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Apollo Education Group, Inc News Release

The following excerpt is from the company's SEC filing.

Apollo Education Group, Inc. Reports Fourth Quarter Fiscal Year 2015 Results

Phoenix,

October 22, 2015

- Apollo Education Group, Inc. (NASDAQ: APOL) today reported financial results for the three months and fiscal year ended August 31, 2015, with fourth quarter revenue of

$600.3 million

and a

diluted loss per share from continuing operations, or

earnings per share excluding special items.

“Despite the difficult environment, we are executing on the dramatic steps we announced last quarter for the University of Phoenix to

become a more focused, higher retaining and less complex institution,” said Greg Cappelli, Chief Executive Officer, Apollo Education Group. “We have also made progress on our diversification strategy through Apollo Global, which is now growing in every country it serves.

Fourth Quarter 2015 Results of Operations

Apollo Education Group (the “Company”) reported net revenue for the fourth quarter 2015 of

, compared to

$696.1 million

for the fourth quarter 2014. Fourth quarter 2015 University of Phoenix New Degreed Enrollment was

26,500

and Degreed Enrollment was

190,700

, compared to New Degreed Enrollment of

38,600

and Degreed Enrollment of

233,500

for the prior year fourth quarter. Operating loss for the fourth quarter 2015 was

$5.0 million

, compared to operating income of

$43.5 million

for the fourth quarter 2014. Loss from continuing operations attributable to Apollo Education Group for the fourth quarter 2015 was

$10.2 million

per share, compared to income of

$33.0 million

per share, for the prior year fourth quarter.

Excluding special items, operating income was

$25.7 million

for the fourth quarter 2015, compared to

$58.2 million

for the fourth quarter 2014, and income from continuing operations attributable to Apollo Education Group for the fourth quarter 2015 was

$18.7 million

$38.1 million

per share, for the fourth quarter 2014. Adjusted Operating Income was

$55.3 million

for the fourth quarter 2015 compared to

$94.1 million

for the fourth quarter 2014. (Special items and Adjusted Operating Income for the respective periods are included in the reconciliation of GAAP to non-GAAP financial information tables of this press release.)

Fiscal Year 2015 Results of Operations

Net revenue for fiscal year 2015 totaled

$2.6 billion

$3.0 billion

in fiscal year 2014. In fiscal year 2015, University of Phoenix Average Degreed Enrollment was

214,500

251,500

for fiscal year 2014. Operating income for fiscal year 2015 was

$114.9 million

$355.0 million

in the prior year. Income from continuing operations attributable to Apollo Education Group for fiscal year 2015 was

$52.9 million

$225.9 million

per share, for fiscal year 2014.

$203.0 million

for fiscal year 2015, compared to

$462.9 million

for fiscal year 2014. Income from continuing operations attributable to Apollo Education Group for fiscal year 2015 was

$120.5 million

$287.3 million

per share, for fiscal year 2014. Adjusted Operating Income was

$328.3 million

for fiscal year 2015 compared to

$601.7 million

for fiscal year 2014. (Special items and Adjusted Operating Income for the respective periods are included in the reconciliation of GAAP to non-GAAP financial information tables of this press release.)

Balance Sheet and Cash Flow

As of August 31, 2015, the Company’s unrestricted cash and cash equivalents and short-term marketable securities totaled $698.4 million, compared to $1.4 billion as of August 31, 2014. The decrease was primarily attributable to $608.9 million of net payments on borrowings,

$98.0 million

for capital expenditures,

$51.5 million

for the purchase of noncontrolling interests,

$44.7 million

of share repurchases (which includes

$6.6 million

of share repurchases for tax withholding requirements on share-based awards),

$34.5 million

for contingent consideration, and

$31.7 million

for acquisitions. These items were partially offset by cash provided by operations.

Total debt outstanding (including short-term borrowings and the current portion of long-term debt) was

$45.6 million

Business Outlook

The Company offers the following outlook for fiscal year 2016 based on the business trends observed during the fourth quarter of fiscal year 2015, as well as management’s current expectations of future trends.

Net revenue of $2.18 billion to $2.23 billion; and

Operating income of $115 to $140 million, excluding the impact of special items.

Conference Call Information

The Company will hold a conference call to discuss these earnings results at 8:30 a.m. (ET), 5:30 a.m. (PT), today, Thursday, October 22, 2015.

Dial-In Numbers:

877-292-6888 (Domestic)

973-200-3381 (International)

Conference ID: 44015514

A live webcast of this event may be accessed by visiting the Company’s website at

www.apollo.edu

A webcast replay will be available approximately one hour following the conclusion of the call at the same link.

A telephone replay will be available approximately two hours following the conclusion of the call until October 27, 2015.

855-859-2056 (Domestic)

404-537-3406 (International)

About Apollo Education Group, Inc.

Apollo Education Group, Inc. is one of the world’s largest private education providers, serving students since 1973. Through its subsidiaries, Apollo Education Group offers undergraduate, graduate, professional development and other nondegree educational programs and services, online and on-campus principally to working learners. Its educational programs and services are offered throughout the United States and in Europe, Australia, Latin America, Africa and Asia, as well as online throughout the world. For more information about Apollo Education Group, Inc. and its subsidiaries, call (800) 990-APOL or visit the Company’s website at

Apollo Education Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

Three Months Ended

Year Ended

(In thousands, except per share...


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