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DeVry's CEO Discusses Q3 2012 Results - Earnings Call Transcript

I'll now paraphrase our Safe Harbor language. This call may contain forward-looking statements. Actual results could differ materially from those expressed or implied by such forward-looking statements. We undertake no obligation to publicly update or revise any such statements. Please consult our most recent 10-K and 10-Q filings for a more complete description of factors that could affect our financial results.

On today's call, we'll highlight certain non-GAAP financial measures. Further information about these non-GAAP financial measures, including reconciliations to U.S. GAAP can be found in our results release, which is available as an exhibit to our Form 8-K, dated April 24, 2012. Telephone and webcast replays of today's call are available until May 1, 2012. To access the replays, please refer to today's release for more information.

I'll now turn the call over to Daniel Hamburger.

Daniel M. Hamburger

Thanks, Joan, and thank you all very much for joining us today in our fiscal 2012 third quarter results call. I'll begin with an overview of the quarter, followed by Tim and Pat, who will walk through the financial results, and I'll wrap it up with our perspective for the long-term. And we continue to navigate through a challenging environment, but it's an environment we're increasingly familiar with and understand. We're not satisfied with the results this quarter. They don't yet fully reflect our sense of urgency. This is not business as usual. We know strong efforts and changes are required for us to get where we want to go. And while we see progress that reinforces our confidence that we are on the right path, we also recognize that we've got a lot of work to do. It is going to take some time to reflect in our results.

So on my upfront summary, let me cover the actions we have taken and are taking on our performance improvement plan where we see opportunities to make targeted investments to drive growth, the outlook over our 5-year planning horizon and our approach to capital allocation. So here's an update on our 5-point performance improvement plan.

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