Apollo Education Group, Inc. (NASDAQ: APOL) today reported
financial results for the three months and fiscal year ended August
31, 2014, with fourth quarter revenue of $709.7 million and diluted
earnings per share from continuing operations of $0.29 per share,
or $0.34 per share excluding special items.
“In 2014, we made significant progress on our ambitious plans to
differentiate the University of Phoenix, diversify Apollo Education
Group, and build a more efficient organization,” said Greg
Cappelli, Chief Executive Officer, Apollo Education
Group. “Our teams worked to realign the University of Phoenix
around our distinct college-based strategy, expanded the Apollo
Global network to now serve students on six continents, while
maintaining a healthy balance sheet with ample capital to deploy
our long-term strategic plan.”
Fourth Quarter 2014 Results of
Operations
Apollo Education Group (“the Company”) reported net revenue for
the fourth quarter 2014 of $709.7 million, compared to $836.4
million for the fourth quarter 2013. Fourth quarter 2014 University
of Phoenix New Degreed Enrollment was 38,600, down 5.9% from fourth
quarter 2013, and Degreed Enrollment decreased 13.2% to 233,500,
compared to the same period from the prior year. Operating income
for the fourth quarter 2014 was $42.0 million, compared to $38.6
million from the prior year fourth quarter. Income from continuing
operations attributable to Apollo Education Group for the fourth
quarter 2014 was $32.0 million, or $0.29 per share, compared to
$23.9 million, or $0.21 per share from the prior year fourth
quarter.
Excluding special items, operating income was $56.7 million for
the fourth quarter 2014, compared to $104.5 million for the fourth
quarter 2013, and income from continuing operations attributable to
Apollo Education Group for the fourth quarter 2014 was $37.2
million, or $0.34 per share, compared to $65.4 million, or $0.58
per share, for the fourth quarter 2013. (Special items for the
fourth quarter 2014 and 2013 are included in the reconciliation of
GAAP to non-GAAP financial information tables of this press
release.)
Fiscal Year 2014 Results of
Operations
Net revenue for fiscal year 2014 was $3.0 billion, compared to
$3.6 billion in the prior year, representing a 16.8% decrease.
University of Phoenix Average Degreed Enrollment for fiscal year
2014 was 251,500, a 16.5% decrease from the prior year, and
Aggregate New Degreed Enrollment was 146,700, down 15.2% from the
prior year. Operating income was $339.0 million, compared to $434.4
million from the prior year. Income from continuing operations
attributable to Apollo Education Group was $215.9 million, or $1.92
per share, compared to $253.1 million, or $2.23 per share in fiscal
year 2013.
Excluding special items, operating income was $446.9 million for
fiscal year 2014, compared to $606.8 million in fiscal year 2013,
and income from continuing operations attributable to Apollo
Education Group for fiscal year 2014 was $277.3 million, or $2.46
per share, compared to $361.7 million, or $3.19 per share, for
fiscal year 2013. (Special items for fiscal year 2014 and 2013 are
included in the reconciliation of GAAP to non-GAAP financial
information tables of this press release.)
Balance Sheet and Cash
Flow
As of August 31, 2014, the Company’s unrestricted cash and cash
equivalents and short-term marketable securities totaled $1.4
billion, compared to $1.5 billion as of August 31, 2013. The
decrease was primarily attributable to $172.7 million of share
repurchases (which includes $13.0 million of share repurchases for
tax withholding requirements on restricted stock units), $119.5
million for acquisitions, $100.7 million for capital expenditures,
a net investment of $43.9 million in long-term marketable
securities, and $36.7 million of net payments on borrowings. These
items were partially offset by $375.9 million of cash provided by
operations.
Total debt outstanding (including short-term borrowings and the
current portion of long-term debt) decreased $35.0 million to
$657.1 million as of August 31, 2014. Subsequent to August 31,
2014, the Company repaid the $585.0 million drawn on its principal
revolving credit facility.
Institute for Professional
Development
During the fourth quarter 2014, Apollo Education Group sold
assets of its subsidiary Institute for Professional Development,
resulting in recognizing an immaterial gain on sale. The Company
sold the business primarily due to recent operating losses and
limitations on its ability to further develop and expand the
domestic business. Institute for Professional Development’s
operating results are presented as discontinued operations for all
periods presented.
Business Outlook
The Company offers the following outlook for fiscal year 2015
based on the business trends observed during the fourth quarter of
fiscal year 2014, as well as management’s current expectations of
future trends.
