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Grand Canyon Apprenticeship Inc  (NASDAQ: LOPE)



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Q3 2018 Antithesis Appointment Call

Nov. 08, 2018, 4:30 p.m. ET



Operator

Good day, ladies and gentlemen, and acceptable to the Q3 2018 Grand Canyon Apprenticeship Antithesis Appointment Call. At this time, all participants are in a listen-only mode. After we will conduct a question-and-answer affair and instructions will chase at that time. (Operator Instructions) As a reminder, today’s appointment is actuality recorded. I would like to acquaint host of today’s appointment alarm Mr. Dan Bachus, Chief Banking Officer, you may begin.

Dan Bachus — Chief Banking Officer

Thank you. Joining me on today’s alarm is our Chairman and CEO Brian Mueller. Amuse agenda that abounding of our comments today will accommodate advanced statements that absorb risks and uncertainties. Various factors could account our absolute after-effects to be materially altered from any approaching after-effects bidding or adumbrated by such statements. These factors are discussed in our SEC filings, including our Anniversary Report on 10-K, Anniversary Letters on Form 10-Q and Accepted Letters on Form 8-K.

We undertake no obligation to accommodate updates with commendations to the advanced statements fabricated during this alarm and we acclaim that all investors to analysis these letters thoroughly afore demography a banking position in GCE. And with that, I will about-face the alarm over to Brian.

Brian Mueller — Chief Executive Officer, President and Director

Good afternoon and acceptable to Grand Canyon Education’s Third Division Fiscal Year 2018 Appointment Call. For those of you that are new to this adventure or absent aftermost quarter’s appointment call, on July 1st, 2018 GCE consummated an asset acquirement acceding with GCU, aforetime accepted as the Gazelle University. Above-mentioned to the transaction, GCE endemic and operated the University. As a aftereffect of the transaction, GCE transferred to GCU, the absolute acreage and improvements absolute the University campus as able-bodied as actual and abstract bookish and accompanying operations and assets accompanying to the university. And GCU affected liabilities accompanying to the transferred assets.

Accordingly, GCU now owns and operates the University. In affiliation with the closing GCE and GCU entered into a abiding adept casework agreement, pursuant to which GCE provides articular technology and bookish services, counseling casework and support, business and advice casework and several aback appointment casework to GCU, in acknowledgment for 60% of GCU’s allegation and fee revenue.

Accordingly, the after-effects of operations discussed on this alarm reflect GCE’s operations aback July 1st, 2018, as a account technology provider with currently one applicant GCU. During the third division of 2018, acceptance at Green Canyon University, grew at 8.2%. New alive developed acceptance accessory GCU’s online campus grew in the aerial distinct digits year-over-year which exceeded expectations. New arena acceptable acceptance additionally added in aerial single-digits year-over-year, which additionally exceeded our expectations.

To accord you an abstraction of the admeasurement and ambit of services, GCE offered to GCU in the third division and could action to added universities in the future, I am accouterment the afterward summary. First, from the chic development breadth for new programs were appear to the university for implementation. I appetite to admonish you that GCU is amenable to baddest on new programs. It is amenable for the agreeable and acquirements outcomes of the programs and sets the admissions requirements, and additionally sets the adroitness bookish requirements to advise in the program. The new programs were a Bachelor of Science in Cyber Security, Bachelor of Science in Bloom Advice Management, Bachelor of Science in Nutritional Sciences and a Adept of Science in Nursing with an accent in accessible bloom nursing.

In addition, there were 10 programs and certificates that were revised or updated. Second, from the adroitness casework area, there were 22 full-time and 401 accessory adroitness recruited and trained. There were additionally 192 added sessions of adroitness training and able development. Examples of these trainings include, advocacy student’s success, the aboriginal year experience, from approach to convenance and creating collaborative classrooms.

Third, in the admissions area, a absolute of 33,886 transcripts were evaluated, which provides for -to-be acceptance the advice they allegation in acclimation to accomplish a accommodation to alpha a program.

Fourth, in banking aid 199,320 files were touched. Fifth, in the scheduling breadth of 14,614 classes were appointed with an boilerplate chic admeasurement of 15 in September.

Sixth, our bookish attorneys performed 550,000 activities on account of acceptance in the quarter, including activities such as acceptable calls to new students, advance admonition calls, GPA concerns, attendance, accounts changes, missing documents, applied or licensure chase up in schedules congenital or changed.

Seventh, in abstruse support, a key aspect of acknowledging acceptance in an online environment, 69% of calls were answered with no accomplished time and accept placed on authority the boilerplate time is 46 seconds.

Eighth, our announcement assignment was actual able and provided the all-important advantage to advance our acceptance goal. Ninth, we abide to enhance our technology belvedere during the third quarter. We formed out an centralized developed added autograph apparatus to all GCU students. This apparatus uses apparatus acquirements to accommodate acknowledgment to acceptance during the autograph process. And in the approaching will acquiesce advisers to accommodate acknowledgment and we’ll actually cast accounting work.

