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Apollo Group, Inc. Reports Second Quarter 2013 Results



  Apollo Group, Inc. Reports Second Quarter 2013 Results

Business Wire

PHOENIX -- March 25, 2013

Apollo Group, Inc. (NASDAQ: APOL) today reported financial results for the
three and six months ended February 28, 2013, with second quarter revenue of
$834.4 million and diluted earnings per share of $0.12 per share, or $0.34 per
share excluding special items.

“Higher education is rapidly evolving as workforce demands and technological
innovations drive change in our global economy,” said Apollo Group Chief
Executive Officer Greg Cappelli. “We are further positioning our organization
and brand with our continued commitment to help students acquire real
workplace skills, achieve their academic goals, and – through the power of
education – realize their career aspirations.”

Second Quarter 2013 Results of Operations

  * Net revenue for the second quarter 2013 was $834.4 million, compared to
    $962.7 million in the second quarter 2012.
  * University of Phoenix Degreed Enrollment was 300,800, a 15.5% decrease
    from the prior year second quarter, and New Degreed Enrollment was 38,900,
    down 20.1% from second quarter 2012.
  * Operating income was $29.8 million, compared to $103.7 million from the
    prior year second quarter.
  * Income from continuing operations attributable to Apollo Group was $13.5
    million, or $0.12 per share, compared to $62.2 million, or $0.49 per share
    in the second quarter 2012.

Results for the second quarter 2013 included restructuring and other charges
of $44.1 million attributable to optimization efforts and $6.4 million of
credits associated with the favorable resolution of certain legal matters.
(See the reconciliation of GAAP financial information to non-GAAP financial
information in the tables section of this press release for second quarter
2013 and 2012 special items).

Excluding the special items noted above, income from continuing operations for
the second quarter 2013 was $38.0 million, or $0.34 per share, compared to
$72.2 million, or $0.57 per share, for the second quarter 2012. The decrease
in income from continuing operations was attributable to lower enrollment and
an increase in marketing costs primarily due to higher advertising expense,
which was partially offset by a reduction in certain costs associated with the
Company’s restructuring activities and lower bad debt expense.

First Six Months of 2013 Results of Operations

Net revenue for the first six months of fiscal year 2013 totaled $1.9 billion,
which represents an 11.5% decrease compared to the first six months of fiscal
year 2012 principally due to lower enrollment. In the first six months of
2013, University of Phoenix Average Degreed Enrollment decreased 14.5% to
316,300 as compared to the same period a year ago. The Company reported income
from continuing operations attributable to Apollo Group for the six months
ended February 28, 2013, of $147.0 million, or $1.30 per share, compared to
$209.7 million, or $1.63 per share, for the six months ended February 29,
2012.

Results for the first six months of 2013 included restructuring and other
charges of $68.2 million attributable to the Company’s optimization efforts
and $23.2 million of credits associated with the favorable resolution of
certain legal matters. (See the reconciliation of GAAP financial information
to non-GAAP financial information in the tables section of this press release
for the first six months of 2013 and 2012 special items.)

Excluding the special items noted above, income from continuing operations for
the six months ended February 28, 2013, was $175.8 million, or $1.56 per
share, compared to $237.5 million, or $1.84 per share, for the six months
ended February 29, 2012.

Balance Sheet and Cash Flow

As of February 28, 2013, cash and cash equivalents, excluding restricted cash,
totaled $821.2 million compared to $1.3 billion as of August 31, 2012. The
decrease was primarily due to $629.5 million used for payments on borrowings,
$49.0 million for capital expenditures, $42.5 million cash payment for the
purchase of the noncontrolling interest in Apollo Global, and $39.4 million
used for the purchase of short-term investments. These items were partially
offset by $299.0 million of cash provided by operations.

Accounts receivable were $177.6 million as of February 28, 2013, compared to
$198.3 million at August 31, 2012. Excluding accounts receivable and the
related net revenue for Apollo Global, the Company’s days sales outstanding
was 19 days as of February 28, 2013, as compared to 22 days as of February 29,
2012.

Share Repurchase Authorization

On March 22, 2013, the Apollo Group Board of Directors approved a share
repurchase authorization up to an aggregate amount of $250 million. There is
no expiration date on the repurchase authorization and repurchases, if any,
will be made at the discretion of management.

