Hello, and welcome to the Career Education Corporation First Quarter 2015 Earnings Conference Call. My name is Joe, and I will be your operator for today's call. [Operator Instructions] Please note that this conference is also being recorded. I would now like to turn the call over to Director for Corporate Communications, Mr. Mark Spencer. Mr. Spencer, you may begin.

Thank you, Joe. Good afternoon, everyone, I'm Mark, Spencer, Director of Corporate Communications. Thank you for joining us on our first quarter 2015 earnings call. With me on the call this afternoon is Ron McCray, our Interim President and Chief Executive Officer; and Dave Rawden our interim Chief Financial Officer. Also joining us on the call this afternoon is Lysa Clemens, Senior Vice President Transitional Operations and Chief Transformational Officer; and Jason Friesen, Senior Vice President and Chief University Education Officer. Following our remarks, the call will be open for analyst questions. This conference call is being webcast live within the Investor Relations section of our website at careered.com. A replay of this call will be available on our site. You can also contact our Investor Relations support team at the Alpha IR Group at (312) 445-2870. Let me remind you that morning's press release and remarks made today include forward-looking statements as defined in Section 21E of the Securities Exchange Act. These statements are based on information currently available to us and involve risks and uncertainties that could cause our actual future results, performance and business prospects and opportunities to differ materially from those expressed in or implied by these statements. These risks and uncertainties include but are not limited to those factors identified in our annual report on Form 10-K for the year ended December 31, 2014, and our other filings with the Securities and Exchange Commission. Except as expressly required by the securities laws, we undertake no obligation to update those factors or any forward-looking statements to reflect future events, developments or changed circumstances or for any other reason. In addition, the remarks today refer to non-GAAP financial measures which are intended to supplement but not substitute for the most directly comparable GAAP measures. Our press release and slide presentation which accompany today's call and which contains financial and other quantitative information to be discussed today as well as the reconciliation of the GAAP to non-GAAP measures are available within the Investor Relations section of our website at careered.com. So with that, I'd like to turn the call over to Ron McCray. Ron?

Thanks, Mark, and thanks to all of you for joining us on this call. When I first stepped into this role as interim CEO, we were very clear that the company has a strategic path and was in the process of executing the plan that we have previously shared with you. Our team has career education on course. I want to thank all of our employees for pulling together and continuing to execute our plan. In terms of today's agenda, I will walk you through the strategic decision that we have made to teach-out or divest the rest of our Career Colleges. Then we'll take a look at the company's transformation strategy, which is focused around our 2 universities. Dave will then walk you through the details of our first quarter results, which were in line with our expectations. We have some details around the financial implications of our restructuring plan to share today. I do want to caution, however, that the specifics of our plan are still being refined and remain a work in progress. In the near future, we expect to be in a position to cover many of these specifics more fully. As you've seen in the 2 press releases today, Career Education has made the strategic decision to exit the Career Colleges, to rightsize our corporate overhead, to streamline our university operations, and to focus our resources and attention on Colorado Technical University and American InterContinental University, where we have significant opportunities to continue to provide quality higher education to the adult student market. We believe these actions will accelerate the company's path to profitability. Our company's mission has always been to enable students seeking a nontraditional career or job path to obtain a quality education that allows them to achieve their goals. Over the years,…

Thanks, Ron. Thanks for the kind words. And thank -- and good afternoon, everyone. I'd like to start with the first quarter results, and then I'll provide a little more color around the financial details that we do have to share related to the new direction that we announced today. All percentage variances I mention will be comparisons to the prior year quarter unless otherwise noted. Let's start with a glimpse into our future by first discussing the results of our University Group on Slide 10. Total revenue for the group of $138.2 million was down slightly, 0.9% year-over-year, on total enrollments that were fairly flat. Operating income for the group was $11.7 million, which is up 7.6% over the prior year period as operating margins expanded 70 basis points to 8.5%. And this was driven by continued execution at both universities of various cost controls initiatives that were put in place late last year. I want to remind all of our investors that the tables in our press release that outline new student enrollments are skewed by a change in methodology in the way AIU began accounting for canceled student enrollments last year. If we were to exclude the impact of that accounting change, new student enrollments in the University Group were down only 1.2% year-over-year. Slide 11 shows total student enrollment growth within our University Group remain fairly -- relatively flat as compared to the prior year, marking the first time this has occurred since 2010. Additionally, on Slide 11, our online total enrollment growth increased 1.3% as compared to the prior quarter. University Group is profitable and generates significant positive cash flow. We expect the improvement in operating margins to continue into full year 2015. Although, as usual, quarterly margins will be impacted by seasonal marketing spend.…