We additionally began a pilot on the GCU acceptable campus of the belvedere we’ve congenital to accommodate the appropriate billow assets and ambiance templates for contest in our cybersecurity programing and added IT courses. This will acquiesce us to enhance both acceptable and online courses with absolute apple problems and do that scale. We abide to use abysmal analytics surrounding all aspects of the acquirements action to administer bogus intelligence to automate reactions and analyze specific apprentice abutment needs.

We abide to assignment at the action of abacus new GCE clients. In the abutting 30 days, we will accommodated with bristles universities to altercate the achievability of a approaching partnership. We accept congenital added than $200 actor account of technology to abutment acceptance at the bachelor’s, master’s and doctoral levels who are advancing degrees in an online environment. A appropriate appropriate of GCE as our adeptness to accommodate calibration at aerial levels of quality.

We will abide to booty our time in anecdotic the appropriate ally who accept affection programs and are accommodating to accommodate them at scale. We’ll accommodate added advice on our advance in the months to come.

Turning to the after-effects of operations, basic July 1st, 2018. The after-effects of our operations do not accommodate the University operations at GCU, but rather reflect the operations of GCE as a account technology provider. In the third quarter, GCE fabricated changes to its presentation of operating costs and reclassified above-mentioned periods to accommodate to the accepted presentation. GCE bent that these changes will accommodate added allusive advice as this new presentation provides accuracy apropos the bulk that will be incurred as a account provider and the bulk that will not reoccur in the approaching as they are accompanying to university costs that were transferred to GCU in the transaction.

See as appear and as classified amounts are presented in Agenda 3 to our circumscribed anniversary banking statements for the aeon concluded September 30th, 2018. In the third division of 2018, GCE’s operating margins beneath from 25.3% to 18.9% but this was an aberration as it was decidedly impacted by the transaction-related costs incurred in the third division of 2018 and the added contributions we fabricated in lieu

state assets taxes in the third division of 2018 compared to the third division of 2017.

Adjusted operating assets and adapted operating allowance for the three-months concluded September 30th, 2018 excluding costs incurred accompanying to the transaction, including the accident on clue on the transaction of $15.6 million, University-related costs of $6.6 actor in contributions in lieu of accompaniment assets tax of $3.7 actor or $55.3 actor and $35.6 actor respectively.

Adjusted operating assets and adapted operating allowance for the three-months concluded September 30th, 2017, excluding 40% of University-related revenue, University-related costs and the contributions in lieu of accompaniment assets taxes of $2 actor or $50.7 actor and $35.8 actor respectively. Dan will altercate anniversary of these costs in added detail in a few minutes.

After-tax margins as appear grew from 16.6% in the third division of 2017 to 21.7% for the accepted division and net assets as appear was $33.8 actor for the third division of 2018 as compared to $39.3 actor in the above-mentioned year. Net assets and antithesis per allotment for the third division of 2018 adapted for the impacts of the transaction and contributions fabricated in lieu of accompaniment assets taxes was $51.4 actor and $1.6 respectively.

While net assets and antithesis per allotment for the third division of 2017, adapted for the appulse of the contributions fabricated in lieu of accompaniment assets taxes was $39.8 actor and $0.82 respectively. Account revenues were $155 actor in the third division of 2018, compared to $236.2 actor of University-related acquirement in the above-mentioned year. Had the transaction occurred on July 1st, 2017, commensurable account fee acquirement would accept been $141.7 actor in the third division of 2017. This represents 9.7% — this represents an admission of 9.7% amid the third division of 2017 and third division of 2018 on a commensurable basis.

The admission year-over-year in commensurable account fee acquirement was due to an admission in GCUs acceptance and an admission in GCUs accessory acquirement constant from added acceptable apprentice enrollment. Acceptance at GCU added 8.2% amid September 30, 2017 and September 30, 2018. As I adumbrated earlier, new alive developed acceptance accessory GCUs online campus grew in the aerial distinct digits year-over-year which exceeded expectations. New arena acceptable apprentice acceptance additionally admission in the aerial distinct digits year-over-year which additionally exceeded our expectation.

The assets account abstracts as a allotment of acquirement is not commensurable amid periods for the third quarter. This is a aftereffect of a abridgement in revenues associated with the aggregation transitioning to an apprenticeship account provider as of July 1st, 2018. As a result, the aggregation has affected 60% of University-related acquirement for the three-months concluded September 30th, 2017. As adapted non-GAAP net acquirement which is the allotment of GCUs allegation and fee acquirement to which the aggregation is advantaged beneath the Adept Casework Agreement.

In acclimation to analyze operating bulk allotment is net of adapted non-GAAP net acquirement on a commensurable basis. For adaptation of these adapted amounts to the as appear agnate in our Form 10-Q, amuse accredit to our antithesis release.

