Grand Canyon Education, Inc. (NASDAQ:LOPE) Q2 2020 Earnings Conference Call - Final Transcript
Aug 04, 2020 • 04:30 pm ET
Ladies and gentlemen, thank you for standing by, and welcome to the second-quarter 2020 Grand Canyon Education earnings conference call. At this time all participants are in listen only mode.After speakers presentation there would be a question and answer session. [Operator instructions]. Please be advised that today's conference is being recorded. [Operator instructions]
I would now like to hand the conference over to your speaker today, Mr. Dan Bachus, CFO. Please go ahead, sir.
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 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'll turn the call over to Brian.
Good afternoon, and welcome to Grand Canyon Education's second-quarter conference call. We are now 24 months into our existence as an education services company. I want to do three things on this call: first, continue to emphasize how we think GCE should be positioned with respect to the future of higher education; second, review the results that have been produced by each of the four pillars of our business in the second quarter of 2020; third, talk about each pillar going forward in the context of the pandemic.
I want to continue to emphasize that it is GCE's goal to create models that address the real issues within higher education that are going to be even greater challenges given the impact of the pandemic. The challenges are, one, the out-of-control, rising cost of the university education; two, the increasing student debt levels that will seriously hinder graduates as they begin their adult lives; three, as tuition level goes up, diversity on college campuses goes down; four, Bachelor's degree should not take four to six years to complete; five, programs and delivery models lack the creativity necessary to address critical shortages in some industries; six, there are inadequate counseling and support services, especially for first-generation students who are those studying at a distance.
We are very excited about GCE's direction relative to the challenges facing students, families, and the industries we are serving. In 2020, GCE's 25-partner institutions project to produce over 30,000 graduates, over 11,000 healthcare professionals, 7,700 education professionals, 4,600 in the business world, 3,600 in behavioral health, 2,500 in public service, social science and theology and 600 in engineering and computer science. These students will graduate with less Title IV debt than the average state and private university students in this country. They will have less than a 6% cohort default rate on student