We have watched with faint amusement over the past 3-months as ATGE shares have come under pressure largely due to two short reports published by Safkhet Capital Research. The reports are well written, wonderfully illustrated (the AI use case...
READ MORE >“Looking at our segments, total enrollment at Chamberlain continued to show modest improvement during the quarter, supported by the success of campus-based BSN programs” Stephen Beard, President and CEO...
READ MORE >“It’s absolutely ridiculous that anyone would buy shares in a company after reading an earnings release instead of the annual report” Charlie Munger (Probably) “As...
READ MORE >“We had probably the only thing that was a little bit of a surprise is we had a little bit higher bad debt than we expected. That's typical. Now with the benefit of hindsight, when we have...
READ MORE >“And I'd also say, with the expansion of our nursing schools going forward, probably is somewhere around an incremental investment of $150 million in '23 compared to what we ran in '22. We didn't call...
READ MORE >“As I said a moment ago, we've seen a significant inflection in demand in our U.S. Higher Education segment. Inquiry volume is up more than 20% from the prior year. And within Strayer...
READ MORE >Another quarter and another 20-25 minute earnings conference call where ATGE management attempted to blame COVID19 for all of their demand and operational woes. There is no doubt that COVID19 has created a significant headwind for demand for nursing...
READ MORE >Over the past 20 years, we have become particularly adept at identifying the early stages of a potential “death spiral” for a for-profit education company. From a notional perspective, for-profit education...
READ MORE >ATGE management would like investors to believe that the company’s disastrous 2Q22 results and weak outlook for the remainder of the year are solely a function of the surge in COVID19 case counts over the past 3-4 months. There is no doubt that...
READ MORE >This morning ATGE announced that it has entered into a definitive agreement to sell its Financial Services division in two separate transactions for a combined purchase price of $1 billion. First, ACAMS the...
READ MORE >Yesterday after the close, PRDO announced that Todd Nelson stepped down as President and CEO of PRDO effective 1/20/22. That’s right, no transition period. This is a meaningful development for PRDO, the higher education industry, and our...
READ MORE >“Starting in the month of June, among our licensed registered nursing student body at Aspen University, working nurses were needed on the front lines for patient care and, frankly, showed clear signs of fatigue. This...
READ MORE >Heading into PRDO’s earnings release, we never know what to expect. It is the hallmark of the company to do everything in its power to sustain a mirage of growth, stable enrollment, and...
READ MORE >“The most common types of conduct that might make a borrower eligible for loan relief through borrower defense to repayment discharge are misrepresentations of the truth made by the school or its representatives...
READ MORE >Over the past 2-3 years there have been two landmark M&A transactions in the pet insurance space. First, SYF acquired Pets Best in March 2019 for roughly $80MM. No more than a month later, specialty insurance player WTM purchased Embrace for $73MM. ...
READ MORE >“We have implemented various measures intended to reduce the percentage of our institution's cash basis revenue attributable to Title IV Program funds, including AIU’s deferred...
READ MORE >“Despite the tremendous opportunity at the Company, we have serious concerns about the ability of the Board of Directors (the “Board”) and management team to realize the Company’s true potential, allocate capital appropriately, and...
READ MORE >“What I mentioned before was not so much decline in ACAMS, but our desire to see it grow a lot faster, given what we know are the opportunities…. So from our perspective, we're at an inflection point at ACAMS, growth has plateaued a...
READ MORE >“I did read the article. I thought -- again, it was -- some of the arguments, again, I felt were very outdated, and frankly, some of them are just not -- again, I don't think really applied, but that's my opinion. But regarding the...
READ MORE >“ Strayer's leading indicators have remained relatively stable and strong for the past 8 weeks, essentially staying well above last year's targets on a quarter-to-date basis. What portion of this...
READ MORE >“The increase in segment operating income is the result of strong Chamberlain enrollment trends and efforts to increase efficiency and reduce travel and discretionary spend, partially offset by...
READ MORE >We wanted to quickly go through some key questions that PRDO faces as we approach the company’s 1Q20 earnings release and conference call. Sadly, we doubt that the company will address...
READ MORE >“Given that more than 95% of our students are already taking all of their classes online and given that we have the capability to operate our company with our entire workforce working remotely,...
READ MORE >In a press release today, the U.S. Department of Veteran Affairs announced that it would disapprove the enrollment of new GI Bill students at the following five institutions: University of...
READ MORE >We’re nearly four years into the Wardell regime at ATGE and there are only a few things that we can conclusively state about the current management team at the company: They appear...
READ MORE >If you’ve followed Todd Nelson’s career in the for-profit education space over the years, a few core competencies become evident: Running “fast and loose” with regulatory compliance Achieving enrollment growth at any cost for...
READ MORE >“Overall, we're pleased with our top line growth in the quarter, and we believe our stepped-up investments in marketing, along with increased corporate cost discipline position us well to...
READ MORE >It’s been an interesting six weeks for Career Education Corporation. In the time since we introduced CECO as a short idea, the stock has witnessed a 20%+ rally following the company’s 2Q19 earnings results, only to give up almost all...
READ MORE >Question – Jeffrey Marc Silber: Okay. And then sorry, just one more question on the quarter. Just looking at some of the details, if I look at the home office expense, even...
READ MORE >“The proliferation of outsourced online degree programs offered by traditional academic institutions has changed the competitive landscape in higher education. The programs require almost no capital investment...
READ MORE >SELL
$50
LONG
$110
SELL/SHORT
$230
SELL/SHORT
$55
LONG
$70
SELL/SHORT
$4
SELL/SHORT
$45
SHORT
$18
SELL/SHORT
$5
SELL/SHORT
$42
LONG
$75
SELL/SHORT
$50
SELL/SHORT
$50
LONG
$5.50
SHORT
$50
SHORT
$28
LONG
$65
LONG
$37
PAIR TRADE
$10
PAIR TRADE
$30
LONG
$35
SHORT
$35
SELL/SHORT
$10
SHORT
$101
SHORT
$15
SHORT
$0
SHORT
$9
SHORT
$0
PAIR - LONG BGG/SHORT TTC
25%
SHORT
$14.00
SHORT
$22
SHORT
$15
SHORT
$20
SHORT
$31
SHORT
$35
SHORT
$30
PAIR - LONG KNL/SHORT MLHR
25%
SHORT
$100
LONG
$8
LONG
$20
SHORT
$22
PAIR - LONG CSGP/SHORT LOOP
40%
LONG
$35
SHORT
$275
SHORT
$0