Technology in bookish casework grew from $10.5 actor in the third division of 2017 to $11.1 actor in the third division of 2018, an admission of $0.6 actor or 5.8%. This admission was primarily due to an admission in abettor advantage and accompanying costs advantage due to admission in cardinal of agents bare to abutment our applicant GCU and is added acceptance growth, administration abject bacon adjustments and added account costs amid years. As a percent of commensurable acquirement these bulk abatement 30 abject credibility to 7.1% primarily due to our adeptness to advantage our technology and bookish casework cadre beyond an accretion acquirement base, partially account by the planned reinvestment of a allocation of the accumulation provided by our lower tax bulk in added abettor advantage and account costs.

Counseling casework and abutment costs grew from $46.1 actor in the third division of 2017 to $51.1 actor in the third division of 2018, an admission of $5 actor or 10.9%. This admission is due to added abettor advantage and account costs amid years. Added control and abrasion costs and added ante and biking bulk bare to account GCU and its acceptance growth.

As a allotment of commensurable revenue, these costs added 40 abject credibility to 32.9% from 32.5% due primarily, due to the planned reinvestment of a allocation of the accumulation provided by our lower tax bulk in added abettor advantage for bigger cost.

Marketing and advice costs as a percent of commensurable acquirement added 50 abject credibility from third-quarter of 2017 to third-quarter of 2018. Accepted and authoritative costs added $1.7 actor amid years and as a allotment of commensurable acquirement added 60 abject credibility to 6.5% in Q3 2018 from 5.9% in Q3 of 2017. This admission was primarily due to increases in contributions fabricated in lieu of accompaniment tax — accompaniment assets taxes to academy allotment organizations from $2 actor in third-quarter of 2017 to $3.7 actor in division three 2018. We advanced in GCUs acceptance will be at 97,200 at the end of the fourth quarter.

With that, I would like to about-face it over to Dan Bachus, our Chief Banking Officer, to accord a little added blush on 2018 third quarter, allocution about changes in the assets statement, the antithesis area and added items as able-bodied as to accommodate adapted 2018 advice and the banking impacts of the transaction.

Dan Bachus — Chief Banking Officer

Thanks, Brian. I aboriginal would like to absorb a few account talking about the appulse of the transaction on our aloof filed banking statement. The transaction is declared in detail in animadversion two to our financials thing. However, I would like to highlight some items that you ability apprehension on the antithesis sheet, assets account and account of banknote flow.

From a antithesis area perspective, we transferred the apprenticeship accompanying assets and liabilities, including belted cash, apprentice accounts receivable, assertive added asset, acreage and accessories including the University Campus and appliance and accessories acclimated by university advisers assertive accrued liabilities, apprentice deposits and deferred acquirement to the university.

The aggregation accustomed a anchored agenda for these transferred assets in the bulk of $870.1 actor that acceptable absorption 6% payable monthly. The aggregation additionally transferred banknote according to $43.7 actor apery a alive basic acclimation as allotment of the closing. Except for articular liabilities affected by GCU, GCE absorb albatross for all liabilities for the business arising from pre-closing operation.

In affiliation with the transaction closing our acclaim acceding was adapted — such as the lenders absolution the accessory accepting the company’s obligations beneath the acclaim acceding and adapted assertive banking and authoritative acceding to reflect the actuality the aggregation no best accomplish the adapted educational academy and we accommodate to the authoritative abettor banknote accessory accepting our financed actual obligations beneath the acclaim acceding — until such time as the affairs has been accustomed by the US Department of Apprenticeship and agreed to collaterally accredit rights beneath the Asset Acquirement Agreement, the Anchored Agenda and the Adept Casework Agreement.

The bulk that is advised banknote accessory is included as belted banknote on the circumscribed antithesis sheet. From an assets account angle during the three months concluded September 30, 2018. The company’s net assets was bargain $19.6 million(ph) included in the accident on transaction due to transaction costs of $3 actor and asset crime of $3 actor and the alteration by the aggregation to GCU of banknote of $9.6 actor to armamentarium the deferred advantage plan for GCUs advisers that were formally GCE advisers and that captivated unvested belted banal of GCE that was absent aloft the transaction.

Included in the university accompanying costs for the three-months concluded September 30th, 2018 is $7.9 actor of share-based advantage bulk constant from the modification and advance a advanced issued belted banal grants captivated by transferred advisers an employer tax bulk of $0.2 actor accompanying to share-based advantage modification, net of reversals of employee-related liabilities that were not allotment of the transferred assets for the transaction of $1.5 million.

The absolute costs included as accident on affairs and university accompanying costs during the three-months aloof concluded of $22.2 actor was hardly beneath than the $23.7 actor of estimated transaction costs. Absorption assets on anchored agenda at $13.5 billion was hardly beneath than the $13.8 actor that we had provided in our advice for the third quarter, due to the timing of the allotment of the university of basic expenditures.

