Good afternoon, and welcome to Aspen Group's Fiscal Year 2019 Fourth Quarter Earnings Call. Please note that the Company's remarks made during this call including answers to questions include forward-looking statements which are subject to various risks and uncertainties. These include statements relating to future student enrollments and bookings, campus growth and revenue forecasts, metrics and attrition rates, revenue growth including Q1 improvements to Aspen University's core nursing program, USU's operating leverage trends, expectations from USU's FNP monthly payment plan changes, expected G&A trends, expected improvements in adjusted EBITDA, and operating cash for fiscal year 2021 and our liquidity.
Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. A discussion of risks and uncertainties related to Aspen's business is contained in its filings with the Securities and Exchange Commission mentioned in the press release issued this afternoon. Aspen Group disclaims any obligation to update any forward-looking statements as a result of future developments.
I'd also like to remind you that during the course of this conference call, the Company will discuss adjusted EBITDA and EBITDA which are non-GAAP financial measures. In talking about the Company's performance, reconciliation to the most direct comparable GAAP financial measures are provided in the tables in the press release issued by the Company today. There will be a transcription of this conference call available for one year at the Company's website.
Now, I'll turn the call over to Michael Mathews, Aspen Group's Chairman and Chief Executive Officer.
Good afternoon. I will begin the call today by discussing the first full year results of our pre-licensure BSN campus business, and recap the Company's marketing spending strategy and enrollment results, and equate those results in terms of bookings, then I will make a strategic announcement related to our monthly payment plans at USU, Joe Sevely will then follow with a review of our financial results.
As you know, we launched our first pre-licensure BSN campus in Phoenix last July, so it's been in operation for nearly a year. In these first 12 months which includes enrollments registered in May, we've delivered nearly 500 enrollments in as of the end of the fiscal year on April 30. We had 396 active students in the program. Of the 396, 273 students are in the first year prerequisite phase of the program, and the other 123 are in the final two year core program.
To-date, we've had 127 students enter the final two years core program and only four students have withdrawn thus far. That's only a 3% attrition rate since opening, so we're very comfortable modeling less than 10% attrition for this cohort. These are important metrics because the final two year core program delivers the university first student revenues of approximately $40,000. So should this cohort graduate at a rate of say 93%, that delivers over $37,000 of LTV on average for that final two year core program cohort.
The other cohort is the students that
Chairman and Chief Executive Officer
Chief Financial Officer
Chief Executive Officer and Chairman of the Board
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