review some of the key observations in general business highlights. We continue to experience high levels of student retention and engagement at both CTU and AIUF, with student retention at multi-year highs.

Speaker Change: However, before we begin, I'd like to thank our faculty, student support staff, and all other employees for their ongoing commitment and hard work in serving and educating our students.

Speaker Change: We ended the first half of 2024 on a strong note as it relates to student retention and engagement.

Ashish R. Ghia: As a result, second quarter operating results came in ahead of our expectations discussed on the last earnings call, partially due to better than expected revenue results. Let me now review some of the key observations and general business highlights.

Todd S. Nelson: Let me now review some of the key observations and general business highlights. We continue to experience high levels of student retention and engagement at both CTU and AIUS, with student retention at multi-year highs. Our faculty and student support teams remain dedicated to educating and serving our students, and we anticipate that retention should continue to trend at these levels through the remainder of 2024. Quarter and year-to-date marketing and admission spends and commensurately prospective student inquiry generation were lower during the second quarter as compared to the same period in 2023.

Ashish R. Ghia: We continue to experience high levels of student retention and engagement at both CTU and AIUS.

Todd Nelson: Our faculty and student support teams remain dedicated to educating and serving our students, and we anticipate that retention should continue to trend to these levels through the remainder of 2024. Quarter and year-to-date marketing and admission spends and commensurately prospective student inquiry generation was lowered during the second quarter as compared to 2023. Aided by data analytics, we continue to adjust marketing strategies to further improve our focus on identifying prospective students who are more likely to succeed at one of our universities, as well as comply and adapt with updated expectations from various federal agencies around prospective student outreach.

Ashish R. Ghia: with student retention at multi-year highs. Our faculty and student support teams remain dedicated to educating and serving our students, and we anticipate that retention should continue to trend at these levels through the remainder of 2024.

Ashish R. Ghia: Quarter and year-to-date marketing and admission spends and commensurately prospective student increase generation was lower during the second quarter as compared to 2023.

Todd S. Nelson: Aided by data analytics, we continue to adjust marketing strategies to further improve our focus on identifying prospective students who are more likely to succeed at one of our universities as well as comply and adapt with updated expectations from various federal agencies around prospective student outreach. We are also focused on enhancing the processes that support our corporate engagement program. These programs are a key priority for our academic institutions, and they will continue to invest in staff and technology to grow them efficiently and effectively.

Ashish R. Ghia: Aided by data analytics, we continue to adjust marketing strategies to further improve our focus on identifying prospective students.

Speaker Change: who are more likely to succeed at one of our universities, as well as comply and adapt with updated expectations from various federal agencies around prospective student outreach.

Todd Nelson: We're also focused on enhancing the processes that support our corporate engagement programs. These programs are a key priority for our academic institutions and will continue to invest in staff and technology to grow them efficiently and effectively.

Speaker Change: We are also focused on enhancing the processes that support our corporate engagement programs. These programs are a key priority for our academic institutions, and we'll continue to invest in staff and technology to grow them efficiently and effectively.

Todd Nelson: The Board of Directors just approved an 18.2% increase in the quarterly per share dividend amount of 13 cents per share, payable on September 13, 2024. This marks the first increase since our inaugural dividend payment on September 15, 2023. Additionally, we continue to place an emphasis on utilizing technology to evaluate the academic experiences for our students and improve the efficiency and effectiveness of our institutions, support students, functions. We view technology as a catalyst and differentiator for us to remain committed to making selective investments that deliver more meaningful and relevant education experience for our learners.

Todd S. Nelson: The Board of Directors just approved an 18.2% increase in the quarterly per share dividend amount of $0.13 per share payable on September 23rd, or, excuse me, September 13th, 2024. This marks the first increase since our inaugural dividend payment on September 15, 2023. Additionally, we continue to place an emphasis on utilizing technology to evaluate the academic experiences for our students and improve the efficiency and effectiveness of our institution's support student function. We view technology as a catalyst and differentiator for us to remain committed to making selective investments that deliver more meaningful and relevant education experiences for our learners.

Speaker Change: The Board of Directors just approved an 18.2% increase in the quarterly per share dividend amount of $0.13 per share payable on September 23rd, excuse me, September 13th, 2024.

Speaker Change: This marks the first increase since our inaugural dividend payment on September 15, 2023.

Speaker Change: Additionally, we continue to place an emphasis on utilizing technology to evaluate the academic experiences for our students, and improve the efficiency and effectiveness of our institutions to support students.

Speaker Change: Functions. We view technology as a catalyst and differentiator for us to remain committed to making selective investments that deliver more meaningful and relevant education experience for our learners.

Todd Nelson: Lastly, earlier this month, we are pleased to announce a definitive agreement to acquire the University of St. Augustine for health sciences. The University offers quality graduate health science degrees, primarily in physical therapy, occupational therapy, beach language and therapy, and nursing, as well as continued education programs. This acquisition marks Perdocio's foray into health sciences and will further support growth, the diversification of our academic program offerings. Perdocio is expected to pay approximately 142 million to 144 million dollars in net cash at the time of closing. For the full year 2023, the University had revenues of approximately 170 million dollars, operating income of approximately 35 million dollars, and served roughly 4500 graduate and postgraduate students.

Todd S. Nelson: Lastly, earlier this month, we were pleased to announce a definitive agreement to acquire the University of St. Augustine for Health Sciences. The university offers quality graduate health science degrees, primarily in physical therapy, occupational therapy, speech language and therapy, and nursing, as well as continuing education programs. This acquisition marks Perdoceo's foray into health sciences and will further support and growth the diversification of our academic program offering. Perdoceo is expected to pay approximately $142 million to $144 million in net cash at the time of closing.