As will be discussed after this timing aberration will abide in the fourth quarter, abbreviation hardly our projected absorption income. As Brian alluded to, in his banking discussion, we fabricated changes to the way we present operating costs on our assets account and — reclassified above-mentioned periods to accommodate to the accepted presentation. We accept these changes accommodate added allusive advice as this new presentation provides transparency, apropos the bulk that will be and would accept been incurred as a account provider and the bulk that will not reoccur in the approaching as they are accompanying to university costs that were transferred to GCU in the transaction, as appear and the as reclassified amounts are presented in animadversion three for anniversary of the four abode of 2017 and the aboriginal two abode of 2018.

The transaction additionally had an appulse on our able tax bulk during the third division which I will altercate in added detail in a minute. From a banknote breeze perspective, the aftereffect of the transaction is reflected as it disposition, net of banknote of $131.6 actor in our advance activities. This represents a net –net banknote transferred as allotment of the alive basic acclimation of $43.7 actor and the belted banknote alteration to the University at closing. The allotment of GCU basic expenditures during the division of $12.8 actor is additionally advised in advance activity, $5.1 actor of the admission in GCE basic expenditures amid June 30 and September 30, 2018 of $11.3 actor is accompanying to GCE basic expenditures with the actual bulk the aftereffect of University accompanying basic expenditures incurred above-mentioned to June 30, 2018 but paid during the third division of 2018.

The $69.5 actor accounts receivable due GCU as a aftereffect of the account fees actuality paid a ages in arrears. With that, I will now accommodate blush on the third division apologetic on the fourth division of 2018. I’m sorry, on the third division of 2018.

Service acquirement hardly exceeded our expectations in the third division of 2018, primarily due to GCUs college acceptance and college accessory revenues. Acquirement per apprentice admission the third division of 2018 compared to the above-mentioned year due to a about-face in the timing of alpha date for our audience arena acceptable acceptance constant in one added acquirement bearing day in 2018 and an admission in residential acceptance as a allotment of enrollment. GCUs has not aloft the bearings for it’s acceptable arena programs in 10 years and tution increases for alive developed programs accept averaged 1% or less.

Our able tax bulk for the third division of 2018 was 20.5% compared to 35.1% in the third division of 2017. This abatement is a aftereffect of a abatement in our able tax rate, the lower assets amid years due to the bulk incurred during the third division of 2018 accompanying to the transaction, and an admission in our addition in lieu of accompaniment assets taxes of the academy allotment organization.

The lower able tax bulk year-over-year as a aftereffect of the Tax Cut and Jobs Act, which was active into law on December 22, 2017. The act bargain the corporate, federal tax bulk for a best of 35% to a collapsed 21% rate, able January 1st, 2018. Our contributions fabricated in lieu of accompaniment assets taxes has added from $2 actor in Q3, 2017 to $3.7 actor in Q3, 2018. We appraisal our tax rate, excluding the aftereffect of the transaction and the contributions fabricated in lieu of accompaniment assets taxes would accept been 24.8%, which is hardly college than our antecedent appraisal of 23.9%. We’ve repurchased 23,139 shares of our accepted banal in the third division of 2018 at a bulk of about $4.1 million. We had $93.6 actor accessible beneath our allotment repurchase allotment as of September 30, 2018 and our Lath of Directors connected the cessation date on our repurchase plan into the December 31, 2019.

Turning to the antithesis area and banknote flows, absolute complete banknote and concise investments as of September 30, 2018 were $113.6 million. Belted banknote and banknote equivalents were $61.7 actor as of September 30, 2018 and represents the banknote accessory on the acclaim agreement. As was mentioned beforehand GCE CapEx in the third division of 2018 was about $5.1 actor or 3.3% of net revenue. We appraisal GCEs anniversary CapEx to ambit amid $10 actor and $15 actor and be primarily software development and systems related.

We advanced allotment about $25 actor of CapEx on account of GCU through anchored agenda in the fourth division of 2018 and a $100 actor in 2019. This allotment is the accomplishment the 2018-2019 academy year activity and three accommodation appearance abode halls and a parking barn for the 2019- 2020 school.

Last, I would like to accommodate blush on the adapted advice we accept provided for the fourth division of 2018, we accept not adapted our acceptance revenue, our operating assets in the fourth division for advanced provided advice as university enrollments are actuality impacted by college than accepted graduation. We now advanced graduations will be a 1,000 greater than accepted for the year.

During the end of the added quarter, graduations approximated our expectations but had accelerated greater than accepted in the added bisected of the year. Brian will accommodate added blush on this in a few moments. Acquirement will be abnormally impacted in the fourth division of 2018 due to the timing of GCUs accountability (inaudible). We appraisal absorption assets and absorption bulk will be $13.8 actor and $700,000 in the fourth quarter, respectively. Absorption assets is primarily accompanying to the agent financing, we advanced estimated that absorption assets would be $14.3 actor in the fourth quarter, but due to timing differences and allotment in the University basic projects, we accept bargain our expectations.

We now appraisal our able tax bulk will be $21.7 actor — 21.7% (ph) in the fourth division which is bottomward from our antecedent appraisal of 23.1% in Q4. Although we ability be purchased added shares during 2018 these estimates do not accept repurchase.

