Grand Canyon Education, Inc. (NASDAQ:LOPE) Q1 2019 Earnings Conference Call - Final Transcript

May 07, 2019 • 04:30 pm ET


Grand Canyon Education, Inc. (NASDAQ:LOPE) Q1 2019 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the First Quarter 2019 Grand Canyon Education Earnings Conference Call. At this time, all participants are in a listen-only mode. And later, we will conduct a question-and-answer session. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to hand the call over to Mr. Dan Bachus, CFO. You may begin.

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.

Brian E. Mueller

Good afternoon, and welcome to Grand Canyon Education's first quarter fiscal year 2019 conference call. During the first quarter of 2019, enrollment in the programs at our partner universities for which we provide services increased 11.3% to 101,679. This increase includes 3,384 enrollments in programs serviced by Orbis Education as of March 31, 2019. New working adult students attending in our partner institutions grew in the low teens year-over-year. On a comparable basis, total enrollment grew 8.5% and new enrollments grew in the high single digits.

I want to begin by reviewing the full scope of services offered by Grand Canyon Education to Grand Canyon University during the first quarter and eventually to additional partner institutions. It is the breadth of services that will be one of the defining characteristics of Grand Canyon Education OPM marketplace.

First, from the curriculum development area, four new programs were released to the university. These programs were Master of Social Work, Master of Arts in Higher Education Student Affairs, Bachelor of Science in Public Health, and Education Specialist, Teaching and Learning.

There were three emphasis areas released in the quarter. Those were Master of Public Administration with an emphasis in non-profit management, Master of Science and Mathematics with an emphasis in education, Master of Science in Mental Health and Wellness with an emphasis on integrated health.

There also eight new graduate certificates of completion in areas of communications, English, history, mathematics, sociology, mental health and wellness with an emphasis on Christian ministry, mental health and wellness with an emphasis in grief and bereavement, in healthcare quality and patient safety. Second from services area, there were 238 full-time and adjunct faculty recruited and trained. There were 202 sessions of faculty training in professional development offered.

Third, in the admissions area, total of 23,009 transcripts were evaluated, which provides prospective students the information they need in order to make a decision