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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Apollo Education Grp., Inc. | NASDAQ:APOL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.995 | 9.89 | 10.00 | 0 | 01:00:00 |
Date of Report (Date of Earliest Event Reported): June 29, 2015 |
Apollo Education Group, Inc. |
(Exact name of registrant as specified in its charter) |
Arizona | 0-25232 | 86-0419443 | ||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||
4025 S. Riverpoint Parkway, Phoenix, Arizona | 85040 | |||||
(Address of principal executive offices) | (Zip Code) | |||||
Registrant’s telephone number, including area code: (480) 966-5394 | ||||||
(Former name or former address, if changed since last report) |
Exhibit Number | Exhibit Description | ||
99.1 | Text of press release of Apollo Education Group, Inc. dated June 29, 2015. |
APOLLO EDUCATION GROUP, INC. | ||||
June 29, 2015 | By: | /s/ Joseph L. D’Amico | ||
Joseph L. D’Amico Interim Chief Financial Officer |
Exhibit Number | Exhibit Description | ||
99.1 | Text of press release of Apollo Education Group, Inc. dated June 29, 2015. |
Exhibit 99.1 | |
Apollo Education Group, Inc. | |
News Release |
• | Net revenue of $2.60 billion to $2.62 billion; and |
• | Operating income of $190 to $200 million, excluding the impact of special items. |
Three Months Ended May 31, | Nine Months Ended May 31, | ||||||||||||||
(In thousands, except per share data) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Net revenue | $ | 681,481 | $ | 793,610 | $ | 1,979,105 | $ | 2,314,512 | |||||||
Costs and expenses: | |||||||||||||||
Instructional and student advisory | 298,506 | 324,621 | 915,843 | 978,400 | |||||||||||
Marketing | 119,505 | 135,894 | 375,719 | 408,995 | |||||||||||
Admissions advisory | 52,994 | 56,256 | 167,919 | 159,075 | |||||||||||
General and administrative | 65,274 | 75,112 | 208,239 | 217,166 | |||||||||||
Depreciation and amortization | 30,556 | 37,721 | 101,779 | 111,524 | |||||||||||
Provision for uncollectible accounts receivable | 13,005 | 12,485 | 42,372 | 37,997 | |||||||||||
Restructuring and impairment charges | 11,444 | 14,904 | 66,008 | 62,076 | |||||||||||
Acquisition and other related (credit) costs, net | (455 | ) | 16,168 | 4,506 | 29,173 | ||||||||||
Litigation charges | — | 4,125 | 100 | 13,125 | |||||||||||
Total costs and expenses | 590,829 | 677,286 | 1,882,485 | 2,017,531 | |||||||||||
Operating income | 90,652 | 116,324 | 96,620 | 296,981 | |||||||||||
Interest income | 762 | 453 | 2,091 | 1,620 | |||||||||||
Interest expense | (1,715 | ) | (1,915 | ) | (5,116 | ) | (5,984 | ) | |||||||
Other (loss) income, net | (2,039 | ) | (284 | ) | (4,470 | ) | 630 | ||||||||
Income from continuing operations before income taxes | 87,660 | 114,578 | 89,125 | 293,247 | |||||||||||
Provision for income taxes | (40,220 | ) | (47,539 | ) | (45,354 | ) | (112,627 | ) | |||||||
Income from continuing operations | 47,440 | 67,039 | 43,771 | 180,620 | |||||||||||
Loss from discontinued operations, net of tax | — | (2,029 | ) | — | (4,392 | ) | |||||||||
Net income | 47,440 | 65,010 | 43,771 | 176,228 | |||||||||||
Net loss attributable to noncontrolling interests | 624 | 1,015 | 4,468 | 3,293 | |||||||||||
Net income attributable to Apollo | $ | 48,064 | $ | 66,025 | $ | 48,239 | $ | 179,521 | |||||||
Earnings (loss) per share - Basic: | |||||||||||||||
Continuing operations attributable to Apollo | $ | 0.45 | $ | 0.62 | $ | 0.45 | $ | 1.64 | |||||||
Discontinued operations attributable to Apollo | — | (0.02 | ) | — | (0.04 | ) | |||||||||
Basic income per share attributable to Apollo | $ | 0.45 | $ | 0.60 | $ | 0.45 | $ | 1.60 | |||||||