Speaker Change: Lastly, earlier this month we were pleased to announce a definitive agreement to acquire the University of St. Augustine for Health Sciences.

Speaker Change: The university offers quality graduate health science degrees, primarily in physical therapy, occupational therapy, speech language and therapy, and nursing, as well as continuing education programs.

Speaker Change: This acquisition marks Perdoceo's foray into health sciences and will further support the growth and diversification of our academic program offerings. Perdoceo is expected to pay approximately $142 million to $144 million in net cash at the time of closing.

Todd S. Nelson: For the full year 2023, the university had revenues of approximately $170 million, operating income of approximately $35 million, and served roughly 4,500 graduate and postgraduate students. Perdoceo expects the transition to be immediately accretive to the company's adjusted operating income beginning in 2025. A quick note on the operating results; second quarter results came in ahead of our expectations. We reported second quarter net income of $38.4 million, or $0.57 per diluted share, while adjusted earnings per diluted share, which includes certain significant and non-cash items, was $0.60 as compared to our outlook of $0.57 to $0.59.

Speaker Change: For the full year 2023, the university had revenues of approximately $170 million, operating income of approximately $35 million, and served roughly 4,500 graduate and postgraduate students.

Todd Nelson: Perdocio expects the transition to be immediately accretive to the company's adjusted operating income beginning in 2025.

Prodosio: Perdoceo expects the transition to be immediately accretive to the company's adjusted operating income beginning in 2025.

Todd Nelson: A quick note on the operating results. Second quarter results came in ahead of our expectations. We reported second quarter net income of 38.4 million dollars, or 57 cents per diluted share, while adjusted earnings per diluted share, which includes certain significant and non-cash items, was 60 cents as compared to our outlook of 57 to 59 cents. From a student enrollment perspective, total enrollments for the quarter end grew 14.7 percent at C2U, as compared to the prior year quarter end, driven by a positive timing impact of the academic calendar, as well as growth in corporate engagement programs. As previously discussed, AUS reverted to normalize operations during the fourth quarter of 2023, and consistent with our expectations, the rate of decline in quarterly total enrollments had continued to moderate through the second quarter.

Prodosio: A quick note on the operating results.

Speaker Change: Second quarter results came in ahead of our expectations.

Speaker Change: We reported second quarter net income of $38.4 million or $0.57 per diluted share, while adjusted earnings per diluted share, which includes certain significant and non-cash items, was $0.60 as compared to our outlook of $0.57 to $0.59.

Todd S. Nelson: From a student enrollment perspective, total enrollments for the quarter ended grew 14.7% at CTU as compared to the prior year quarter end, driven by a positive timing impact on the academic calendar as well as growth in corporate engagement programs. As previously discussed, AAUS reverted to normalized operations during the fourth quarter of 2023, and consistent with our expectations, the rate of decline in quarterly total enrollments continued to moderate through the second quarter. Note, AAUS's total enrollment decline for the second quarter was 18.2% as compared to a decline of 22.9% for the first and second quarters of 2024.

Prodosio: From a student enrollment perspective, total enrollments for the quarter end grew 14.7% at CTU as compared to the prior year quarter end, driven by a positive timing impact to the academic calendar as well as growth in corporate engagement programs.

Prodosio: As previously discussed, AAUS reverted to normalized operations during the fourth quarter of 2023, and consistent with our expectations, the rate of decline in quarterly total enrollments have continued to moderate through the second quarter.

Todd Nelson: Note, AUS S total enrollment decline for the second quarter was 18.2 percent as compared to a decline of 22.9 for the first end quarter of 2024.

Prodosio: Note, AAU's total enrollment decline for the second quarter was 18.2% as compared to a decline of 22.9% for the first and quarter of 2024.

Todd Nelson: A sheet will provide more details on these trends momentarily. In summary, we're pleased with the second quarter operating results and proud of our team's hard work and dedication. Our faculty and student support teams are working tirelessly to provide current and perspectives with quality, academic, and learning experience.

Todd S. Nelson: Ashish will provide more details on these trends momentarily. In summary, we are pleased with the second quarter operating results and proud of our team's hard work and dedication. Our faculty and student support teams are working tirelessly to provide current and prospective students with quality academic and learning experiences, with the goal of improving overall student retention and academic outcomes. With that said, I'd now like to turn the time over to Ashish for a deeper review of her operating and financial performance. Ashish

Prodosio: Ashish will provide more details on these trends momentarily. In summary, we're pleased with the second quarter operating results and proud of our team's hard work and dedication. Our faculty and student support teams are working tirelessly to provide current and prospective students with quality academic and learning experiences.

Todd Nelson: with a goal of improving overall student retention and academic outcomes.

Ashish R. Ghia: with the goal of improving overall student retention and academic outcomes.

Ashish Ghia: With that said, I'd now like to turn the time over to Ashish for a deeper review of our operating and financial performance. Ashish. Thank you, Todd. I will review the second quarter results and then discuss our balance sheet and 24 outlook before handing the call back to Todd for his closing remarks. Please note, all comparisons I discuss are versus the comparative prior year period unless otherwise stated. Please also note that the total student enrollment numbers that I discuss, or any enrollment trends that I refer to, exclude learners pursuing non-degree seeking professional development programs and degree seeking non-title for self-paced programs at our universities.