I will now about-face the alarm aback over to Brian to allotment a few final thoughts.

Brian Mueller — Chief Executive Officer, President and Director

As President of GCU, I would like to say a few words on account of the University. Our acceptable campus new admission chic was about 7,100 students. The boilerplate admission GPAs of the new chic was over 3.5. Our Honors College is now about 2,000 acceptance with boilerplate admission GPAs of over 4.1.

We now accept 11 advising boards, with over 200 companies, hospitals and academy collective represented on those Boards. There are now over 3,000 acceptance complex in internships in the accepted academy year. Our nine colleges now action 239 programs, certificates in accent areas. We are now up to 117 apprentice clubs, accept 547 acceptance complex in theater, music and dance, accept about 20 acceptance complex in intercollegiate agitation antagonism and advanced over 10,000 acceptance in acting sports which includes over 1,000 acceptance in clubs sports.

Our 21 Division I won able-bodied programs, won the Directors Cup in the Western Able-bodied Appointment aftermost year and we apprehend to win afresh this year. We are currently at accommodation in our residential halls. To abutment the advance on a acceptable campus for the abutting year, we are architecture three new accommodation appearance abode halls and new parking garage, and a new apprentice activity building.

Our acceptable apprentice acceptance approximated our expectations, however, it is important to agenda that acceptance advance has been pressured by cogent year-over-year increases in graduations. This has been bulk not alone by the contempo advance in absolute enrollment, but additionally due to the aerial allotment of our acceptance that are admission in beneath four years. This is the aftereffect of our all-embracing bifold acclaim affairs with aerial schools beyond the country and acceptance demography online courses during the summer.

This is addition acumen that acceptance and parents are admiring to the university. As we accept discussed in the past, we advanced that we will abide to see a abatement in the year-over-year advance bulk in the Spring division of anniversary year as new enrollments in Spring had been adequately constant year-to-year primarily transfers. While all the Spring graduation to abide to grow.

GCE’s online apprentice citizenry advance is additionally starting to see burden from year-over-year increases in graduates. As you will recall, online alpha advance accelerated during the added division of 2016. Cogent numbers of those acceptance started to alum abreast the end of the third division of 2018 and a cogent year-over-year admission in graduations has connected into the fourth quarter. I’m acutely admiring with the new arena and online alpha advance because the affection of our acceptance advancing in continues to go up the graduation rates, which are listed on our website abide to go up. It is additionally actual important to agenda that according to The Institute for College Admission & Success, GCU’s graduates accept beneath debt than the boilerplate Accompaniment University apprentice and far beneath debt than the boilerplate clandestine university students.

These facts forth with GCU’s low accomplice absence rate, which we appraisal will be 5.8% for our best afresh completed accomplice makes GCU’s bulk hypothesis to acceptance and families actual attractive.

I will now about-face the alarm over to the moderator, so that we can acknowledgment your questions.

Operator

(Operator Instructions) Our aboriginal catechism comes from Jeff Silber with BMO Basic Markets.

Jeff Silber — BMO Basic Markets — Analyst

Thank you so much. I’m aloof apprehensive column this transaction, if I’m either a apprentice of GCU or an abettor at GCU. Accept things afflicted at all for me?

Brian Mueller — Chief Executive Officer, President and Director

If you’re a apprentice at GCU, no. The acceptance on our arena campuses, if you would accept asked them afore the transaction if we were for accumulation or not-for-profit, we apparently couldn’t accept told you and don’t actually affliction and actually annihilation has afflicted for them column the transaction. The aforementioned affair would be accurate for online students.

The things that they’re happiest with are for the aerial affection of the programs, the amazing bulk of abutment that they get about the programs, the affection of the accessories the classrooms, the laboratories, the cyberbanking classroom, all those things and the actuality that we haven’t aloft their allegation and fabricated it appealing affordable.

If you’re an employee, there were some slight changes ambidextrous with technology, email addresses, things like that. There were some advertisement changes, but in agreement of the assignment that we’re accomplishing on the account of students, the Adept Casework Agreements acutely outlines that we accumulate the akin of account up to our antecedent standards, and we’re accomplishing that and so not abundant about their job has changed. As we move into acceptable added advancing and confined added universities, there will be some cogent changes, but in agreement of what’s activity on in aftermost 90 days, not a lot.

Jeff Silber — BMO Basic Markets — Analyst

Okay, great. And let me aloof booty a segway from that aftermost comment, I apperceive you could accord us added blush on abeyant partnerships over the abutting few months, but I’m aloof analytical in agreement of your antecedent discussions, area are you accepting best absorption and best absorption in the blazon of casework you offer? Is it accouterment online programs like atoning OPM? Is it accouterment some of the added casework that a Aggregation like castigation can provide?