Business Outlook

The Company offers the following outlook for fiscal year 2013 based on the
business trends observed during the second quarter 2013, as well as
management’s current expectations of future trends.

  * Net revenue of $3.65 – $3.75 billion; and
  * Operating income of $500.0 – $550.0 million, excluding the impact of
    special items and restructuring and other charges.

The Company continues initiatives to reengineer business processes and refine
its educational delivery structure. These restructuring activities are
expected to favorably impact annual operating expenses by at least $350
million by fiscal year 2014, when compared to fiscal year 2012. This is a $50
million increase in anticipated savings from the Company’s previous outlook.

Conference Call Information

The Company will hold a conference call to discuss these earnings results at
8:00 a.m. ET, 5:00 a.m. PT, today, Monday, March 25, 2013.

Dial-In Numbers:
877-292-6888 (Domestic)
973-200-3381 (International)
Conference ID: 12434663

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 April 12, 2013.

Dial-In Numbers:
855-859-2056 (Domestic)
404-537-3406 (International)
Conference ID: 12434663

About Apollo Group, Inc.

Apollo Group, Inc. is one of the world’s largest private education providers
and has been in the education business since 1973. The Company offers
innovative and distinctive educational programs and services both online and
on-campus at the undergraduate, master’s and doctoral levels through its
subsidiaries: University of Phoenix, Apollo Global, Institute for Professional
Development and College for Financial Planning. The Company offers programs
and services throughout the United States and in Latin America and Europe, as
well as online throughout the world.

For more information about Apollo Group, Inc. and its subsidiaries, call (800)
990-APOL or visit the Company’s website at www.apollo.edu.

Forward-Looking Statements Safe Harbor

Statements about Apollo Group and its business in this release which are not
statements of historical fact, including statements regarding Apollo Group’s
future strategy and plans and commentary regarding future results of
operations and prospects, are forward-looking statements and are subject to
the Safe Harbor provisions created by the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are based on current information
and expectations and involve a number of risks and uncertainties. Actual plans
implemented and actual results achieved may differ materially from those set
forth in or implied by such statements due to various factors, including
without limitation: (i) the outcome of the current accreditation reaffirmation
review of University of Phoenix by its principal institutional accreditor, The
Higher Learning Commission, including the possible imposition of the sanction
of probation as recommended in the peer review team’s draft report; (ii) the
impact of any sanctions, up to and including probation, imposed or proposed to
be imposed on University of Phoenix by The Higher Learning Commission,
including any impact on the University’s pending recertification by the U.S.
Department of Education for participation in Title IV student financial aid
programs; (iii) the impact of any reduction in student financial aid available
to students, particularly active and retired military personnel, due to the
U.S. government budget sequestration; (iv) the impact of increased competition
from traditional public universities and proprietary educational institutions;
(v) the impact of the Company’s recent restructuring initiatives and the
operational, governance and other changes to increase University of Phoenix
autonomy in response to governance concerns expressed by The Higher Learning
Commission; (vi) the impact of changes in marketing channels and other
recruiting practices to better identify students who are more likely to
succeed at University of Phoenix; (vii) the impact of University of Phoenix
initiatives to improve the student experience, improve student outcomes and
enhance the connection between education and careers; (viii) changes in
University of Phoenix enrollment or student mix; (ix) changes in the overall
U.S. or global economy; (x) changes in law or regulation affecting the
University of Phoenix’s eligibility to participate in or the manner in which
it participates in U.S. federal and state student financial aid programs; and
(xi) changes in the University of Phoenix’s business necessary to remain in
compliance with existing, new, or amended U.S. federal student financial aid
program regulations, including the so-called 90/10 Rule and the limitations on
cohort default rates, and to remain in compliance with the accrediting
criteria of the relevant accrediting bodies. For a discussion of the various
factors that may cause actual plans implemented and actual results achieved to
differ materially from those set forth in the forward-looking statements,
please refer to the risk factors and other disclosures contained in Apollo
Group’s Form 10-K for fiscal year 2012 and subsequent Forms 10-Q, and other
filings with the Securities and Exchange Commission, all of which are
available on the Company’s website at www.apollo.edu.