Earnings (loss) per share - Diluted: | |||||||||||||||
Continuing operations attributable to Apollo | $ | 0.44 | $ | 0.61 | $ | 0.44 | $ | 1.63 | |||||||
Discontinued operations attributable to Apollo | — | (0.02 | ) | — | (0.04 | ) | |||||||||
Diluted income per share attributable to Apollo | $ | 0.44 | $ | 0.59 | $ | 0.44 | $ | 1.59 | |||||||
Basic weighted average shares outstanding | 107,678 | 110,613 | 108,140 | 112,024 | |||||||||||
Diluted weighted average shares outstanding | 108,623 | 112,082 | 109,124 | 113,129 |
As of | |||||||
($ in thousands) | May 31, 2015 | August 31, 2014 | |||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 577,222 | $ | 1,228,813 | |||
Restricted cash and cash equivalents | 231,324 | 224,135 | |||||
Marketable securities | 201,143 | 187,472 | |||||
Accounts receivable, net | 220,880 | 225,398 | |||||
Prepaid taxes | 12,731 | 34,006 | |||||
Deferred taxes | 78,668 | 83,871 | |||||
Other current assets | 59,505 | 58,855 | |||||
Total current assets | 1,381,473 | 2,042,550 | |||||
Marketable securities | 70,741 | 87,811 | |||||
Property and equipment, net | 399,584 | 435,733 | |||||
Goodwill | 243,968 | 259,901 | |||||
Intangible assets, net | 160,905 | 189,365 | |||||
Deferred taxes | 51,037 | 37,335 | |||||
Other assets | 43,733 | 40,240 | |||||
Total assets | $ | 2,351,441 | $ | 3,092,935 | |||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Short-term borrowings and current portion of long-term debt | $ | 15,088 | $ | 609,506 | |||
Accounts payable | 72,019 | 63,907 | |||||
Student deposits | 252,058 | 280,562 | |||||
Deferred revenue | 233,995 | 225,818 | |||||
Accrued and other current liabilities | 265,001 | 363,607 | |||||
Total current liabilities | 838,161 | 1,543,400 | |||||
Long-term debt | 40,383 | 47,590 | |||||
Deferred taxes | 22,695 | 22,674 | |||||
Other long-term liabilities | 214,410 | 233,942 | |||||
Total liabilities | 1,115,649 | 1,847,606 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interests | 56,345 | 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 | (3,962,717 | ) | (3,936,607 | ) | |||
Retained earnings | 5,201,238 | 5,143,949 | |||||
Accumulated other comprehensive loss | (59,923 | ) | (27,320 | ) | |||
Total Apollo shareholders’ equity | 1,178,702 | 1,180,126 | |||||
Noncontrolling interests | 745 | 676 | |||||
Total equity | 1,179,447 | 1,180,802 | |||||
Total liabilities, redeemable noncontrolling interests and shareholders’ equity | $ | 2,351,441 | $ | 3,092,935 |
Nine Months Ended May 31, | |||||||
($ in thousands) | 2015 | 2014 | |||||
Operating activities: | |||||||
Net income | $ | 43,771 | $ | 176,228 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Share-based compensation | 29,768 | 33,694 | |||||
Excess tax benefits from share-based compensation | (236 | ) | (49 | ) | |||
Depreciation and amortization | 101,779 | 111,524 | |||||
Accelerated depreciation included in restructuring | 7,207 | 6,159 | |||||
Loss (gain) on asset dispositions and impairment charges, net | 22,228 | (862 | ) | ||||
Non-cash foreign currency loss, net | 1,722 | 642 | |||||
Provision for uncollectible accounts receivable | 42,372 | 37,997 | |||||
Deferred income taxes | (12,471 | ) | (22,067 | ) | |||
Changes in assets and liabilities, excluding the impact of acquisitions and disposition: | |||||||
Restricted cash and cash equivalents | 5,529 | 3,659 | |||||
Accounts receivable | (51,555 | ) | (20,472 | ) | |||
Prepaid taxes | 21,038 | 39,724 | |||||
Other assets | (1,974 | ) | (9,436 | ) | |||
Accounts payable | 7,753 | (10,789 | ) | ||||
Student deposits | (25,918 | ) | (15,436 | ) | |||
Deferred revenue | 22,677 | (7,768 | ) | ||||
Accrued and other liabilities | (89,987 | ) | (33,742 | ) | |||