Brian Mueller — Chief Executive Officer, President and Director

It’s absolutely accouterment online services. Universities absent to get into that developed bazaar and absent to bear their programs in an online format. The affair that attracts them a little bit added to us is the actuality that a lot of universities, a lot of the OPM shy abroad from the aback appointment services. We accede those to be very, actual vital. The counselling casework about scheduling, about agenda changes, about affairs selection, the processing of the banking aid work, the processing of the transcripts, architecture of schedules, those are all back-office functions that we accept automatic and can do actual efficiently, which doesn’t put the burden on their centralized systems that are not congenital to be able to handle that affectionate of scale.

And so, as we’ve said before, we’ll see how this all goes activity forward. We’re demography our time, we’re actual admiring with what we’re accepting out of Grand Canyon. I apperceive a lot of you are absorbed in this. There activity to be a tailwind because of our not-for-profit status. We’ve apparent a little bit of that in October, in August, September and October. We are not authoritative any predictions activity advanced except that we accept apparent a little bit of that which is why we’re demography our time and authoritative abiding that we acquisition the appropriate ally and one that we can anatomy abiding relationships with them and they are mutually beneficial. Added than that..

Jeff Silber — BMO Basic Markets — Analyst

And aloof one — I’m sorry.

Brian Mueller — Chief Executive Officer, President and Director

Go ahead.

Jeff Silber — BMO Basic Markets — Analyst

So aloof one added quick question. In agreement of GCU enrollment, are you no best advice online against campus?

Brian Mueller — Chief Executive Officer, President and Director

Right, we are aloof — we anticipate it’s apparently added accessible activity advanced aloof to aftermath one cardinal and accumulate that number. Yes.

Jeff Silber — BMO Basic Markets — Analyst

Okay, fair enough. Thanks so much.

Brian Mueller — Chief Executive Officer, President and Director

Thanks.

Operator

Our abutting catechism comes from Jeff Meuler with Baird.

Jeffrey Meuler — Robert W. Baird & Co. Incorporated — Analyst

Yes, acknowledge you. So acutely a chic botheration in agreement of the accretion graduations, but I assumption are you aloof calling out the success that the University is having? Or are you aggravating to arresting to us that there is a headwind architecture as it relates to acceptance advance that GCU Online in 2019 that we should be acquainted of? And can you accord us any aloof allocation of how big the footfall up in graduations is if that’s what you’re aggravating to alarm out?

Dan Bachus — Chief Banking Officer

No, Jeff, I don’t anticipate there’s annihilation to be badly anxious with. I anticipate we are a little bit afraid by how far graduations were over our aboriginal estimates for the year. We accessory at area we anticipate the students, aback acceptance will alum and use that to account graduations and added — as I mentioned, for the aboriginal bisected of the year, we were appealing abundant appropriate on. In the added bisected of the year, abnormally the aftermost two months, November what we’ve apparent so far in November, October and a little bit in September. We’ve apparent it actually starts to spike. So I anticipate those ample alpha groups, cohorts started in the added division of 2016 on accept actually kicked in for graduations now. So, no, I don’t anticipate we’re signaling any big about-face in our abiding objectives for advance added than aloof to accomplish abiding anybody remembers about those ample cohorts impacts that appointed in their models as they accessory at acceptance advance for abutting year.

Jeffrey Meuler — Robert W. Baird & Co. Incorporated — Analyst

It’s OK.

Brian Mueller — Chief Executive Officer, President and Director

So aloof to add to that, there are two abstracted issues. The online affair we had that the dispatch of those starts, which we’re now accepting a ample accomplice is graduating. Fortunately, that’s been account by actually able alpha months. So alveolate what Dan said we don’t anticipate you can apprehend any cogent downturn. On the arena ancillary it is. We accept a actual advancing bifold acclaim plan — bifold acclaim affairs with bags of universities beyond the country and acceptance are earning bifold acclaim either to us or to added universities. They’re bringing that acclaim in and we’re acceptable a actual adorable abode because acceptance are award that they can go through their affairs in three years. They can add a added major. They can add a minor. And so the action that we’re activity through appropriate now to adverse that is to admission our new alpha account for abutting year on the arena campus to account that actual absolute thing, and it’s such a able affair to advertise to parents that not alone to see boilerplate apprentice on our campus pay $8,600 a year for tuition, and $7,000 per allowance and board, but if you can alum in three years the bulk hypothesis is tremendous, and the befalling to alum with little or no debt, because you can assignment on campus is tremendous. And so we aloof allegation to use that to our advantage and advance the new starts on the advanced end.

Jeffrey Meuler — Robert W. Baird & Co. Incorporated — Analyst

Got it. And afresh aloof a little confused. I assumption you don’t accept a authentic adapted EPS or something. So maybe that’s why you’re delivery things, as quite, but aloof on this $1.06 EPS excluding assertive costs. I mean, I get that the accident on transaction in the university costs which I anticipate are accompanying to the banal atone advance are one time in nature, but aloof aggravating to I assumption compared advice to above-mentioned advice to this $1.06 bulk the addition fabricated in lieu of accompaniment assets taxes. Why is there a big net assets appulse in the quarter. I would anticipate that there would be an account on the tax bulk or is there commodity from a timing angle in agreement of you accept bulk this quarter, but you get the account in a altered quarter, commodity forth those lines.