Use of Non-GAAP Financial Information

This press release and the related conference call contain non-GAAP financial
measures, which are intended to supplement, but not substitute for, the most
directly comparable GAAP measures. Management uses, and chooses to disclose to
investors, these non-GAAP financial measures because (i) such measures provide
an additional analytical tool to clarify the Company’s results from operations
and help to identify underlying trends in its results of operations; (ii) as
to the non-GAAP earnings measures, such measures help compare the Company’s
performance on a consistent basis across time periods; and (iii) these
non-GAAP measures are employed by the Company’s management in its own
evaluation of performance and are utilized in financial and operational
decision-making processes, such as budgeting and forecasting. Exclusion of
items in the non-GAAP presentation should not be construed as an inference
that these items are unusual, infrequent or non-recurring. Other companies,
including other companies in the education industry, may calculate non-GAAP
financial measures differently, limiting their usefulness as a comparative
measure across companies.

Financial and Operating Metrics

Below are Apollo Group’s unaudited financial data and operating metrics for
the second quarter 2013 compared to the second quarter 2012.

                       Degreed Enrollment^(1)      New Degreed Enrollment^(2)
Enrollment
(rounded to            Q2 2013       Q2 2012       Q2 2013         Q2 2012
hundreds)
Associate’s            89,900        118,100         14,900          18,500
Bachelor’s             159,600       179,400         16,700          22,000
Master’s               44,900        51,000          6,700           7,500
Doctoral               6,400         7,300           600             700      
                       300,800       355,800         38,900          48,700   
                                                                    
Revenues (in
thousands)
Degree Seeking                                     $ 800,863       $ 931,610
Gross Revenues^(3)
Less: Discounts                                      (56,700 )       (56,508 )
and other
Degree Seeking Net                                   744,163         875,102
Revenues^(3)
Non-degree Seeking                                   8,492           8,885
Revenues
Other, net of                                        81,717          78,695   
discounts
                                                   $ 834,372       $ 962,682  
                                                                    
Revenue by Degree
Type (in
thousands)^(3)
Associate’s                                        $ 187,815       $ 245,771
Bachelor’s                                           463,490         516,028
Master’s                                             132,461         148,867
Doctoral                                             17,097          20,944
Less: Discounts                                      (56,700 )       (56,508 )
and other
                                                   $ 744,163       $ 875,102  
                                                                    
Degree Seeking
Gross Revenues per
Degreed
Enrollment^(1),
(3)
Associate’s                                        $ 2,089         $ 2,081
Bachelor’s                                         $ 2,904         $ 2,876
Master’s                                           $ 2,950         $ 2,919
Doctoral                                           $ 2,671         $ 2,869
All degrees (after                                 $ 2,474         $ 2,460
discounts)
                                                                    

^(1) Represents students enrolled in a University of Phoenix degree program
who attended a credit bearing course during the quarter and had not graduated
as of the end of the quarter; students who previously graduated from one
degree program and started a new degree program in the quarter (for example, a
graduate of the associate’s degree program returns for a bachelor’s degree);
and students participating in certain certificate programs of at least 18
credits with some course applicability into a related degree program.

^(2) Represents new students and students who have been out of attendance for
more than 12 months who enroll in a University of Phoenix degree program and
start a credit bearing course in the quarter; students who have previously
graduated from a degree program and start a new degree program in the quarter;
and students who commence participation in certain certificate programs of at
least 18 credits with some course applicability into a related degree program.

^(3) Represents revenue from tuition and other fees for students enrolled in
University of Phoenix degree programs. Also includes revenue from tuition and
other fees for students participating in University of Phoenix certificate
programs of at least 18 credits in length with some course applicability into
a related degree program.