- Net revenue of $2.80 to $2.85 billion;
and
- Operating income of $300 to $325
million, excluding the impact of special items.
The Company also provides the following outlook for the first
quarter of fiscal year 2015.
- Net revenue of $720 to $730 million;
and
- Operating income of $70 to $75 million,
excluding the impact of special items.
Conference Call
Information
The Company will hold a conference call to discuss these
earnings results at 8:30 a.m. (ET), 5:30 a.m. (PT), today, Tuesday,
October 21, 2014.
Dial-In Numbers:
877-292-6888 (Domestic)973-200-3381 (International)Conference
ID: 95220674
A live webcast of this event may be accessed by visiting the
Company’s website at www.apollo.edu. A
webcast replay will be available approximately one hour following
the conclusion of the call at the same link.
A telephone replay will be available approximately two hours
following the conclusion of the call until October 28, 2014.
Dial-In Numbers:
855-859-2056 (Domestic)404-537-3406 (International)Conference
ID: 95220674
About Apollo Education Group,
Inc.
Apollo Education Group, Inc. is one of the world’s largest
private education providers and has been in the education business
since 1973. Through its subsidiaries: Apollo Global, College for
Financial Planning, University of Phoenix, and Western
International University, Apollo Education Group offers innovative
and distinctive educational programs and services, online and
on-campus, at the undergraduate, masters and doctoral levels. Its
educational programs and services are offered throughout the United
States and in Europe, Australia, Latin America, Africa and Asia, as
well as online throughout the world.
For more information about Apollo Education Group, Inc. and its
subsidiaries, call (800) 990-APOL or visit the Company’s website at
www.apollo.edu.
Apollo Education Group, Inc. and
Subsidiaries
Condensed Consolidated Statements of
Income
(Unaudited)
Three Months EndedAugust
31,
Year EndedAugust 31,
(In thousands, except per share data)
2014 2013 2014
2013
Net revenue
$ 709,666 $ 836,358 $ 3,024,178 $ 3,635,924
Costs and expenses:
Instructional and student advisory 322,604 366,307 1,301,004
1,561,568 Marketing 148,654 163,142 557,649 641,784 Admissions
advisory 56,121 56,721 215,196 253,319 General and administrative
70,718 91,297 287,884 326,908 Depreciation and amortization 39,051
38,179 150,575 161,733 Provision for uncollectible accounts
receivable 15,822 16,232 53,819 83,798 Restructuring and other
charges 23,267 67,330 85,343 197,022 Litigation charge (credit) 775
(1,400 ) 13,900 (24,600 ) Contingent consideration (credit) charges
and acquisition costs, net (9,336 ) — 19,837 —
Total costs and expenses
667,676 797,808 2,685,207 3,201,532
Operating income
41,990 38,550 338,971 434,392 Interest income 610 470 2,230 1,913
Interest expense (1,930 ) (2,671 ) (7,914 ) (8,745 ) Other (loss)
income, net (1,177 ) 1,596 (547 ) 2,407
Income from continuing operations
before income taxes
39,493 37,945 332,740 429,967 Provision for income taxes (8,697 )
(14,219 ) (121,324 ) (176,457 )
Income from continuing
operations 30,796 23,726 211,416 253,510 Loss from discontinued
operations, net of tax(1) (2,226 ) (2,330 ) (6,618 ) (4,545 )
Net income 28,570 21,396 204,798 248,965
Net loss
(income) attributable to noncontrolling interests 1,213
155 4,506 (439 )
Net income attributable to
Apollo $ 29,783 $ 21,551 $ 209,304 $
248,526
Earnings (loss) per share - Basic: Continuing
operations attributable to Apollo $ 0.29 $ 0.21 $ 1.94 $ 2.25
Discontinued operations attributable to Apollo(1) (0.02 ) (0.02 )
(0.06 ) (0.05 )
Basic income per share attributable to
Apollo $ 0.27 $ 0.19 $ 1.88 $ 2.20
Earnings (loss) per share - Diluted: Continuing operations
attributable to Apollo $ 0.29 $ 0.21 $ 1.92 $ 2.23 Discontinued
operations attributable to Apollo(1) (0.02 ) (0.02 ) (0.06 ) (0.04
)
Diluted income per share attributable to Apollo $ 0.27
$ 0.19 $ 1.86 $ 2.19 Basic weighted
average shares outstanding 109,364 113,105 111,354 112,712 Diluted
weighted average shares outstanding 110,839 113,740 112,610 113,285
(1) Institute for Professional Development’s operating results
are presented as discontinued operations for all periods
presented.