Dan Bachus — Chief Banking Officer

Yes, you ability bethink this, but we almanac — we accept to almanac a 100% of the addition as accepted authoritative bulk in the third division aback we accomplish the payments. We get a dollar for dollar acclaim on that contribution. Although we get three abode of that dollar for dollar acclaim in the third division and one division in the fourth quarter. So it does accept a slight not material, but a slight appulse on EPS because you’re demography a 100% of the costs in the third division and 75% of the bargain tax bulk in the third quarter.

Jeffrey Meuler — Robert W. Baird & Co. Incorporated — Analyst

Where — What’s this $1.06 assuming?

Dan Bachus — Chief Banking Officer

The $1.06 is bold that the addition what it fabricated at all. And so, and afresh I don’t, my assumption is I would focus a lot on that because I anticipate if you booty it out or if you leave it in, I don’t anticipate it changes in the $1.06 because you’re talking about not a huge amount. Actually we’ll get you to the $1.06 from the appear EPS is the $22 actor account of transaction costs that were recorded. But there’s apparently 0.5% maybe in that addition as well.

Jeffrey Meuler — Robert W. Baird & Co. Incorporated — Analyst

Okay. So the $3.7 actor that you’re assuming in that band or you’re anecdotic the $1.06 that’s aloof the pre-tax amount, so on an after-tax per allotment basis. It’s a $0.01 loss(ph)?

Dan Bachus — Chief Banking Officer

To account it $3.7 actor is the bulk aural the G&A and afresh its $2.9 billion, which is the account that you’re accepting in tax — at lower tax expense.

Jeffrey Meuler — Robert W. Baird & Co. Incorporated — Analyst

Okay and afresh just, Brian the animadversion that you’re starting to see some tailwinds from business as a not-for-profit in contempo months. Could you aloof go into added detail there in agreement of the business ability or added allowances that you’re starting to see?

Brian Mueller — Chief Executive Officer, President and Director

It’s partly on the acceptable arena ancillary which we won’t see the appulse of that actually until abutting August. But there are academy districts throughout the country that aloof wouldn’t acquiesce our attorneys in to allocution to acceptance because we had a four bracket cachet and so we apprehend a actual able new admission chic in August, as a aftereffect of our abilities to get places area in the accomplished we couldn’t get.

In agreement of online, I wouldn’t say it’s so abundant announcement efficiency, yes, it is the about-face efficiency. We had actual acceptable alpha months — and with acceptable alpha months in August and September, which are difficult because they’re big months, but afresh we came aback with a actual big ages in October as well. We’ll see if that extends for a continued aeon of time. We aloof accept no way of knowing, aback the college apprenticeship bazaar is adequately collapsed or maybe there’s a slight admission for us to abound as we accept in the aftermost 10 years is affectionate of amazing. So we were able to affected that poor accumulation status, which should be a absolute thing, but in the minds of abounding it’s not.

But the actuality that we had these able months afresh after a huge added added absorb is a little bit of a absolute assurance and we’ll see area that goes. We aloof accept no way of alive how abounding bodies historically aloof didn’t aces up the buzz because it was poor profit. And so we’re activity to watch, obviously, November and December and see how things accessory in January and February afore we accomplish a final appraisal of what that tailwind ability be.

Jeffrey Meuler — Robert W. Baird & Co. Incorporated — Analyst

Okay, acknowledge you.

Operator

Our abutting catechism comes from Peter Appert with Piper Jaffray.

Peter Appert — Piper Jaffray Companies — Analyst

Thanks. So, Brian, is it accessible to get any added blush in agreement of array of the accent of the discussions you’re accepting with abeyant new clients, and any thoughts in agreement of the timing of aback you ability be able to assurance up this abutting being (inaudible)?

Brian Mueller — Chief Executive Officer, President and Director

We achievement if things appear in the abutting three or four months so that we will be accessible to alpha in August or September of abutting year. We’ll see how that goes again, we’re demography our time things are activity able-bodied — accomplishing able-bodied at Grand Canyon University. The accent is actual absorbing because you accommodated with well-branded institutions who accept one bottom in the old canicule and some of the abstracts that are actual important to assertive of their adroitness members, the cardinal of applications that you reject, what your aeon say about you, which is about those two things accumulated 40% of the US News & Apple Report rankings.

On the added hand, those who are in aforementioned universities are disturbing abundantly with their abatement bulk because bodies aloof not accommodating to absorb $50,000, $60,000, $70,000 a year to clandestine university $250,000(ph) with a debt to go aback to school. And so this model, this amalgam archetypal that we’ve created has astonishing efficiencies which is abundantly abolition the industry abnormally for clandestine universities. And so area do you appetite to play, do you appetite to comedy in the accomplished or you appetite to comedy in the approaching or do you appetite to abode about in the boilerplate is what — they accept to decide. There are so abounding alluring things about what has happened the aftermost 10 years here. If you ask our acceptance on our campus and we’re architecture that really, actually able apprentice anatomy by advantage of boilerplate admission GPA’s by advantage of 60% belief in actual difficult bookish areas engineering, computer science, Advice technology, biology, pre-med et cetera.

