Apollo Education Group, Inc. Reports Fourth Quarter and Fiscal Year 2014 Results

PHOENIX--()--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 Ended
August 31,

 

Year Ended
August 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 Ended
August 31,
Year Ended
August 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.

Contacts

Investor Relations Contacts:
Beth Coronelli, (312) 660-2059
beth.coronelli@apollo.edu
or
Erin Kelly, (602) 557-3830
erin.kelly@apollo.edu
or
Media Contact:
Media Relations Hotline, (602) 254-0086
media@apollo.edu

Contacts

Investor Relations Contacts:
Beth Coronelli, (312) 660-2059
beth.coronelli@apollo.edu
or
Erin Kelly, (602) 557-3830
erin.kelly@apollo.edu
or
Media Contact:
Media Relations Hotline, (602) 254-0086
media@apollo.edu