 
Apollo Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
                                                               
                                             As of
                                             February 28,       August 31,
($ in thousands)                             2013               2012
ASSETS:
Current assets
Cash and cash equivalents                    $ 821,163          $ 1,276,375
Restricted cash and cash equivalents           329,772            318,334
Marketable securities                          31,804             —
Accounts receivable, net                       177,557            198,279
Prepaid taxes                                  10,216             26,341
Deferred tax assets, current portion           49,870             69,052
Other current assets                           45,813             49,609      
Total current assets                           1,466,195          1,937,990
Property and equipment, net                    502,702            571,629
Goodwill                                       103,829            103,345
Intangible assets, net                         137,252            149,034
Deferred tax assets, less current portion      89,706             77,628
Other assets                                   40,380             28,696      
Total assets                                 $ 2,340,064        $ 2,868,322   
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities
Short-term borrowings and current portion    $ 20,080           $ 638,588
of long-term debt
Accounts payable                               76,017             74,872
Student deposits                               363,721            362,143
Deferred revenue                               260,669            254,555
Accrued and other current liabilities          291,820            324,881     
Total current liabilities                      1,012,307          1,655,039
Long-term debt                                 71,203             81,323
Deferred tax liabilities                       13,750             15,881
Other long-term liabilities                    205,263            191,756     
Total liabilities                              1,302,523          1,943,999   
Commitments and contingencies
Shareholders’ equity
Preferred stock, no par value                  —                  —
Apollo Group Class A nonvoting common          103                103
stock, no par value
Apollo Group Class B voting common stock,      1                  1
no par value
Additional paid-in capital                     43,600             93,770
Apollo Group Class A treasury stock, at        (3,860,036 )       (3,878,612 )
cost
Retained earnings                              4,890,172          4,743,150
Accumulated other comprehensive loss           (37,246    )       (30,034    )
Total Apollo shareholders’ equity              1,036,594          928,378     
Noncontrolling interests (deficit)             947                (4,055     )
Total equity                                   1,037,541          924,323     
Total liabilities and shareholders’          $ 2,340,064        $ 2,868,322   
equity
                                                                              

 
Apollo Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
 
                    Three Months Ended                   % of Net Revenue
(In thousands,      February 28,       February
except per          2013               29, 2012          2013         2012
share data)
Net revenue         $  834,372         $ 962,682         100.0 %      100.0 %
Costs and
expenses:
Instructional
and student            383,702           425,607         46.0  %      44.2  %
advisory
Marketing              173,313           158,973         20.8  %      16.5  %
Admissions             68,232            101,405         8.2   %      10.6  %
advisory
General and            81,218            83,994          9.7   %      8.7   %
administrative
Depreciation
and                    41,499            41,854          5.0   %      4.4   %
amortization
Provision for
uncollectible          18,902            30,996          2.2   %      3.2   %
accounts
receivable
Restructuring
and other              44,076            16,148          5.3   %      1.6   %
charges
Litigation             (6,350   )        —               (0.8  )%     —      
credit
Total costs and        804,592           858,977         96.4  %      89.2  %
expenses
Operating              29,780            103,705         3.6   %      10.8  %
income
Interest income        388               215             —            —
Interest               (2,092   )        (1,789  )       (0.3  )%     (0.2  )%
expense
Other, net             (126     )        218             —            —      
Income from
continuing
operations             27,950            102,349         3.3   %      10.6  %
before income
taxes
Provision for          (14,291  )        (43,108 )       (1.7  )%     (4.4  )%
income taxes
Income from
continuing             13,659            59,241          1.6   %      6.2   %
operations
Income from
discontinued           —                 1,930           —            0.2   %
operations, net
of tax
Net income             13,659            61,171          1.6   %      6.4   %
Net (income)
loss
attributable to        (132     )        2,711           —            0.2   %
noncontrolling
interests
Net income
attributable to     $  13,527          $ 63,882          1.6   %      6.6   %
Apollo
                                                                       
Earnings per
share – Basic:
Continuing
operations          $  0.12            $ 0.50
attributable to
Apollo
Discontinued
operations             —                 0.01     
attributable to
Apollo
Basic income
per share           $  0.12            $ 0.51     
attributable to
Apollo
                                                                       
Earnings per
share –
Diluted:
Continuing
operations          $  0.12            $ 0.49
attributable to
Apollo
Discontinued
operations             —                 0.02     
attributable to
Apollo
Diluted income
per share           $  0.12            $ 0.51     
attributable to
Apollo
                                                                       
Basic weighted
average shares         112,573           125,298  
outstanding
Diluted
weighted               113,068           126,467  
average shares
outstanding
                                                                       