Apollo Education Group, Inc. and
Subsidiaries
Condensed Consolidated Balance
Sheets
(Unaudited)
As of August 31, ($ in thousands)
2014
2013
ASSETS
Current assets: Cash and cash equivalents $ 1,228,813 $ 1,414,485
Restricted cash and cash equivalents 224,135 259,174 Marketable
securities 187,472 105,809 Accounts receivable, net 225,398 215,401
Prepaid taxes 34,006 30,359 Deferred tax assets 83,871 60,294 Other
current assets 58,855 64,134 Total current assets
2,042,550 2,149,656 Marketable securities 87,811 43,941 Property
and equipment, net 435,733 472,614 Goodwill 259,901 103,620
Intangible assets, net 189,365 132,192 Deferred tax assets 37,335
63,894 Other assets 40,240 32,030
Total assets
$ 3,092,935 $ 2,997,947
LIABILITIES, REDEEMABLE NONCONTROLLING
INTERESTS AND SHAREHOLDERS’ EQUITY
Current liabilities: Short-term borrowings and current portion of
long-term debt $ 609,506 $ 628,050 Accounts payable 63,907 73,123
Student deposits 280,562 309,176 Deferred revenue 225,818 213,260
Accrued and other current liabilities 363,607 346,706
Total current liabilities 1,543,400 1,570,315 Long-term debt 47,590
64,004 Deferred tax liabilities 22,674 12,177 Other long-term
liabilities 233,942 233,442
Total liabilities
1,847,606 1,879,938 Commitments and contingencies
Redeemable
noncontrolling interests 64,527 — Shareholders’ equity:
Preferred stock, no par value — — Apollo Class A nonvoting common
stock, no par value 103 103 Apollo Class B voting common stock, no
par value 1 1 Additional paid-in capital — — Apollo Class A
treasury stock, at cost (3,936,607 ) (3,824,758 ) Retained earnings
5,143,949 4,978,815 Accumulated other comprehensive loss (27,320 )
(36,563 ) Total Apollo shareholders’ equity 1,180,126 1,117,598
Noncontrolling interests 676 411
Total equity
1,180,802 1,118,009
Total liabilities, redeemable
noncontrolling interests and shareholders’ equity
$
3,092,935
$ 2,997,947
Apollo Education Group, Inc. and
Subsidiaries
Condensed Consolidated Statements of
Cash Flows
(Unaudited)
Year Ended August 31, ($ in thousands)
2014 2013 Operating
activities: Net income $ 204,798 $ 248,965 Adjustments to
reconcile net income to net cash provided by operating activities:
Share-based compensation 42,819 49,462 Excess tax benefits from
share-based compensation (1,285 ) (17 ) Depreciation and
amortization 150,575 161,733 Accelerated depreciation and
impairments included in restructuring 7,580 62,267 Loss on asset
dispositions and write-offs, net 556 8,190 Non-cash foreign
currency loss, net 957 220 Provision for uncollectible accounts
receivable 53,819 83,798 Deferred income taxes (13,912 ) (29,517 )
Changes in assets and liabilities, excluding the impact of
acquisitions and business dispositions: Restricted cash and cash
equivalents 37,233 59,160 Accounts receivable (61,435 ) (103,369 )
Prepaid taxes (2,890 ) (3,985 ) Other assets 6,072 (19,514 )
Accounts payable (11,950 ) (1,775 ) Student deposits (30,738 )
(52,587 ) Deferred revenue 657 (39,091 ) Accrued and other
liabilities (6,949 ) 54,108
Net cash provided by operating
activities
375,907 478,048
Investing activities:
Purchases of property and equipment (100,666 ) (119,348 ) Purchases
of marketable securities (319,079 ) (208,878 ) Maturities of
marketable securities 188,276 65,074 Acquisitions, net of cash
acquired (119,454 ) — Other investing activities 606 (1,500
)
Net cash used in investing
activities
(350,317 ) (264,652 )
Financing activities:
Payments on borrowings (627,822 ) (636,387 ) Proceeds from
borrowings 591,131 610,236 Share repurchases (172,709 ) (9,537 )
Share reissuances 1,793 3,867 Purchase of noncontrolling interests
(893 ) (42,500 ) Excess tax benefits from share-based compensation
1,285 17 Other financing activities (4,143 ) —
Net cash
used in financing activities (211,358 ) (74,304 ) Exchange rate
effect on cash and cash equivalents 96 (982 )
Net
(decrease) increase in cash and cash equivalents (185,672 )
138,110
Cash and cash equivalents, beginning of year
1,414,485 1,276,375
Cash and cash equivalents, end
of year $ 1,228,813 $ 1,414,485
Supplemental
disclosure of cash flow and non-cash information: Cash paid for
income taxes, net of refunds $ 161,163 $ 201,055 Cash paid for
interest 7,657 7,869 Restricted stock units vested and released
37,430 27,054 Credits received for tenant improvements 1,131 6,049
Capital lease additions — 3,500
Apollo Education Group, Inc. and
Subsidiaries
Segment Data and University of Phoenix
Operating Metrics
(Unaudited)
Three Months EndedAugust 31, Year
EndedAugust 31, (In thousands, except enrollment data)
2014 2013 2014
2013 Net revenue: University of Phoenix
Degree seeking gross revenues(1) $ 661,029 $ 824,766 $ 2,840,946 $
3,525,669 Less: Discounts and other (62,202 ) (66,378 ) (251,954 )
(267,215 ) Degree seeking net revenues(1) 598,827 758,388 2,588,992
3,258,454 Other revenues 13,471 13,286 43,957
46,010 Total University of Phoenix 612,298 771,674 2,632,949
3,304,464 Apollo Global 77,756 46,164 338,008 275,768 Other 19,612
18,520 53,221 55,692
Net revenue
$ 709,666 $ 836,358 $ 3,024,178 $ 3,635,924
Operating income (loss): University of Phoenix $
82,909 $ 113,673 $ 488,217 $ 579,670 Apollo Global (22,557 )
(32,285 ) (74,189 ) (59,936 ) Other (18,362 ) (42,838 ) (75,057 )
(85,342 )
Operating income
$ 41,990 $ 38,550 $ 338,971 $ 434,392
University of Phoenix Enrollment
Data:
Degreed Enrollment(2) 233,500 269,000 Average Degreed Enrollment(3)
251,500 301,100 New Degreed Enrollment(4) 38,600 41,000 Degree
seeking net revenues per degreed enrollment $ 2,565 $ 2,819
(1) Represents revenue from tuition and other fees for students
enrolled in University of Phoenix degree programs or certificate
programs of at least 18 credits in length with some course
applicability into a related degree program. (2) Represents
students enrolled in a University of Phoenix degree program who
attended a credit bearing course during the quarter and had not
graduated as of the end of the quarter; students who previously
graduated from one degree program and started a new degree program
in the quarter (e.g., a graduate of the associate’s degree program
returns for a bachelor’s degree); and students participating in
certain certificate programs of at least 18 credits with some
course applicability into a related degree program. (3) Represents
the average of quarterly Degreed Enrollment from the beginning to
the end of the respective fiscal years. (4) Represents new students
and students who have been out of attendance for more than 12
months who enroll in a University of Phoenix degree program and
start a credit bearing course in the quarter; students who have
previously graduated from a degree program and start a new degree
program in the quarter; and students who commence participation in
certain certificate programs of at least 18 credits with some
course applicability into a related degree program.