Ashish R. Ghia: But that said, I'd now like to turn the time over to Ashish for a deeper review of her operating and financial performance. Ashish?

Ashish R. Ghia: I will review the second quarter results and then discuss our balance sheet and 2024 outlook before handing the call back to Todd for his closing remarks. Please note all comparisons I discuss are versus the comparative prior year period unless otherwise stated. Please also note that the total student enrollment numbers that I just mentioned, or any enrollment trends that I refer to, exclude learners pursuing non-degree-seeking professional development programs and degree-seeking non-Title IV self-paced programs at our university.

Ashish R. Ghia: Thank you, Todd. I will review the second quarter results and then discuss our balance sheet and 2024 outlook before handing the call back to Todd for his closing remarks.

Ashish R. Ghia: Please note, all comparisons I discuss are versus the comparative prior year period, unless otherwise stated.

Ashish R. Ghia: Please also note that the total student enrollment numbers that I discuss, or any enrollment trends that I refer to, exclude learners pursuing non-degree-seeking professional development programs and degree-seeking non-Title IV self-paced programs at our universities.

Ashish Ghia: Let us begin with an overview of our operating results. Net income for the quarter, second quarter, was 38.4 million dollars or 57 cents per deluriture compared to 54.7 million dollars or 80 cents per deluriture. Adjusted earnings per deluriture, which we believe is more indicative of the underlying operating performance, was 60 cents as compared to 61 cents. Second quarter operating income of 46 million dollars was 2.1 million lower as compared to the prior year quarter. Adjusted operating income, which we believe is more indicative of the underlying operating performance and excludes certain significant and non-cash items, was 50.9 million for the second quarter as compared to 55.2 million dollars.

Ashish R. Ghia: Let us begin with an overview of our operating results. Net income for the second quarter was $38.4 million, or $0.57 per diluted share, compared to $54.7 million, or $0.80 per diluted share. Adjusted earnings per diluted shift, which we believe is more indicative of the underlying operating performance, was $0.60 as compared to $0.61. Second quarter operating income of $46 million was $2.1 million lower as compared to the prior year quarter. Adjusted Operating Income, which we believe is more indicative of the underlying operating performance and excludes certain significant and non-cash items, was $50.9 million for the second quarter as compared to $55.2 million.

Ashish R. Ghia: Let us begin with an overview of our operating results.

Ashish R. Ghia: Net income for the second quarter was $38.4 million or $0.57 per diluted share compared to $54.7 million or $0.80 per diluted share.

Ashish R. Ghia: Adjusted earnings per diluted shift, which we believe is more indicative of the underlying operating performance, was $0.60 as compared to $0.61.

Ashish R. Ghia: Second quarter operating income of $46 million was $2.1 million lower as compared to the prior year quarter.

Ashish R. Ghia: Adjusted Operating Income, which we believe is more indicative of the underlying operating performance and excludes certain significant and non-cash items, was $50.9 million for the second quarter as compared to $55.2 million.

Ashish Ghia: As expected, revenue for the quarter was lower by 19.8 million dollars, which was mostly offset with 17.7 million dollars of lower expenses. This expected decrease in revenue was primarily due to the prior year operational changes at AI system, as well as changes being made within our professional development offerings at CTO. Operating expenses during the second quarter were lower within marketing, admissions, and bad debt, as well as lower legal expenses related to the borough defense to repayment applications. Additionally, we also realized cost savings from right-sizing processes and operations that support our professional development offerings at CTO, as we focus on delivering academic programs more effectively and efficiently, and investing in student processes that we believe will further enhance the overall value proposition of our academic institutions.

Ashish R. Ghia: As expected, revenue for the quarter was lowered by $19.8 million, which was mostly offset by $17.7 million of lower expenses. This expected decrease in revenue was primarily due to the prior year operational changes at AISystem, as well as changes being made within our professional development offerings at CTU. Operating expenses during the second quarter were lower within marketing, admissions, and VAD debt, as well as lower legal expenses related to the borrower defense to repayment application. Additionally, we also realize cost savings from right sizing processes and operations that support our professional development offerings at CTU.

Ashish R. Ghia: As expected, revenue for the quarter was lowered by $19.8 million, which was mostly offset with $17.7 million of lower expenses.

Ashish R. Ghia: This expected decrease in revenue was primarily due to the prior year operational changes at AISystem, as well as changes being made within our professional development offerings at CTU.

Ashish R. Ghia: Operating expenses during the second quarter were lower within marketing, admissions, and bad debt, as well as lower legal expenses related to the borrower defense to repayment applications.

Ashish R. Ghia: Additionally, we also realize cost savings from rightsizing processes and operations that support our professional development offerings at CTU, as we focus on

Ashish R. Ghia: As we focus on delivering academic programs more effectively and efficiently and investing in student processes that we believe will further enhance the overall value proposition of our academic institution. Please also note that while legal expenses related to borrower defense repayment applications were lower during the quarter, they are excluded when calculating adjusted operating income. Overall, on a year-to-date basis, total operating expenses were $48 million lower as compared to the prior year, while revenue was $47.2 million lower.

Ashish R. Ghia: delivering academic programs more effectively and efficiently and investing in student processes that we believe will further enhance the overall value proposition of our academic institutions.

