APOLLO EDUCATION GROUP INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - October 22, 2015

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Exhibit 99.1
Apollo Education Group, Inc.
News Release
Apollo Education Group, Inc. Reports Fourth Quarter Fiscal Year 2015 Results
Phoenix, October 22, 2015 - Apollo Education Group, Inc. (NASDAQ: APOL) today reported financial results for the three months and fiscal year ended August 31, 2015, with fourth quarter revenue of $600.3 million and a $0.09 diluted loss per share from continuing operations, or $0.17 earnings per share excluding special items.
“Despite the difficult environment, we are executing on the dramatic steps we announced last quarter for the University of Phoenix to become a more focused, higher retaining and less complex institution,” said Greg Cappelli, Chief Executive Officer, Apollo Education Group. “We have also made progress on our diversification strategy through Apollo Global, which is now growing in every country it serves.” 
Fourth Quarter 2015 Results of Operations
Apollo Education Group (the “Company”) reported net revenue for the fourth quarter 2015 of $600.3 million, compared to $696.1 million for the fourth quarter 2014. Fourth quarter 2015 University of Phoenix New Degreed Enrollment was 26,500 and Degreed Enrollment was 190,700, compared to New Degreed Enrollment of 38,600 and Degreed Enrollment of 233,500 for the prior year fourth quarter. Operating loss for the fourth quarter 2015 was $5.0 million, compared to operating income of $43.5 million for the fourth quarter 2014. Loss from continuing operations attributable to Apollo Education Group for the fourth quarter 2015 was $10.2 million, or $0.09 per share, compared to income of $33.0 million, or $0.30 per share, for the prior year fourth quarter.
Excluding special items, operating income was $25.7 million for the fourth quarter 2015, compared to $58.2 million for the fourth quarter 2014, and income from continuing operations attributable to Apollo Education Group for the fourth quarter 2015 was $18.7 million, or $0.17 per share, compared to $38.1 million, or $0.34 per share, for the fourth quarter 2014. Adjusted Operating Income was $55.3 million for the fourth quarter 2015 compared to $94.1 million for the fourth quarter 2014. (Special items and Adjusted Operating Income for the respective periods are included in the reconciliation of GAAP to non-GAAP financial information tables of this press release.)
Fiscal Year 2015 Results of Operations
Net revenue for fiscal year 2015 totaled $2.6 billion, compared to $3.0 billion in fiscal year 2014. In fiscal year 2015, University of Phoenix Average Degreed Enrollment was 214,500, compared to 251,500 for fiscal year 2014. Operating income for fiscal year 2015 was $114.9 million, compared to $355.0 million in the prior year. Income from continuing operations attributable to Apollo Education Group for fiscal year 2015 was $52.9 million, or $0.49 per share, compared to $225.9 million, or $2.01 per share, for fiscal year 2014.
Excluding special items, operating income was $203.0 million for fiscal year 2015, compared to $462.9 million for fiscal year 2014. Income from continuing operations attributable to Apollo Education Group for fiscal year 2015 was $120.5 million, or $1.10 per share, compared to $287.3 million, or $2.55 per share, for fiscal year 2014. Adjusted Operating Income was $328.3 million for fiscal year 2015 compared to $601.7 million for fiscal year 2014. (Special items and Adjusted Operating Income for the respective periods are included in the reconciliation of GAAP to non-GAAP financial information tables of this press release.)



Balance Sheet and Cash Flow
As of August 31, 2015, the Company’s unrestricted cash and cash equivalents and short-term marketable securities totaled $698.4 million, compared to $1.4 billion as of August 31, 2014. The decrease was primarily attributable to $608.9 million of net payments on borrowings, $98.0 million for capital expenditures, $51.5 million for the purchase of noncontrolling interests, $44.7 million of share repurchases (which includes $6.6 million of share repurchases for tax withholding requirements on share-based awards), $34.5 million for contingent consideration, and $31.7 million for acquisitions. These items were partially offset by cash provided by operations.
Total debt outstanding (including short-term borrowings and the current portion of long-term debt) was $45.6 million as of August 31, 2015.
Business Outlook
The Company offers the following outlook for fiscal year 2016 based on the business trends observed during the fourth quarter of fiscal year 2015, as well as management’s current expectations of future trends.
•
Net revenue of $2.18 billion to $2.23 billion; and
•
Operating income of $115 to $140 million, excluding the impact of special items.
Conference Call Information
The Company will hold a conference call to discuss these earnings results at 8:30 a.m. (ET), 5:30 a.m. (PT), today, Thursday, October 22, 2015.
Dial-In Numbers:
877-292-6888 (Domestic)
973-200-3381 (International)
Conference ID: 44015514
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 October 27, 2015.
Dial-In Numbers:
855-859-2056 (Domestic)
404-537-3406 (International)
Conference ID: 44015514



