Adtalem Global Education Inc. (NYSE:ATGE) Q1 2024 Earnings Call Transcript

Steve Beard: Yes. I think the important thing that — sorry, to keep in mind is while we’ve taken pricing up in some areas of the business, we’ve also taken pricing down in other corners of the business to ensure we are competitive in certain programs where we were maybe a bit higher than we needed to be. But with respect to Walden, in particular, I’ll let Bob speak to the dynamics there because it goes beyond pricing.

Bob Phelan: Yes. The thing I would say, there’s a couple of other things happening with Walden. So obviously, with the enrollments being up, what they are and then the revenue increase, there’s a gap there. It’s a combination of things, though, it’s not just pricing. There’s also average credit loads are up. So the average credit hours or credit loads that students are carrying is a little bit higher as well, and that’s a part of what also drives then the revenue per student to be higher. In addition, we do have a little bit lower discounts as well. We were pretty high last year in the first quarter on discounts and a little bit lower on that as well this year. So there’s definitely a couple of factors that are at work aside from just pricing on the Walden side.

Ryan Griffin: Great. Thank you so much.

Steve Beard: Thank you.

Operator: Thank you. There are no further questions at this time. I would like to turn the floor over to Steve Beard for closing comments.

Steve Beard: Thank you. I just want to take a moment to thank all of our colleagues across that talent, very strong start to the year, very optimistic about what lies ahead. In particular, I want to call out our colleagues at Walden. They’ve gone positive to a moment year-over-year. That is no small accomplishment. We are bullish on that brand and that institution, and we are excited for them to find ourselves where we are today. So my thanks to all of our colleagues, a special shout out to our team at Walden, and we look forward to speaking with you next quarter.

Operator: Thank you. This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.