Ashish Ghia: Please also note that, while legal expenses related to borough defense to repayment applications were lower during the quarter, they are excluded when calculating adjusted operating income. Overall, on a year-to-date basis, total operating expenses were 48 million dollars lower as compared to the prior year, while revenue was 47.2 million dollars lower. Second quarter revenue of $166.7 million decreased 10.6 percent as compared to $186.6 million in the prior year quarter. This revenue decline was expected in partially due to the lag impact on revenue at AI use system from operating changes made in the prior year. For the second half of 2024, CTU's academic calendar will remain relatively consistent, and the dealt impact on revenue at AIU system will significantly lessen.

Ashish R. Ghia: Please also note that while legal expenses related to borrower defense repayment applications were lower during the quarter, they are excluded when calculating adjusted operating income.

Ashish R. Ghia: Overall, on a year-to-date basis, total operating expenses were $48 million lower as compared to the prior year, while revenue was $47.2 million lower.

Ashish R. Ghia: Second quarter revenue of $166.7 million decreased 10.6% as compared to $186.6 million in the prior year quarter. This revenue decline was expected in part due to the lag impact on revenue at AIU system from operating changes made in the prior year. For the second half of 2024, CTU's academic calendar will remain relatively consistent, and the delayed impact on revenue at AIU System will significantly lessen. As a result, we expect revenue to grow in the fourth quarter, which will mostly offset the expected decline in the third quarter. A note on student enrollment

Ashish R. Ghia: Second quarter revenue of $166.7 million decreased 10.6% as compared to $186.6 million in the prior year quarter.

Ashish R. Ghia: This revenue decline was expected in partially due to the lag impact on revenue at ARU system from operating changes made in the prior year.

Ashish R. Ghia: For the second half of 2024, CTU's academic calendar will remain relatively consistent and the delayed impact on revenue at AIU System will significantly lessen.

Ashish Ghia: As a result, we expect revenue to grow in the fourth quarter, which will mostly offset the expected decline in the third quarter. A note on student enrollments: total student enrollments at CTU increased by 14.7 percent as of June 30, as compared to the prior year quarter end, driven by a positive timing impact from year-to-date enrollment date comparability versus prior year, as well as growth in our corporate engagement programs. Please note, ignoring this positive impact from the year-to-date enrollment date comparability, we believe total enrollment as of June 30 would still show growth for CTU. At AIU system, total student enrollments at June 30 as expected were lower by 18.2 percent versus the prior year quarter end.

Ashish R. Ghia: As a result, we expect revenue to grow in the fourth quarter, which will mostly offset the expected decline in the third quarter.

Ashish R. Ghia: Total student enrollments at CTU increased by 14.7% as of June 30, as compared to the prior year quarter end, driven by a positive timing impact from year-to-date enrollment day comparability versus the prior year, as well as growth in our corporate engagement program. Please note, ignoring this positive impact from year-to-date enrollment day comparability, we believe total enrollment as of June 30th would still show growth for CTU. At AIU System, total student enrollments at June 30, were, as expected, lower by 18.2% versus the prior year quarter end.

Ashish R. Ghia: A note on student enrollments.

Ashish R. Ghia: Total student enrollments at CTU increased by 14.7% as of June 30th as compared to the prior year quarter end, driven by a positive timing impact from year-to-date enrollment day comparability versus prior year, as well as growth in our corporate engagement programs.

Ashish R. Ghia: Please note, ignoring this positive impact from the year-to-date enrollment day comparability, we believe total enrollments as of June 3rd would still show growth for CTU.

Ashish R. Ghia: At AIU System, total student enrollments at June 30th, as expected, were lower by 18.2% versus the prior year quarter end.

Ashish Ghia: As a reminder, marketing and student enrollment activities have reverted to normalized levels, beginning the fourth quarter of 2023, and we expect to show further progress towards achieving total enrollment growth, with enrollments expected to be relatively flat for the third quarter and experience double-digit growth by year end.

Ashish R. Ghia: As a reminder, marketing and student enrollment activities have reverted to normalized levels beginning the fourth quarter of 2023, and we expect to show further progress towards achieving total enrollment growth, with enrollments expected to be relatively flat for the third quarter and experience double-digit growth by year-end. Now to our segment results.

Ashish R. Ghia: As a reminder, marketing and student enrollment activities have reverted to normalized levels beginning the fourth quarter of 2023.

Ashish R. Ghia: We expect to show further progress towards achieving total enrollment growth, with enrollments expected to be relatively flat for the third quarter and experience double-digit growth by year-end.

Ashish Ghia: Now to our segment results. Second quarter revenue at CTU decreased by 5.4 percent to $112.8 million, primarily due to changes within our professional development offerings. Revenue days were also lower for CTU's degree programs; however, growth in corporate engagements and high levels of student retention engagement mostly helped offset the impact from lower revenue days. Operating income was $40.9 million for the quarter as compared to $40.5 million. Lower expenses within admissions and marketing, as well as right sizing of the cost structure to align with the simplified professional development offerings, more than offset the decline in revenue. At AIU system, second quarter revenue was $53.7 million or $19.9 percent lower than the prior year quarter, which was in line with our expectations due to the continuing lag impact from the operational changes we discussed last year.

Ashish R. Ghia: Second quarter revenue at CTU decreased by 5.4% to $112.8 million, primarily due to changes within our professional development offering. Revenue days were also lower for CTU's degree programs. However, growth in corporate engagements and high levels of student retention and engagement mostly helped offset the impact from lower revenue days. Operating income was $42.9 million for the quarter as compared to $40.5 million. Lower expenses within admissions and marketing, as well as a right sizing of the cost structure to align with the simplified professional development offerings, more than offset the decline in revenue.