About Apollo Education Group, Inc.
Apollo Education Group, Inc. is one of the world’s largest private education providers, serving students since 1973. Through its subsidiaries, Apollo Education Group offers undergraduate, graduate, professional development and other nondegree educational programs and services, online and on-campus principally to working learners. Its educational programs and services are offered throughout the United States and in Europe, Australia, Latin America, Africa and Asia, as well as online throughout the world. For more information about Apollo Education Group, Inc. and its subsidiaries, call (800) 990-APOL or visit the Company’s website at www.apollo.edu.



Apollo Education Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
 
Three Months Ended
August 31,
 
Year Ended
August 31,
 
 
(In thousands, except per share data)
2015
 
2014
 
2015
 
2014
Net revenue
$
600,291

 
$
696,074

 
$
2,566,277

 
$
2,996,865

Costs and expenses:
 
 
 
 
 
 
 
Instructional and student advisory
300,187

 
315,198

 
1,207,535

 
1,283,194

Marketing
118,639

 
144,594

 
487,759

 
545,596

Admissions advisory
41,849

 
56,121

 
209,768

 
215,196

General and administrative
67,447

 
70,236

 
273,662

 
286,206

Depreciation and amortization
29,598

 
35,862

 
125,303

 
138,810

Provision for uncollectible accounts receivable
16,833

 
15,822

 
59,205

 
53,819

Restructuring and impairment charges
29,078

 
23,267

 
81,800

 
85,343

Acquisition and other related costs (credit), net
1,695

 
(9,336
)
 
6,201

 
19,837

Litigation charges
—

 
775

 
100

 
13,900

Total costs and expenses
605,326

 
652,539

 
2,451,333

 
2,641,901

Operating (loss) income
(5,035
)
 
43,535

 
114,944

 
354,964

Interest income
959

 
610

 
3,050

 
2,230

Interest expense
(1,479
)
 
(1,930
)
 
(6,595
)
 
(7,914
)
Other loss, net
(1,276
)
 
(1,179
)
 
(5,756
)
 
(560
)
(Loss) income from continuing operations before income taxes
(6,831
)
 
41,036

 
105,643

 
348,720

Provision for income taxes
(4,366
)
 
(9,254
)
 
(58,163
)
 
(127,290
)
(Loss) income from continuing operations
(11,197
)
 
31,782

 
47,480

 
221,430

Loss from discontinued operations, net of tax
(8,279
)
 
(3,212
)
 
(23,185
)
 
(16,632
)
Net (loss) income
(19,476
)
 
28,570

 
24,295

 
204,798

Net loss attributable to noncontrolling interests
992

 
1,213

 
5,460

 
4,506

Net (loss) income attributable to Apollo
$
(18,484
)
 
$
29,783

 
$
29,755

 
$
209,304

Earnings (loss) per share - Basic:
 
 
 
 
 
 
 
Continuing operations attributable to Apollo
$
(0.09
)
 
$
0.30

 
$
0.49

 
$
2.03

Discontinued operations attributable to Apollo
(0.08
)
 
(0.03
)
 
(0.21
)
 
(0.15
)
Basic (loss) income per share attributable to Apollo
$
(0.17
)
 
$
0.27

 
$
0.28

 
$
1.88

Earnings (loss) per share - Diluted:
 
 
 
 
 
 
 
Continuing operations attributable to Apollo
$
(0.09
)
 
$
0.30

 
$
0.49

 
$
2.01

Discontinued operations attributable to Apollo
(0.08
)
 
(0.03
)
 