Net cash provided by operating activities | 123,703 | 289,006 | |||||
Investing activities: | |||||||
Purchases of property and equipment | (74,254 | ) | (80,642 | ) | |||
Purchases of marketable securities | (156,465 | ) | (265,083 | ) | |||
Maturities and sales of marketable securities | 156,337 | 136,157 | |||||
Acquisitions, net of cash acquired | (21,166 | ) | (119,454 | ) | |||
Changes in restricted cash and other investing activities | (14,216 | ) | 3,446 | ||||
Net cash used in investing activities | (109,764 | ) | (325,576 | ) | |||
Financing activities: | |||||||
Payments on borrowings | (605,214 | ) | (624,393 | ) | |||
Proceeds from borrowings | 4,515 | 1,081 | |||||
Share repurchases | (40,700 | ) | (118,478 | ) | |||
Share reissuances | 995 | 1,793 | |||||
Excess tax benefits from share-based compensation | 236 | 49 | |||||
Payment for contingent consideration | (21,371 | ) | — | ||||
Net cash used in financing activities | (661,539 | ) | (739,948 | ) | |||
Exchange rate effect on cash and cash equivalents | (3,991 | ) | 829 | ||||
Net decrease in cash and cash equivalents | (651,591 | ) | (775,689 | ) | |||
Cash and cash equivalents, beginning of period | 1,228,813 | 1,414,485 | |||||
Cash and cash equivalents, end of period | $ | 577,222 | $ | 638,796 | |||
Supplemental disclosure of cash flow and non-cash information: | |||||||
Cash paid for income taxes, net of refunds | $ | 36,545 | $ | 113,753 | |||
Cash paid for interest | 5,134 | 5,859 | |||||
Restricted stock units vested and released | 7,407 | 10,195 |
Three Months Ended May 31, | Nine Months Ended May 31, | ||||||||||||||
($ in thousands) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Net revenue: | |||||||||||||||
University of Phoenix: | |||||||||||||||
Degree seeking gross revenues(1) | $ | 625,949 | $ | 739,183 | $ | 1,825,254 | $ | 2,179,917 | |||||||
Less: Discounts and other | (79,362 | ) | (69,055 | ) | (219,315 | ) | (189,752 | ) | |||||||
Degree seeking net revenues(1) | 546,587 | 670,128 | 1,605,939 | 1,990,165 | |||||||||||
Other revenues | 14,105 | 11,579 | 35,375 | 30,486 | |||||||||||
Total University of Phoenix | 560,692 | 681,707 | 1,641,314 | 2,020,651 | |||||||||||
Apollo Global | 109,622 | 100,459 | 305,862 | 260,252 | |||||||||||
Other | 11,167 | 11,444 | 31,929 | 33,609 | |||||||||||
Net revenue | $ | 681,481 | $ | 793,610 | $ | 1,979,105 | $ | 2,314,512 | |||||||
Operating income (loss): | |||||||||||||||
University of Phoenix | $ | 102,773 | $ | 135,153 | $ | 197,634 | $ | 405,308 | |||||||
Apollo Global | 5,465 | (13,845 | ) | (26,918 | ) | (51,632 | ) | ||||||||
Other | (17,586 | ) | (4,984 | ) | (74,096 | ) | (56,695 | ) | |||||||
Operating income | $ | 90,652 | $ | 116,324 | $ | 96,620 | $ | 296,981 | |||||||
(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. |
University of Phoenix Enrollment Data: | |||||||||||||||||||||
(Rounded to the nearest hundred, except per degreed enrollment) | Three Months Ended May 31, | Nine Months Ended May 31, | |||||||||||||||||||
2015 | 2014 | % Change | 2015 | 2014 | % Change | ||||||||||||||||
Degreed Enrollment(1) | 206,900 | 241,900 | (14.5 | )% | Average Degreed Enrollment(3) | 220,400 | 256,100 | (13.9 | )% | ||||||||||||
New Degreed Enrollment(2) | 29,400 | 33,900 | (13.3 | )% | |||||||||||||||||
Degree seeking net revenues per degreed enrollment | $ | 2,642 | $ | 2,770 | |||||||||||||||||
(1) Represents students enrolled in a 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 an 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. | |||||||||||||||||||||
(2) Represents new students and students who have been out of attendance for more than 12 months who enroll in a 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. | |||||||||||||||||||||