Apollo Education Group, Inc. and
Subsidiaries
Reconciliation of GAAP Financial
Information to Non-GAAP Financial Information
(Unaudited)
Consolidated
Financial Information Reconciliation
Three Months Ended
August 31,
Year Ended
August 31,
(In thousands, except per share data)
2014
2013 2014 2013
Operating income $ 41,990 $ 38,550 $ 338,971 $ 434,392 Income from
continuing operations before income taxes $ 39,493 $ 37,945 $
332,740 $ 429,967 Provision for income taxes $ 8,697 $ 14,219 $
121,324 $ 176,457 Effective income tax rate 22.0 % 37.5 % 36.5 %
41.0 % Net income attributable to Apollo $ 29,783 $ 21,551 $
209,304 $ 248,526 Loss from discontinued operations, net of tax
2,226 2,330 6,618 4,545 Income from
continuing operations attributable to Apollo $ 32,009 $ 23,881 $
215,922 $ 253,071 Diluted income per share from continuing
operations attributable to Apollo $ 0.29 $ 0.21 $ 1.92 $ 2.23
Special items: Restructuring and other charges $ 23,267 $
67,330 $ 85,343 $ 197,022 Litigation charge (credit) 775 (1,400 )
13,900 (24,600 ) Contingent consideration (credit) charges and
acquisition costs, net (9,336 ) — 19,837 — Gain related to foreign
indirect taxes following resolution with tax authority(1) —
— (11,173 ) — Special items before income taxes
14,706 65,930 107,907 172,422 Less: income tax effects of special
items (9,554 ) (24,368 ) (36,373 ) (63,842 ) Tax benefit from
Internal Revenue Service settlement — — (10,176 ) —
Special items, net of income tax $ 5,152 $ 41,562
$ 61,358 $ 108,580
Excluding special
items: Operating income $ 56,696 $ 104,480 $ 446,878 $ 606,814
Income before income taxes $ 54,199 $ 103,875 $ 440,647 $ 602,389
Provision for income taxes $ 18,251 $ 38,587 $ 167,873 $ 240,299
Effective income tax rate 33.7 % 37.1 % 38.1 % 39.9 % Income from
continuing operations attributable to Apollo $ 37,161 $ 65,443 $
277,280 $ 361,651 Diluted income per share from continuing
operations attributable to Apollo $ 0.34 $ 0.58 $ 2.46 $ 3.19
(1) This gain is included in instructional and student advisory
on the Company’s Condensed Consolidated Statements of Income. In
fiscal year 2013, the Company recognized a charge of $10.7 million
for the foreign indirect tax assessment that was not classified as
a special item.
Apollo Education Group, Inc. and
Subsidiaries
Reconciliation of GAAP Financial
Information to Non-GAAP Financial Information
(Unaudited)
Apollo Global
Financial Information Reconciliation
Three Months Ended
August 31,
Year Ended
August 31,
($ in thousands)
2014 2013
2014 2013 Apollo Global
operating loss $ (22,557 ) $ (32,285 ) $ (74,189 ) $ (59,936 )
Depreciation and amortization 11,747 7,027 38,168 25,982
Restructuring and other charges 707 1,954 6,091 6,053 Contingent
consideration (credit) charges and acquisition costs, net (9,844 )
— 18,990 — Gain related to foreign indirect taxes following
resolution with tax authority(1) — — (11,173 ) —
Adjusted Apollo Global Operating Loss(2), (3),
(4) $ (19,947 ) $ (23,304 ) $ (22,113 ) $ (27,901 )
(1) In fiscal year 2013, the Company recognized a charge of
$10.7 million for the foreign indirect tax assessment that was not
classified as a special item.
(2) Excluding losses from Open Colleges, Adjusted Apollo Global
Operating Loss would have been approximately $15 million and $6
million during the three months and year ended August 31, 2014,
respectively.
(3) Open Colleges’ educational offerings generally extend beyond
one year and the associated revenue is recognized over the
contractual period that students are provided access to complete
their program, or the time period it takes students to complete
their program, as applicable. However, Open Colleges’ operating
costs are period costs that are expensed as incurred and a
substantial portion are incurred before, or soon after, the
students begin their programs. Accordingly, as a result of Open
Colleges’ rapid growth, service model, and cost structure, Apollo
Global’s operating results are negatively impacted in the near
term. However, these factors do not have the same adverse impact on
cash flows generated from Open Colleges. Additionally, Apollo
Global’s deferred revenue has increased substantially from
approximately $50 million as of August 31, 2013 to $127 million as
of August 31, 2014, and this amount is expected to continue to
increase, perhaps rapidly, as Open Colleges continues to grow.