(0.22
)
 
(0.15
)
Diluted (loss) income per share attributable to Apollo
$
(0.17
)
 
$
0.27

 
$
0.27

 
$
1.86

Basic weighted average shares outstanding
107,950

 
109,364

 
108,092

 
111,354

Diluted weighted average shares outstanding
108,694

 
110,839

 
109,038

 
112,610




Apollo Education Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
 
As of August 31,
($ in thousands)
2015
 
2014
ASSETS
Current assets:
 
 
 
Cash and cash equivalents
$
503,705

 
$
1,228,813

Restricted cash and cash equivalents
198,369

 
224,135

Marketable securities
194,676

 
187,472

Accounts receivable, net
198,459

 
225,398

Prepaid taxes
38,371

 
34,006

Deferred taxes
68,475

 
83,871

Other current assets
48,823

 
58,855

Assets of business held for sale
40,897

 
—

Total current assets
1,291,775

 
2,042,550

Marketable securities
95,815

 
87,811

Property and equipment, net
370,281

 
435,733

Goodwill
247,190

 
259,901

Intangible assets, net
143,244

 
189,365

Deferred taxes
27,361

 
37,335

Other assets
29,129

 
40,240

Total assets
$
2,204,795

 
$
3,092,935

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY
Current liabilities:
 
 
 
Short-term borrowings and current portion of long-term debt
$
14,080

 
$
609,506

Accounts payable
64,100

 
63,907

Student deposits
245,470

 
280,562

Deferred revenue
186,950

 
225,818

Accrued and other current liabilities
280,847

 
363,607

Liabilities of business held for sale
40,897

 
—

Total current liabilities
832,344

 
1,543,400

Long-term debt
31,566

 
47,590

Deferred taxes
11,460

 
22,674

Other long-term liabilities
172,452

 
233,942

Total liabilities
1,047,822

 
1,847,606

Commitments and contingencies
 
 
 
Redeemable noncontrolling interests
11,915

 
64,527

Shareholders’ equity:
 
 
 
Preferred stock, no par value
—

 
—

Apollo Class A nonvoting common stock, no par value
103

 
103

Apollo Class B voting common stock, no par value
1

 
1

Additional paid-in capital
—

 
—

Apollo Class A treasury stock, at cost
(3,928,419
)
 
(3,936,607
)
Retained earnings
5,153,452

 
5,143,949

Accumulated other comprehensive loss
(80,579
)
 
(27,320
)
Total Apollo shareholders’ equity
1,144,558

 
1,180,126

Noncontrolling interests
500

 
676

Total equity
1,145,058

 
1,180,802

Total liabilities, redeemable noncontrolling interests and shareholders’ equity
$
2,204,795

 
$
3,092,935






Apollo Education Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
Year Ended August 31,
($ in thousands)
2015
 
2014
Operating activities:
 
 
 
Net income
$
24,295

 
$
204,798

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Share-based compensation
38,669

 
42,819

Excess tax benefits from share-based compensation
(236
)
 
(1,285
)
Depreciation and amortization
132,012

 
150,575

Accelerated depreciation and impairments included in restructuring
22,697

 
7,580

Loss on asset dispositions and impairment charges
29,897

 
556

Non-cash foreign currency loss, net
2,389

 
957

Provision for uncollectible accounts receivable
59,205

 
53,819

Deferred income taxes
2,752

 
(13,912
)
Changes in assets and liabilities, excluding the impact of acquisitions and disposition:
 
 
 

Restricted cash and cash equivalents
25,150

 
37,233

Accounts receivable
(74,475
)
 
(61,435
)
Prepaid taxes
(4,352
)
 
(2,890
)
Other assets
12,866

 
6,072

Accounts payable
1,994

 
(11,950
)
Student deposits
(32,298
)
 
(30,738
)
Deferred revenue
6,985

 
657

Accrued and other liabilities
(78,968
)
 
(6,949
)
Net cash provided by operating activities
168,582

 
375,907

Investing activities:
 
 
 
Purchases of property and equipment
(97,961
)
 
(100,666
)
Purchases of marketable securities
(232,700
)
 
(319,079
)
Maturities and sales of marketable securities
212,693

 
188,276

Acquisitions, net of cash acquired
(31,705
)
 
