Barnes & Noble Education, Inc. (NYSE:BNED) Q4 2018 Earnings Conference Call - Preliminary Transcript

Jun 20, 2018 • 04:30 pm ET


Barnes & Noble Education, Inc. (NYSE:BNED) Q4 2018 Earnings Conference Call - Preliminary Transcript


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Good day and welcome to the Barnes & Noble Education Fourth Quarter Earnings 2018 Conference Call. Today's conference is being recorded. At this time, I would now like to turn the call over to Mr. Thomas Donohue. Please go ahead, sir.

Thomas Donohue

Thank you. Good afternoon, and welcome to our fourth quarter and full fiscal year 2018 earnings call. Joining us today are Mike Huseby, Chairman and CEO, Patrick Maloney, President of Barnes & Noble College, Barry Brover, CFO and Kanuj Malhotra, President of Digital Student Solutions as well as other members of our senior management team.Before we begin, I would remind you that the statements we will make on today's call are covered by our Safe Harbor disclaimer contained in our press release and public documents. The contents of this call are the property of Barnes & Noble Education and are not for rebroadcast or use by any other party without prior written consent of Barnes & Noble Education. During this call, we will be making forward-looking statements with predictions, projections and other statements about future events. These statements are based upon current expectations and assumptions that are subject to risks and uncertainties, including those contained in our press release and public filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any forward-looking statements that may be made or discussed during this call. At this time, I'll turn the call over to Mike Huseby.

Mike Huseby

Thanks, Tom. Good afternoon, everyone, and thank you for joining us. Fiscal 2018 was truly a transformative year for Barnes & Noble Education. Thanks to the agility and dedication of our talented people, we delivered solid results against the backdrop of significant change. Higher education is both evolving and highly fragmented industry. We continue to act decisively and strategically to ensure that we're offering the content, products and services this changing market is demanding.

Barnes & Noble Education has always been and continues to be a company serving all who work to elevate their lives through education. We've done this for many years through our book stores which provides students and faculty across hundreds of unique campuses nationwide with the support and tools they need for success. Our position as a campus hub together with our longstanding institutional relationships have provided us with incredible expertise in the service business. We have unparalleled understanding of the student, from how they like to study to how long they engage their course materials to the additional help they seek to supplement their learning. This understanding of student habits and needs informed our acquisition of Student Brands in the second quarter of fiscal 2018 which has enabled us to serve students directly with it's leading subscription based writing services business.

Students frequently arrive on campus lacking basic writing skills. Our Student Brands offering helps to fill that learning gap. Our acquisition of Student Brands was an important step in establishing the foundation for continued innovation and the development of scalable digital solutions from students. This leads