(4) Apollo Global’s subsidiaries experience seasonality
associated with the timing of when courses begin, exam dates, the
timing of their respective holidays and other factors. These
factors have historically resulted in lower adjusted operating
results in the second and fourth quarters because of lower net
revenue, particularly for BPP, and due to BPP’s relatively fixed
cost structure. The following summarizes the Adjusted Apollo Global
Operating Income (Loss) for the respective periods in fiscal year
2014:
Three Months Ended ($ in thousands)
November 30,2013
February 28,2014
May 31,2014
August 31,2014
Apollo Global operating income (loss) $ 2,217 $
(40,004 ) $ (13,845 ) $ (22,557 ) Depreciation and amortization
6,359 9,007 11,055 11,747 Restructuring and other charges 1,263 304
3,817 707 Contingent consideration charges (credit) and acquisition
costs, net — 12,997 15,837 (9,844 ) Gain related to foreign
indirect taxes following resolution with tax authority — —
(11,173 ) —
Adjusted Apollo Global Operating Income
(Loss)
$ 9,839 $ (17,696 ) $ 5,691 $ (19,947 )
Use of Non-GAAP Financial
Information
The Company’s non-GAAP financial measures are intended to
supplement, but not substitute for, the most directly comparable
GAAP measures. Management uses, and chooses to disclose to
investors, these non-GAAP financial measures because: (i) such
measures provide an additional analytical tool to clarify the
Company’s results from operations and help to identify underlying
trends in its results of operations; (ii) as to the non-GAAP
earnings measures, such measures help compare the Company’s and
Apollo Global’s performance on a consistent basis across time
periods; and (iii) these non-GAAP measures are employed by the
Company’s management in its own evaluation of performance and are
utilized in financial and operational decision-making processes,
such as budgeting and forecasting. Exclusion of items in the
non-GAAP presentation should not be construed as an inference that
these items are unusual, infrequent or non-recurring. Other
companies, including other companies in the education industry, may
calculate non-GAAP financial measures differently, limiting their
usefulness as a comparative measure across companies.
Adjusted Apollo Global Operating Income (Loss) represents Apollo
Global’s operating income (loss) excluding depreciation and
amortization and certain items that the Company believes provides a
meaningful indicator of operating performance across time periods
principally due to the impact of acquisitions.
Forward-Looking Statements Safe
Harbor
Statements about Apollo Education Group and its business in this
release which are not statements of historical fact, including
statements regarding Apollo Education Group’s future strategy and
plans and commentary regarding future results of operations and
prospects, are forward-looking statements and are subject to the
Safe Harbor provisions created by the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
current information and expectations and involve a number of risks
and uncertainties. Actual plans implemented and actual results
achieved may differ materially from those set forth in or implied
by such statements due to various factors, including without
limitation: (i) the impact of increased competition from
traditional public universities and proprietary educational
institutions; (ii) the costs and effectiveness of University of
Phoenix initiatives to improve student retention, improve student
outcomes and demonstrate a compelling and cost effective
relationship between a student’s education and career; (iii)
changes in law or regulation affecting the University of Phoenix’s
eligibility to participate in or the manner in which it
participates in U.S. federal and state student financial aid
programs, including changes that may be included in the
reauthorization of the federal Higher Education Act and the
proposed Department of Education regulations relating to gainful
employment and state authorization; (iv) any adverse impact on
University of Phoenix’s business arising from the Notice sanction
imposed by the University’s principal accreditor, and any
associated impact on the University’s pending recertification by
the U.S. Department of Education for participation in Title IV
student financial aid programs; (v) the impact of the Company’s
restructuring initiatives; (vi) the impact of the operational and
governance changes made to increase University of Phoenix autonomy
in response to governance concerns expressed by its principal
accreditor; (vii) the impact of any reduction in financial aid
available to students, including active and retired military
personnel, due to the U.S. government deficit reduction proposals,
debt ceiling limitations, budget sequestration or otherwise; (viii)
the impact of changes in marketing channels and other recruiting
practices; (ix) changes in University of Phoenix’s business
necessary to remain in compliance with U.S. federal student
financial aid program regulations, including the so-called 90/10
Rule and the limitations on student loan cohort default rates, and
to remain in compliance with the accrediting criteria of the
relevant accrediting bodies; (x) changes in University of Phoenix
enrollment or student mix; (xi) unexpected expenses or other
challenges in integrating acquired businesses, consumer or
regulatory impact arising from consummation of the acquired
businesses, and unexpected changes or developments in the acquired
businesses, and (xii) unexpected changes in the U.S. or global
economy. For a discussion of the various factors that may cause
actual plans implemented and actual results achieved to differ
materially from those set forth in the forward-looking statements,
please refer to the risk factors and other disclosures contained in
Apollo Education Group’s Form 10-K for fiscal year 2014, and other
filings with the Securities and Exchange Commission which are
available at www.apollo.edu.
Investor Relations Contacts:Beth Coronelli, (312)
660-2059beth.coronelli@apollo.eduorErin Kelly, (602)
557-3830erin.kelly@apollo.eduorMedia Contact:Media Relations
Hotline, (602) 254-0086media@apollo.edu
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