Ashish R. Ghia: Now to our segment results.

Ashish R. Ghia: Second quarter revenue at CTU decreased by 5.4% to $112.8 million, primarily due to changes within our professional development offerings.

Ashish R. Ghia: Revenue days were also lower for CTU's degree programs, however growth in corporate engagements and high levels of student retention and engagement mostly helped offset the impact from lower revenue days.

Ashish R. Ghia: Operating income was $42.9 million for the quarter as compared to $40.5 million.

Ashish R. Ghia: Lower expenses within admissions and marketing as well as right sizing of the cost structure to align with the simplified professional development offerings more than offset the decline in revenue.

Ashish R. Ghia: At AIU System, second quarter revenue was $53.7 million, or 19.9% lower than the prior year quarter, which was in line with our expectations due to the continuing lag impact from the operational changes we discussed last year. Operating income was $12.9 million versus $17.1 million in the prior year quarter, as the revenue decline was only partially offset by lower operating expenses. Please note that some of this expense or expense favorability will reverse in the second half if the AI system maintains normalized operation.

Ashish Ghia: Operating income was $12.9 million versus $17.1 million in the prior year quarter, as the revenue decline was only partially offset with lower operating expenses. Please note that some of this expense favoritivity will reverse in the second half as AIU system maintains normalized operations. Moving on to corporate and other, the operating loss for the second quarter was $9.8 million as compared to $9.4 million in the prior year quarter. The increase was primarily due to cost associated with M&A activity, partially offset by lower legal fees associated with the borrower defense to repayment applications.

Ashish R. Ghia: Please note that some of this expense or expense favorability will reverse in the second half as AI system maintains normalized operations.

Ashish R. Ghia: Moving on to corporate another, the operating loss for the second quarter was $9.8 million as compared to 9.4 million in the prior year quarter. The increase was primarily due to costs associated with M&A activity partially offset by lower legal fees associated with the borrower defense to repayment application. Now to income taxes.

Ashish R. Ghia: Moving on to corporate and other, the operating loss for the second quarter was $9.8 million as compared to $9.4 million in the prior year quarter.

Ashish R. Ghia: The increase was primarily due to costs associated with M&A activity, partially offset by lower legal fees associated with the Borrower Defense to Repayment applications.

Ashish Ghia: Now to income taxes. For the second quarter, we recorded a provision for income taxes of $14.6 million, which reflects accruals for the federal and state corporate net income tax, resulting in an effective tax rate of $23.5 million. The effective tax rate for the quarter reflects favorable discrete items related to the tax effect of stock-based compensation and the release of previously recorded tax results, as well as the tax effect of certain MNA expenses, which are considered non-deductible for tax purposes. As a result, we now expect our full year 2024 effective tax rate to be between 26.5% and 27.5%.

Ashish R. Ghia: For the second quarter, we recorded a provision for income taxes of $14.6 million, which reflects accruals for the federal and state corporate net income tax, resulting in an effective tax rate of $27.5 billion. The effective tax rate for the quarter reflects favorable discrete items related to the tax effect of stock-based compensation and the release of previously recorded tax results, as well as the tax effect of certain M&A expenses which are considered non-deductible for tax purposes. As a result, we now expect our full-year 2024 effective tax rate to be between 26.5% and 27.5%.

Ashish R. Ghia: Now to income taxes. For the second quarter, we recorded a provision for income taxes of $14.6 million, which reflects accruals for the federal and state corporate net income tax, resulting in an effective tax rate of 27.5%.

Ashish R. Ghia: The effective tax rate for the quarter reflects favorable discrete items related to the tax effect of stock-based compensation and the release of previously recorded tax results, as well as the tax effect of certain M&A expenses which are considered non-deductible for tax purposes.

Ashish R. Ghia: As a result, we now expect our full year 2024 effective tax rate to be between 26.5% and 27.5%.

Ashish Ghia: Now to our balance sheet and liquidity. For the year-to-date and the June 30, 2024, net cash flows from operations were 93 million dollars versus 66.2 million dollars in the prior year-to-date. The increase in year-to-date cash flows from operations was primarily driven by timing differences between the cash inflows related to our academic session start dates as compared to revenue earned from those sessions. We ended the quarter with $675.2 million of cash. Cash equivalents, restricted cash, in available for sales, short-term investments. This represents an increase of approximately $71 million since the end of last year. Through the year-to-date ended June 30, we have returned $21.4 million of cash to our shareholders in the form of dividend payments and share purchases and paid approximately $25 million in estimated federal and state income taxes.

Ashish R. Ghia: Now to our balance sheet and liquidity. For the year to date ended June 30, 2024, net cash flows from operations were $93 million versus $66.2 million in the prior year to date. The increase in year-to-date cash flows from operations was primarily driven by timing differences between the cash inflows related to our academic session start dates as compared to revenue earned from those sessions. We ended the quarter with $675.2 million of cash, cash equivalents, restricted cash, and available for sale short-term investments.

Ashish R. Ghia: Now to our balance sheet and liquidity.

Ashish R. Ghia: For the year-to-date end of June 30, 2024, net cash flows from operations were $93 million versus $66.2 million in the prior year-to-date.

Ashish R. Ghia: The increase in year-to-date cash flows from operations was primarily driven by timing differences between the cash inflows related to our academic session start date as compared to revenue earned from those sessions.

Ashish R. Ghia: We ended the quarter with $675.2 million of cash, cash equivalents, restricted cash, and available-for-sale short-term investments.