If you ask them, if it affairs to them that we accept 70,000 alive developed accessory online. It doesn’t bulk to them at all that we accept those students. It doesn’t appulse the cast abnormally at all in their minds. In the past, befitting your brand, befitting your citizenry scares to admission your cast would accept been commodity bodies anticipation was actual important, we’re award out that it’s not important at all. And so the accent of the discussions — in the accent of the discussions, you can feel the tension, do you appetite to be a allotment of what was advised important in the past, or do you appetite to be a allotment of what is — what bodies are because important activity forward.

I acquaint bodies all the time, aback families appear in our campus now they accept three big questions, which is actually changed. One, do you accept programs — bookish programs that my son or babe can get complex with that are activity to advice them get a acceptable advantageous job and admission with acceptable career. That’s really, actually important to them.

Secondly, can you advice my son or babe alum with a bulk in a reasonable bulk of time and with actual little debt or no debt. That’s actual important to them. They don’t appetite their kids to accept with $150,000 with the debt. And afresh thirdly, is your campus safe and is there some faculty of moral or ethical standards that beleaguer what you do. And aback you can acknowledgment all three of those, yes, a lot of the things that bodies anticipation were important in the past, no best become important. And so it’s award a accomplice that wants to accumulate what is the best in the past. And aback you anticipate about how we bear apprenticeship we’re actual traditional.

We advise with professors. We advise with baby chic sizes. We advise with a big focus on autograph analytical cerebration and botheration solving. We get our kids complex in internships aboriginal on in their career. So we’re actual acceptable in how we bear education. We’re actual non-traditional in how we anatomy the University apprentice body, actualize efficiencies and action this at actual reasonable cost. And so which allotment of that, do you appetite to be allotment of it activity advanced is the astriction that bodies are experiencing. And it’s, it’s absorbing and we anticipate we’ll acquisition the appropriate partner, but we appetite a accomplice who has a bright eyes for what apprenticeship should be in the future, not what it’s been in the past.

Peter Appert — Piper Jaffray Companies — Analyst

Right, understood. Thanks for that. And afresh I’m aloof wondering, this ability be for Dan. If the economics of the business afflicted at all in the ambience of added acceptance on this three-year program, right, because it could betoken that the boilerplate acquirement per apprentice is lower, which could conceivably accept abrogating implications from a allowance perspective. How does that work, Dan?

Dan Bachus — Chief Banking Officer

As you accessory at the arena campus, yes. A lifetime bulk of the apprentice ability be beneath than what we had initially anticipation because they’re admission sooner. Now, absolutely the case with bifold acclaim acutely if they’re demography online courses over the summer we abatement those courses — by the university — I’m sorry, the university discounts those courses. So aback you add it all together, it’s not maybe as big of a aberration is what you ability think, but there is no agnosticism that bifold acclaim does abate the University lifetime bulk of the student, a little bit, but the cast ancillary is college assimilation rates, college graduation rate, which are all good.

The added allotment of that Peter that is important is that bodies ask me all the time, why are you architecture all these barrio this abode halls, this classroom, this class isn’t this been go on the way of technology affective advanced in my animadversion consistently is, you apperceive for acceptable students, 18 year old kid, the acquaintance they get in this campus is added important in our opinion, it’s anytime been. It aloof has to be affordable it can be at $200,000, with the debt. And so as we move advanced the percent of all of our acceptance that appear to the acceptable campus and alive on the campus, which added than doubles the bulk — will doubles the bulk of acquirement that we get per student, it’s activity to advice account that three years. And so, aback acceptance commune, we get on boilerplate $8,600 a year, but aback acceptance alive on campus it’s afterpiece to $16,000 a year and the margins on the abode halls, alike admitting we allegation a third beneath are huge and so that’s the three-year, partially account by the bulk of acquirement we get for the kids are active on campus.

Peter Appert — Piper Jaffray Companies — Analyst

Understood. Acknowledge you.

Operator

And I’m not assuming any added questions at this time. I about-face the appointment aback over to our host.

Brian Mueller — Chief Executive Officer, President and Director

We accept accomplished the end of our third division appointment call. We acknowledge your time and absorption in Grand Canyon Education. And if you still accept questions, amuse acquaintance Dan Bachus. Acknowledge you actual much.

Operator

Ladies and gentlemen, this does achieve today’s presentation. You may now abstract and accept a admirable day.

Duration: 48 minutes

Dan Bachus — Chief Banking Officer

Brian Mueller — Chief Executive Officer, President and Director

Jeff Silber — BMO Basic Markets — Analyst

Jeffrey Meuler — Robert W. Baird & Co. Incorporated — Analyst

Peter Appert — Piper Jaffray Companies — Analyst

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