Grand Canyon Education, Inc. (NASDAQ:LOPE) Q4 2018 Earnings Conference Call Transcript

Feb 20, 2019 • 04:30 pm ET

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Grand Canyon Education, Inc. (NASDAQ:LOPE) Q4 2018 Earnings Conference Call Transcript

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Operator
Operator

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Grand Canyon Education Incorporated Fourth Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this conference call is being recorded.

I would now like to turn the conference over to Mr. Dan Bachus, Chief Financial Officer. Please begin, sir.

Executive
Daniel E. Bachus

Thank you.

Joining me on today's call is our Chairman and CEO, Brian Mueller. Please note that many of our comments today will contain forward-looking statements that involve risks and uncertainties. Various factors could cause our actual results to be materially different from any future results expressed or implied by such statements. These factors are discussed in our SEC filings, including our Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. We undertake no obligation to provide updates with regard to the forward-looking statements made during this call and we recommend that all investors review these reports thoroughly before taking a financial position in GCE.

And with that, I will turn the call over to Brian.

Executive
Brian Mueller

Good afternoon, and thank you and welcome to Grand Canyon Education's fourth quarter fiscal year 2018 conference call. During the fourth quarter of 2018 enrollment increased 7.8% to 97,400. New working adult students attending GCU online grew in the low teens year-over-year which exceeded expectations. I want to start by reviewing the size and scope of GCE services as they were delivered in the fourth quarter of 2018. First, from a curriculum development area, two new programs were released to the University for implementation. I want to remind you that GCU is responsible to select all new programs, is responsible for the content and learning outcomes of those programs, sets the admissions requirements for students and the academic requirements for faculty teaching the program. The new programs were Bachelor of Science in Elementary Education with an emphasis in STEM and a Master of Education in School Counseling. In addition, there were 11 programs and certificates that were revised or updated.

Second, from the faculty services area, there were six full time and 245 adjunct faculty recruited and trained. There were also 100 additional sessions of faculty training and professional development. These -- examples of these trainings include boosting student success, the first year experience, from theory to practice and creating collaborative classrooms. Third, in the admissions area, a total of 19,875 transcripts were evaluated, which provides prospective students the information they need in order to make a decision to start a program. Fourth, in financial aid, 154,339 files were touched. Fifth, in the scheduling area, 19,631 classes were scheduled with an average class size of 14.3.

Sixth, our academic counselors performed 550,000 activities on behalf of students in the quarter, including activities such as welcome calls to new students, course reminder calls, GPA concerns, attendance, finance changes, missing documents, practicum