(3) Represents the average of quarterly Degreed Enrollment from the beginning to the end of the respective periods. |
Consolidated Financial Information Reconciliation | Three Months Ended May 31, | Nine Months Ended May 31, | |||||||||||||
($ in thousands, except per share data) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Operating income | $ | 90,652 | $ | 116,324 | $ | 96,620 | $ | 296,981 | |||||||
Income from continuing operations before income taxes | 87,660 | 114,578 | 89,125 | 293,247 | |||||||||||
Provision for income taxes | (40,220 | ) | (47,539 | ) | (45,354 | ) | (112,627 | ) | |||||||
Net income attributable to Apollo | 48,064 | 66,025 | 48,239 | 179,521 | |||||||||||
Loss from discontinued operations, net of tax | — | 2,029 | — | 4,392 | |||||||||||
Income from continuing operations attributable to Apollo | $ | 48,064 | $ | 68,054 | $ | 48,239 | $ | 183,913 | |||||||
Diluted income per share from continuing operations attributable to Apollo | $ | 0.44 | $ | 0.61 | $ | 0.44 | $ | 1.63 | |||||||
Special items: | |||||||||||||||
Restructuring and impairment charges | $ | 11,444 | $ | 14,904 | $ | 66,008 | $ | 62,076 | |||||||
Acquisition and other related (credit) costs, net | (455 | ) | 16,168 | 4,506 | 29,173 | ||||||||||
Litigation charges | — | 4,125 | 100 | 13,125 | |||||||||||
Gain related to foreign indirect taxes(1) | — | (11,173 | ) | — | (11,173 | ) | |||||||||
Special items before income taxes | 10,989 | 24,024 | 70,614 | 93,201 | |||||||||||
Less: income tax effects of special items | (4,532 | ) | (5,171 | ) | (26,890 | ) | (26,819 | ) | |||||||
Tax expense from resolution with tax authority | 3,002 | — | 3,002 | — | |||||||||||
Tax benefit from Internal Revenue Service settlement | — | — | — | (10,176 | ) | ||||||||||
Special items, net of income tax | $ | 9,459 | $ | 18,853 | $ | 46,726 | $ | 56,206 | |||||||
Excluding special items: | |||||||||||||||
Operating income | $ | 101,641 | $ | 140,348 | $ | 167,234 | $ | 390,182 | |||||||
Income from continuing operations before income taxes | 98,649 | 138,602 | 159,739 | 386,448 | |||||||||||
Provision for income taxes | (41,750 | ) | (52,710 | ) | (69,242 | ) | (149,622 | ) | |||||||
Income from continuing operations attributable to Apollo | 57,523 | 86,907 | 94,965 | 240,119 | |||||||||||
Diluted income per share from continuing operations attributable to Apollo | $ | 0.53 | $ | 0.78 | $ | 0.87 | $ | 2.12 |
Consolidated | Apollo Global(1) | ||||||||||||||||||||||||||||||
Three Months Ended May 31, | Nine Months Ended May 31, | Three Months Ended May 31, | Nine Months Ended May 31, | ||||||||||||||||||||||||||||
($ in thousands) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||
Operating income (loss) | $ | 90,652 | $ | 116,324 | $ | 96,620 | $ | 296,981 | $ | 5,465 | $ | (13,845 | ) | $ | (26,918 | ) | $ | (51,632 | ) | ||||||||||||
Depreciation and amortization | 30,556 | 37,721 | 101,779 | 111,524 | 9,528 | 11,055 | 29,677 | 26,421 | |||||||||||||||||||||||
Restructuring and impairment charges | 11,444 | 14,904 | 66,008 | 62,076 | 41 | 3,817 | 142 | 5,384 | |||||||||||||||||||||||
Acquisition and other related (credit) costs, net | (455 | ) | 16,168 | 4,506 | 29,173 | (1,040 | ) | 15,837 | 1,658 | 28,834 | |||||||||||||||||||||
Litigation charges | — | 4,125 | 100 | 13,125 | — | — | — | — | |||||||||||||||||||||||
Gain related to foreign indirect taxes | — | (11,173 | ) | — | (11,173 | ) | — | (11,173 | ) | — | (11,173 | ) | |||||||||||||||||||
Adjusted Operating Income (Loss) | $ | 132,197 | $ | 178,069 | $ | 269,013 | $ | 501,706 | $ | 13,994 | $ | 5,691 | $ | 4,559 | $ | (2,166 | ) |
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