Career Education Corp. (NASDAQ:CECO) Q4 2015 Earnings Conference Call - Final Transcript

Feb 29, 2016 • 05:30 pm ET

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Career Education Corp. (NASDAQ:CECO) Q4 2015 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, and welcome to the Career Education Corp. Fourth Quarter 2015 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Sam Gibbons, Investor Relations. Please go ahead.

Executive
Sam Gibbons

Thank you, Laura. Good afternoon, everyone, and thank you, for joining us.

With me on the call today is Todd Nelson, President and Chief Executive Officer; Dave Rawden, Interim Chief Financial Officer; and Ashish Ghia, Vice President of Finance. This conference call is being webcast live within the Investor Relations section at careered.com. A webcast replay will also be available on our site. And you can always contact the Alpha IR Group for Investor Relations support at 312-445-2870.

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. These statements are based on assumptions made by, and information currently available to Career Education and involve risks and uncertainties that could cause actual future results, performance and 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 Career Education's Annual Report on Form 10-K for the year ended December 31st, 2015, which was filed this afternoon, and other filings with the Securities and Exchange Commission.

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 and slide presentation, which accompanies today's call are available within the Investor Relations section at careered.com. These materials contain financial and other information relevant to today's discussion, including key assumptions upon, which certain forward-looking statements are based and a reconciliation of the GAAP to non-GAAP measures.

So with that, I would like to turn the call over to Todd Nelson. Todd?

Executive
Todd Nelson

Thank you, Sam, and thanks to everyone for joining us on the call today.

Before I get into the highlights of our fourth quarter results, I'd like to take a few minutes to reflect back on the progress we made during 2015 to enable the Company to focus on improving student retention and outcomes, and in the process create a framework to improve the long-term financial stability and success of the Company amidst some difficult challenges across our industry.

Many of the improvements we made were in response to changing dynamics within the industry. And in some cases, we are forced to make some difficult decisions in order to protect the long-term interests of our organization. During May 2015, we began the process of divesting or teaching out the entirety of our former career college segment, with several -- consisting of several well-regarded career-focused programs that were not