Ashish R. Ghia: This represents an increase of approximately $71 million since the end of last year. Through the year-to-date ended June 30th, we have returned $21.4 million of cash to our shareholders in the form of dividend payments and share purchases and paid approximately $25 million in estimated federal and state income taxes. Capital expenditures for the second quarter were approximately 0.8 million, or half a percent of revenue.

Ashish R. Ghia: This represents an increase of approximately $71 million since the end of last year.

Ashish R. Ghia: Through the year-to-date ended June 30th, we have returned $21.4 million of cash to our shareholders in the form of dividend payments and share repurchases and paid approximately $25 million in estimated federal and state income taxes.

Ashish Ghia: Capital expenditures for the second quarter were approximately $0.8 million, or half a percent of revenue. As a reminder for full year 2024, we have a half percent of revenue.

Ashish R. Ghia: Capital expenditures for the second quarter were approximately $0.8 million or half a percent of revenue.

Ashish R. Ghia: As a reminder, for full year 2024, we foresee capital expenditures to be approximately 1.5% of revenues.

Ashish Ghia: Before I share the updated outlook, let me take a minute to discuss capital allocation. Today we are pleased to announce that, consistent with our dividend policy and commitment to make it an increasing part of our capital allocation strategy. On July 31, the Board of Directors approved an 18.2 percent increase in the quarterly first share dividend to 13 cents per share for the second quarter 2024, which will be payable on September 13, 2024, to the holders of record or producer of common stock at the close of business on September 1, 2024. Future quarterly dividend payments are expected to be paid out of free cash flows for the relevant year, subject to board approval and the company's available retained earnings, financial condition, and other relevant factors.

Ashish R. Ghia: As a reminder, for full year 2024, we foresee capital expenditures to be approximately one and a half percent of revenue. Before I share the updated outlook, let me take a minute to discuss capital allocation. Today, we are pleased to announce that consistent with our dividend policy and commitment to make it an increasing part of our capital allocation strategy, the Board of Directors approved an 18.2% increase in the quarterly first share dividend to $0.13 per share for the second quarter of 2024, which will be payable on September 13, 2024 to the holders of record of Perdoceo's Common Stock at the close of business on September 1, 2024.

Ashish R. Ghia: Before I share the updated outlook, let me take a minute to discuss capital allocation.

Ashish R. Ghia: Today, we are pleased to announce that consistent with our dividend policy and commitment to make it an increasing part of our capital allocation strategy.

Ashish R. Ghia: On July 31st, the Board of Directors approved an 18.2% increase in the quarterly per share dividend to $0.13 per share for the second quarter of 2024.

Ashish R. Ghia: which will be payable on September 13, 2024 to the holders of record of Perdoceo's common stock at the close of business on September 1, 2024.

Ashish R. Ghia: Future quarterly dividend payments are expected to be paid out of free cash flows for the relevant year, subject to board approval and the company's available retained earnings, financial condition, and other relevant factors. Subject to the requirements just mentioned, we continue to expect that quarterly dividend payments will be an integral and growing part of our balanced capital allocation strategy. Now, let me spend a minute reviewing some details regarding our agreement to acquire St. Augustine.

Ashish Ghia: Subject to the requirements just mentioned, we continue to expect that quarterly dividend payments will be an integral and going part of our balanced capital allocation strategy.

Ashish R. Ghia: Subject to the requirements just mentioned, we continue to expect that quarterly dividend payments will be an integral and growing part of our balanced capital allocation strategy.

Ashish Ghia: Now let me spend a minute to review some details regarding our agreement to acquire St. Augustine. Pradocio is expected to pay approximately $142 million to $144 million in net cash at the time of closing for 100 percent ownership, which includes an estimate for cash, debt, and working capital based on the closing balance sheet. Note that the deal has been negotiated on a debt-free, cash-free basis, and the net cash payment at closing could vary from the power range based on actual working capital adjobs. As Todd mentioned, we expect the acquisition to be immediately accrued to an adjusted operating income, beginning 2025.

Ashish R. Ghia: Now let me spend a minute to review some details regarding our agreement to acquire St. Augustine.

Ashish R. Ghia: Perdoceo is expected to pay approximately $142 million to $144 million in net cash at the time of closing for 100% ownership, which includes an estimate for cash, debt, and working capital based on the closing balance sheet.

Ashish R. Ghia: Note that the deal has been negotiated on a debt-free, cash-free basis, and the net cash payment at closing could vary from the above range based on actual working capital adjustments. As Todd mentioned, we expect the acquisition to be immediately accretive to our adjusted operating income beginning in 2025. Our balanced capital allocation strategy also prioritizes investments in organic projects, in particular technology-related initiatives designed to benefit our students and maintain a strong balance sheet, while also evaluating diverse strategies to enhance stock or roll value, including acquisitions.

Ashish R. Ghia: Note that the deal has been negotiated on a debt-free, cash-free basis and the net cash payment at closing could vary from the above range based on actual working capital adjustments.

Ashish R. Ghia: As Todd mentioned, we expect the acquisition to be immediately accretive to our adjusted operating income beginning 2025.

Ashish Ghia: Our balance capital allocation strategy also prioritizes investments in organic projects, in particular technology-related initiatives designed to benefit our students and maintaining a strong balance sheet while also evaluating diverse strategies to enhance stock or role value, including acquisitions.

Speaker Change: Our Balanced Capital Allocation Strategy also prioritizes investments in organic projects, in particular technology-related initiatives designed to benefit our students, and maintaining a strong balance sheet while also evaluating diverse strategies to enhance stock or roll value, including acquisitions.