Thanks, Dave. The decisions that we've made today were very difficult. Because in the cases where we are teaching out campuses, we know it will affect our students, our faculty, our support staff and the communities our campuses have been serving, and we'll be parting ways with many dedicated people who serve our campuses in centralized roles. However, these are steps we needed to take. I do want to emphasize that we are approaching them in a way that places the highest priority on students' interests: gradually discontinuing operations through teach-outs, allowing a student reasonable opportunity to complete their programs of study. The actions we've implemented today will make us a stronger company with a competitive margin profile and a strong balance sheet. The organization will be rooted in 2 universities that have a history of technological innovation in serving adults seeking to advance their careers and their lives. I believe that, in time, Career Education will regain a leadership position in private sector higher education. These actions could not occur without our employees' dedication to our students and the organization. I want to thank all of them and all of you, our investors, for your ongoing support. One final item I'd like to mention before we open it up to questions and answers is the status of our search for a permanent CEO. In short, our search is ongoing. As we discussed last quarter, we have engaged a nationally recognized search firm to assist us in the process. We have been impressed with the caliber of the external and internal candidates that we've seen. We will provide relevant update as appropriate. In the meantime, we have a deep bench of talented executives and employees that are well positioned to execute our strategic plan and meet our financial objectives. With that, I'll now turn the call over to the operator for your questions.

[Operator Instructions] We do have one question here from Mr. Jason Anderson from Stifel. Jason P. Anderson - Stifel, Nicolaus & Company, Incorporated, Research Division: Just -- I know you need to do more work on forecasting the cash flow of all these changes, but I guess I'm trying to see if we can get some more directional commentary on that. I think -- I know your comment your committing to the $190 million. You feel you can stay above that. Does that include the presumption of some of these sales happening, cash inflow from a sale?

I'll let David respond. But thanks, Jason, for the question. The short answer is, it does not include cash that might come in from any sales. Dave?

Yes. No, that's correct. We did not anticipate any cash from sales coming in. About the only material thing that we would expect is an income tax refund later on this year, but that's about it. Jason P. Anderson - Stifel, Nicolaus & Company, Incorporated, Research Division: Okay. And then, I guess, the other thing I'm trying to think about, and this could be because it's been a moving target, but it was either last quarter or last couple of quarters, obviously, a lot has been happening over time here. But I thought there was a schedule where maybe for the year, in '15, where $190 million was a seasonal low point and you were showing you were going to stay above that. But I'm wondering, if with this change, would losses be -- I mean, I know you can't forecast, I mean, yes, you're working on it, but wouldn't they generally be accelerated? And does that put the $190 million at more risk?

Well, Jason, good question. We believe that the transformation will pay for itself in 2015. And we expect to have at least $190 million at the end of the year.

Jason, one thing to keep in mind, because we announced the details today, we won't have any future starts. As a result of that, we'll no longer have the marketing-related expenses. So as you move forward with the student populations that we have today, providing that reasonable opportunity for them to complete without those marketing expenses, it ends up being accretive earlier on in the teach-out process. That might help you bridge a little bit better. Jason P. Anderson - Stifel, Nicolaus & Company, Incorporated, Research Division: Yes. That is helpful. And then I just have another -- additional one here. For the teach-out -- I guess, one with Sanford-Brown, I guess, one, was there any attempt or thought process to sell that? And maybe there isn't a market for it, but I appreciate your comments on that. And then also, is there any potential for the teach-outs to find an arrangement like you had with the pathway arrangement where maybe you can find a way to transfer students out more quickly, maybe expedite the teach-out process?

Yes. I'll let Lysa expand on this shortly, but in terms of the teach-outs, we do have with Harrington an arrangement in Chicago where we will be effectively transferring in connection with the teach-out. In terms of considering a possible sale, we thought of all kinds of ways to optimize the performance and the disposition of Sanford-Brown, but I'll let Lysa take you through the particulars.

So we did explore options to sell the Sanford-Brown campuses. And quite frankly, as you indicated, there is not much of a market out there for them. We did look at teach-out partnerships and trying to explorer those. For those campuses, the teach-outs are relatively quick compared to the Harrington school, and teaching them out was a better option for the students, I think, and it was also less complicated to try to find partners to teach out that would have programs that match. We would probably have needed to have gone to several partners to do that. So at the end, the teach-out decision was expedient and economical.

[Operator Instructions] At this time, I'm showing no further questions. I'd now like to turn the call back over to Ron for closing remarks.

Okay. Thank you very much. Well, I'd like to thank you, all, for taking time out of your schedules to participate in the call. I'd also like to thank you for your continued support of Career Education. Today, we announced an important new direction for the company. We believe this path will ultimately position the company and its shareholders for long-term success in the future. Have a great day. Thank you.

And thank you, ladies and gentlemen. This does conclude today's conference. Thank you for your participation, and you may now disconnect.