                                 
Apollo Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
                                                  
                   Six Months Ended                      % of Net Revenue
(In thousands,     February 28,      February 29,
except per         2013              2012                2013         2012
share data)
Net revenue        $  1,889,555      $ 2,134,582         100.0 %      100.0 %
Costs and
expenses:
Instructional
and student           815,852          878,888           43.2  %      41.2  %
advisory
Marketing             336,186          324,537           17.8  %      15.2  %
Admissions            139,540          202,793           7.4   %      9.5   %
advisory
General and           154,757          163,893           8.2   %      7.7   %
administrative
Depreciation
and                   85,194           88,021            4.5   %      4.1   %
amortization
Provision for
uncollectible         52,308           72,579            2.7   %      3.4   %
accounts
receivable
Restructuring
and other             68,192           21,710            3.6   %      1.0   %
charges
Litigation            (23,200   )      —                 (1.2  )%     —
credit
Goodwill and
other                 —                16,788            —            0.8   %
intangibles
impairment
Total costs and       1,628,829        1,769,209         86.2  %      82.9  %
expenses
Operating             260,726          365,373           13.8  %      17.1  %
income
Interest income       937              721               —            —
Interest              (4,134    )      (3,788    )       (0.2  )%     (0.1  )%
expense
Other, net            1,673            358               0.1   %      —      
Income from
continuing
operations            259,202          362,664           13.7  %      17.0  %
before income
taxes
Provision for         (111,803  )      (158,287  )       (5.9  )%     (7.4  )%
income taxes
Income from
continuing            147,399          204,377           7.8   %      9.6   %
operations
Income from
discontinued          —                4,078             —            0.2   %
operations, net
of tax
Net income            147,399          208,455           7.8   %      9.8   %
Net (income)
loss
attributable to       (377      )      4,741             —            0.2   %
noncontrolling
interests
Net income
attributable to    $  147,022        $ 213,196           7.8   %      10.0  %
Apollo
                                                                       
Earnings per
share – Basic:
Continuing
operations         $  1.31           $ 1.64
attributable to
Apollo
Discontinued
operations            —                0.03       
attributable to
Apollo
Basic income
per share          $  1.31           $ 1.67       
attributable to
Apollo
                                                                       
Earnings per
share –
Diluted:
Continuing
operations         $  1.30           $ 1.63
attributable to
Apollo
Discontinued
operations            —                0.03       
attributable to
Apollo
Diluted income
per share          $  1.30           $ 1.66       
attributable to
Apollo
                                                                       
Basic weighted
average shares        112,496          127,808    
outstanding
Diluted
weighted              112,984          128,729    
average shares
outstanding
                                                                       