Ashish Ghia: Now let us discuss our outlook for 2024. Based on better-than-expected performance in the first half, we now expect a full year 2024 adjusted operating income to range between $179 million and $190 million, as compared to the previously provided range of $175 million to $190 million, and the 2023 adjusted operating income of $174.9 million. Adjusted earnings per diluted share is expected to range between $2.13 and $2.25 versus $2.10 in 2023. For the third quarter of 2024, we expect adjusted operating income to be in the range of $45 million to $47 million as compared to $47.2 million in the prior year quarter, with adjusted earnings per diluted share to range between $0.50 and $0.50 per diluted share versus $0.64 in the third quarter of 2023.

Ashish R. Ghia: Now let us discuss our outlook for 2024. Based on better-than-expected performance in the first half, we now expect full-year 2024 Adjusted Operating Income to range between $179 million and $190 million as compared to the previously provided range of $175 million to $190 million and the 2023 Adjusted Operating Income of $174.9 million. Adjusted earnings per diluted share is expected to range between $2.13 and $2.25 versus $2.10 in 2023. For the third quarter of 2024, we expect adjusted operating income to be in the range of $45 million to $47 million, as compared to $47.2 million in the prior year quarter, with adjusted earnings per diluted share to range between 52 cents and 50% per diluted share versus 64 cents in the third quarter of 2023

Speaker Change: Now let us discuss our outlook for 2024.

Speaker Change: For the third quarter of 2024, we expect adjusted operating income to be in the range of $45 million to $47 million, as compared to $47.2 million in the prior year quarter.

Speaker Change: with adjusted earnings per diluted share to range between $0.52 and 50% per diluted share versus 64 cents in the third quarter of 2023.

Ashish Ghia: This outlook reflects our current beliefs that high levels of student retention and engagement we experience over the past few quarters, partly supported by the positive impact from various federal student aid initiatives, will continue to proceed so the remainder of 2024. Full year revenue at CTO is expected to be lower than 2023, primarily due to simplification of our professional development offerings. Full year 2024 revenue dates for CTO's degree programs will be lower as compared to the prior year. However, growth in our corporate engagement programs in high levels of student retention and engagement is expected to more than offset the impact from lower revenue dates and also support total enrollment growth for year end 2024.

Ashish R. Ghia: This outlook reflects our current beliefs that the high levels of student retention and engagement we experienced over the past few quarters, partly supported by the positive impact from various federal student aid initiatives, will continue to persist through the remainder of 2024. However, fully, our revenue at CTU is expected to be lower than in 2023, primarily due to simplification of our professional development offering. Full year 2024 revenue dates for CTU's degree programs will be lower as compared to the prior year.

Speaker Change: This outlook reflects our current beliefs that the high levels of student retention and engagement we experienced over the past few quarters, partly supported by the positive impact from various federal student aid initiatives, will continue to persist through the remainder of 2024.

Speaker Change: Fully our revenue at CTU is expected to be lower than 2023, primarily due to simplification of our professional development offerings.

Speaker Change: Full year 2024 revenue dates for CTU's degree programs will be lower as compared to the prior year.

Ashish R. Ghia: However, growth in our corporate engagement programs and high levels of student retention and engagement is expected to more than offset the impact from lower revenue days and also support total enrollment growth for year-end 2024. However, at ARU, revenue is expected to be below 2023 levels due to the lag impact from lower beginning total enrollment. As AI continues to operate with normalized levels of marketing and admission while also experiencing strong levels of student retention and engagement,

Speaker Change: However, growth in our corporate engagement programs and high levels of student retention and engagement is expected to more than offset the impact from lower revenue days and also support total enrollment growth for year-end 2024.

Ashish Ghia: An AI system revenue and expected to be below 2023 levels due to the lag impact from lower beginning total enrollments. As AI system continues to operate with normalized levels of marketing and admissions, while also experiencing strong levels of student retention and engagement, we expect total student enrollments to experience double-digit growth versus the prior year end as we exit the year and AIUS system to be able to mostly offset the lag impact from the 2020 operational changes by year end and in fact experience revenue growth in the fourth quarter.

Speaker Change: At ARU's system, revenue is expected to be below 2023 levels due to the lag impact from lower beginning total enrollments.

Speaker Change: As AI system continues to operate with normalized levels of marketing and admissions,

Speaker Change: While also experiencing strong levels of student retention and engagement, we expect total student enrollments to experience double-digit growth versus the prior year-end as we exit the year.

Ashish R. Ghia: We expect total student enrollments to experience double-digit growth versus the prior year-end as we exit the year, and AIUS to be able to mostly offset the lab impact from the 2023 operational changes by year-end and, in fact, experience revenue growth in the fourth quarter. As a general reminder, CTU's academic calendar may impact the comparability of revenue earning days and enrollment results in any given quarter and year, but not necessarily to the same magnitude or direction.

Ashish R. Ghia: and AIUS system to be able to mostly offset the lab impact from the 2023 operational changes by year-end and in fact experience revenue growth in the fourth quarter.

Ashish Ghia: As a general reminder, CTO's academic calendar may impact the comparability of revenue earnings dates and enrollment results in any given quarter and year, but not necessarily in the state-magnitude or direction. On a full year basis, CTU will have lower revenue earnings base in 2024, which disproportionately impacted the first half of 2024 when compared to the prior year. Also, the lag impact from lower, beginning total enrollments at AI system more acutely impacted the first half of 2024.