 
Apollo Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
                                               Six Months Ended
                                               February 28,      February 29,
($ in thousands)                               2013              2012
Cash flows provided by (used in) operating
activities:
Net income                                     $ 147,399         $ 208,455
Adjustments to reconcile net income to net
cash provided by operating activities:
Share-based compensation                         27,515            40,492
Excess tax benefits from share-based             —                 (1,137    )
compensation
Depreciation and amortization                    85,194            88,283
Accelerated depreciation included in             30,641            —
restructuring
Amortization of lease incentives                 (7,114    )       (7,668    )
Amortization of deferred gains on                (1,399    )       (1,399    )
sale-leasebacks
Goodwill and other intangibles impairment        —                 16,788
Non-cash foreign currency loss (gain), net       146               (295      )
Provision for uncollectible accounts             52,308            72,579
receivable
Litigation credit                                (23,200   )       —
Deferred income taxes                            (4,100    )       (9,843    )
Changes in assets and liabilities,
excluding the impact of acquisition and
disposition:
Restricted cash and cash equivalents             (11,438   )       6,454
Accounts receivable                              (33,919   )       (64,093   )
Prepaid taxes                                    16,143            27,529
Other assets                                     (3,939    )       (9,789    )
Accounts payable                                 1,094             20,365
Student deposits                                 2,551             (13,777   )
Deferred revenue                                 8,632             8,551
Accrued and other liabilities                    12,436            2,984      
Net cash provided by operating activities        298,950           384,479    
Cash flows provided by (used in) investing
activities:
Additions to property and equipment              (49,024   )       (62,357   )
Purchase of marketable securities                (39,444   )       —
Maturities of marketable securities              7,470             —
Restricted funds held for legal matter           —                 (145,000  )
Acquisition, net of cash acquired                —                 (73,736   )
Proceeds from disposition                        —                 3,285
Other investing activities                       (1,500    )       (1,694    )
Net cash used in investing activities            (82,498   )       (279,502  )
Cash flows provided by (used in) financing
activities:
Payments on borrowings                           (629,544  )       (498,895  )
Proceeds from borrowings                         2,176             —
Purchase of noncontrolling interest              (42,500   )       —
Apollo Group Class A common stock                (3,881    )       (386,716  )
purchased for treasury
Issuance of Apollo Group Class A common          2,131             9,336
stock
Excess tax benefits from share-based             —                 1,137      
compensation
Net cash used in financing activities            (671,618  )       (875,138  )
Exchange rate effect on cash and cash            (46       )       (770      )
equivalents
Net decrease in cash and cash equivalents        (455,212  )       (770,931  )
Cash and cash equivalents, beginning of          1,276,375         1,571,664  
period
Cash and cash equivalents, end of period       $ 821,163         $ 800,733    
Supplemental disclosure of cash flow and
non-cash information:
Cash paid for income taxes, net of refunds     $ 100,713         $ 141,047
Cash paid for interest                         $ 4,010           $ 4,859
Restricted stock units vested and released     $ 10,825          $ 14,640
Capital lease additions                        $ 2,755           $ 19,440
Credits received for tenant improvements       $ 1,540           $ 22,671
Unsettled share repurchases                    $ —               $ 25,461
Debt incurred for acquired technology          $ —               $ 14,389
                                                                              

 
Apollo Group, Inc. and Subsidiaries
Reconciliation of GAAP Financial Information to Non-GAAP Financial Information
(Unaudited)
 
                   Three Months Ended              Six Months Ended
(In thousands,     February        February        February        February
except per         28, 2013        29, 2012        28, 2013        29, 2012
share data)
Net income
attributable       $ 13,527        $ 63,882        $ 147,022       $ 213,196
to Apollo, as
reported
Income from
discontinued
operations,          —               (1,652  )       —               (3,491  )
net of tax and
noncontrolling
interest
Income from
continuing
operations           13,527          62,230          147,022         209,705
attributable
to Apollo
Reconciling
items:
Restructuring
and other            44,076          16,148          68,192          21,710
charges^(1)
Litigation           (6,350  )       —               (23,200 )       —
credit^(2)
Goodwill and
other
intangibles
impairment,          —               —               —               14,370   
net of
noncontrolling
interest^(3)
                     37,726          16,148          44,992          36,080
Less: tax            (13,292 )       (6,199  )       (16,169 )       (8,290  )
effects
Income from
continuing
operations
attributable       $ 37,961        $ 72,179        $ 175,845       $ 237,495  
to Apollo,
adjusted to
exclude
special items
                                                                              
Diluted income
per share from
continuing
operations         $ 0.12          $ 0.49          $ 1.30          $ 1.63     
attributable
to Apollo, as
reported
                                                                              
Diluted income
per share from
continuing
operations
attributable       $ 0.34          $ 0.57          $ 1.56          $ 1.84     
to Apollo,
adjusted to
exclude
special items
                                                                              
Diluted
weighted             113,068         126,467         112,984         128,729  
average shares
outstanding

^(1) Restructuring and other charges represent charges associated with the
Company’s optimization efforts.

^(2) Litigation credits during the three and six months ended February 28,
2013 resulting from the favorable resolution of certain legal matters.

^(3) The charges for the six months ended February 29, 2012 represent
impairments of UNIACC’s goodwill and other intangibles, net of noncontrolling
interest, with no income tax benefit as UNIACC’s goodwill and other
intangibles are not deductible for tax purposes.

Contact:

Apollo Group, Inc.
Investor Relations Contact:
Beth Coronelli, 312-660-2059
beth.coronelli@apollogrp.edu
Media Contact:
Media Relations Hotline, 602-254-0086
media@apollogrp.edu
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