Ashish R. Ghia: On a full-year basis, CTU will have lower revenue-earning days.

Ashish R. Ghia: On a full year basis, CTU will have lower revenue earning days in 2024, which disproportionately impacted the first half of 2024 when compared to the prior year. Also, the lag, in fact, from lower total enrollments at AIU System more acutely impacted the first half of 2024. Finally, the second half of 2023 includes certain one-time non-recurring charges related to our previous acquisition.

Ashish R. Ghia: Also, the lag impact from lower total enrollments at AIU System more acutely impacted the first half of 2024.

Ashish Ghia: Finally, the second half of 2023 includes certain one-time, non-recurring charges related to our previous acquisitions.

Ashish R. Ghia: Finally, the second half of 2023 included certain one-time, non-recurring charges related to our previous acquisitions.

Ashish Ghia: As the slope in our most recent 410K, the Department of Education has recently gone through and continues to go through additional negotiated rulemaking processes while also updating interpretations and providing new guidance on various other topics. While we continue to monitor and evaluate these rulemaking initiatives, as well as new or updated guidance coming from the department, any further operational changes that are necessary to ensure compliance with department rule and interpretation could have an impact on the outlook I just presented. Our 24 outlook also assumes selective investments in technology, data analytics, academics, and student support processes. We believe these investments have been successful in positively impacting academic outcomes and student experiences.

Ashish R. Ghia: As disclosed in our most recent Form 10-K, the Department of Education has recently gone through and continues to go through additional negotiated rulemaking processes while also updating interpretations and providing new guidance on various other topics. While we continue to monitor and evaluate these rulemaking initiatives, as well as new or updated guidance coming from the department, any further operational changes that are necessary to ensure compliance with the department's rules and interpretations could have an impact on the outlook I just presented.

Ashish R. Ghia: While we continue to monitor and evaluate these rulemaking initiatives, as well as new or updated guidance coming from the department, any further operational changes that are necessary to ensure compliance with department's rules and interpretations could have an impact on the outlook I just presented.

Ashish R. Ghia: Our 2024 outlook also assumes selective investments in technology, data analytics, teaching, and student support processes. We believe these investments have been successful in positively impacting academic outcomes and student experience. We will also continually evaluate the size and resources of our academic institutions or pre-engagement teams. Please refer to our earnings release file today for important information about the key assumptions and factors underlying this discussion from today's call, as well as the gap to non-gap reconciliation. With that, I will turn the call back over to Todd for his closing remarks.

Ashish R. Ghia: Our 2024 outlook also assumes selective investments in technology, data analytics, academics, and student support processes.

Ashish R. Ghia: We believe these investments have been successful in positively impacting academic outcomes and student experiences.

Ashish Ghia: We will also continually evaluate the size and resources of our academic institutions or pretty engagement teams. Please refer to our earnings release files today for important information about the key assumptions and factors under lines of discussion from today's call, as well as a gap to non-gap reconciliation.

Ashish R. Ghia: We will also continually evaluate the size and resources of our academic institutions or project engagement teams.

Ashish R. Ghia: Please refer to our earnings release file today for important information about the key assumptions and factors underlying this discussion from today's call, as well as the gap to non-gap reconciliations.

Todd Nelson: With that, I will turn the call back over to Todd for his closing remarks. Todd?

Ashish R. Ghia: With that, I will turn the call back over to Todd for his closing remarks.

Todd Nelson: Thank you, Ashish.

Todd S. Nelson: Ashish, in closing, I'm proud of the way our company executed through the second quarter of 2024, and I'm pleased with the progress we're continuing to expect into the second half of the year. Our academic institutions remain focused on serving and educating our students, and our investments will continue to prioritize student experiences and academic outcomes. Upon completion, the acquisition of St. Augustine will further enhance Perdoceo's overall value proposition with three separate quality academic institutions providing a broad spectrum of post-secondary educational offerings. I'd like to thank all of our students and staff once again for their ongoing hard work and dedication.

Todd Nelson: In closing, I'm proud of the way our company executed through the second quarter of 2024, and I am pleased with the progress we are continuing to expect into the second half of the year. Our academic institutions remain focused on serving and educating our students, and our investments will continue to prioritize student experiences and academic outcomes.

Ashish R. Ghia: [inaudible]

Todd S. Nelson: Thank you, Ashish.

Todd S. Nelson: In closing, I am proud of the way our company executed through the second quarter of 2024, and I am pleased with the progress we are continuing to expect into the second half of the year.

Todd S. Nelson: Our academic institutions remain focused on serving and educating our students, and our investments will continue to prioritize student experiences and academic outcomes.

Todd Nelson: Upon completion, the acquisition of St. Augustine will further enhance Pelosi's overall value proposition with three separate quality academic institutions providing a broad spectrum of post-secondary educational offerings. I would like to thank all of our students and staff once again for their ongoing hard work and dedication.

Speaker Change: Upon completion, the acquisition of St. Augustine will further enhance Perdoceo's overall value proposition with three separate quality academic institutions providing a broad spectrum of post-secondary educational offerings.

Todd S. Nelson: I'd like to thank all of our students and staff once again for their ongoing hard work and dedication.

Todd Nelson: Thank you for joining us.

Operator: Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

Operator: Ladies and gentlemen, that concludes today's call. Thank you all for joining us. You may now disconnect.

Speaker Change: Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

Q2 2024 Perdoceo Education Corp Earnings Call

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