(119,454
)
Other investing activities
(4,628
)
 
606

Net cash used in investing activities
(154,301
)
 
(350,317
)
Financing activities:
 
 
 
Payments on borrowings
(614,735
)
 
(627,822
)
Proceeds from borrowings
5,800

 
591,131

Share repurchases
(44,723
)
 
(172,709
)
Share reissuances
1,538

 
1,793

Purchase of noncontrolling interests
(51,485
)
 
(893
)
Excess tax benefits from share-based compensation
236

 
1,285

Payment for contingent consideration
(21,371
)
 
—

Other financing activities
—

 
(4,143
)
Net cash used in financing activities
(724,740
)
 
(211,358
)
Exchange rate effect on cash and cash equivalents
(4,429
)
 
96

Net decrease in cash and cash equivalents
(714,888
)
 
(185,672
)
Cash and cash equivalents, beginning of year
1,228,813

 
1,414,485

Cash and cash equivalents and cash of business held for sale, end of year
513,925

 
1,228,813

Less cash of business held for sale
(10,220
)
 
—

Cash and cash equivalents, end of year
$
503,705

 
$
1,228,813

Supplemental disclosure of cash flow and non-cash information:
 

 
 

Cash paid for income taxes, net of refunds
$
47,836

 
$
161,163

Cash paid for interest
6,674

 
7,657

Restricted stock units vested and released
19,570

 
37,430

Credits received for tenant improvements
—

 
1,131






Apollo Education Group, Inc. and Subsidiaries
Segment Data and University of Phoenix Operating Metrics
(Unaudited)
 
Three Months Ended
August 31,
 
Year Ended
August 31,
($ in thousands)
2015
 
2014
 
2015
 
2014
Net revenue:
 
 
 
 
 
 
 
University of Phoenix:
 
 
 
 
 
 
 
Degree seeking gross revenues(1)
$
568,515

 
$
661,029

 
$
2,393,769

 
$
2,840,946

Less: Discounts and other
(74,788
)
 
(62,202
)
 
(294,103
)
 
(251,954
)
Degree seeking net revenues(1)
493,727

 
598,827

 
2,099,666

 
2,588,992

Other revenues
13,271

 
13,471

 
48,646

 
43,957

Total University of Phoenix
506,998

 
612,298

 
2,148,312

 
2,632,949

Apollo Global
85,355

 
77,756

 
391,217

 
338,008

Other
7,938

 
6,020

 
26,748

 
25,908

Net revenue
$
600,291

 
$
696,074

 
$
2,566,277

 
$
2,996,865

Operating (loss) income:
 
 
 
 
 
 
 
University of Phoenix
$
40,589

 
$
85,751

 
$
257,366

 
$
499,699

Apollo Global
(22,609
)
 
(22,557
)
 
(49,527
)
 
(74,189
)
Other
(23,015
)
 
(19,659
)
 
(92,895
)
 
(70,546
)
Operating (loss) income
$
(5,035
)
 
$
43,535

 
$
114,944

 
$
354,964

(1) Represents revenue from tuition and other fees for students enrolled in University of Phoenix degree programs or certificate programs of at least 18 credits in length with some course applicability into a related degree program.
University of Phoenix Enrollment Data:
(Rounded to the nearest hundred, except per degreed enrollment)
Three Months Ended
August 31,
 
 
 
Year Ended
August 31,
2015
 
2014
 
% Change
 
 
 
2015
 
2014
 
% Change
Degreed Enrollment(1)
190,700

 
233,500

 
(18.3
)%
 
 
Average Degreed Enrollment(3)
214,500

 
251,500

 
(14.7
)%
New Degreed Enrollment(2)
26,500

 
38,600

 
(31.3
)%
 
 
 
 
 
 
 
 
Degree seeking net revenues per degreed enrollment
$
2,589

 
$
2,565

 
 
 
 
 
 
 
 
 
 
(1) Represents students enrolled in a 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 (e.g., a graduate of an 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 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 the average of quarterly Degreed Enrollment from the beginning to the end of the respective periods.







Apollo Education Group, Inc. and Subsidiaries
Reconciliation of GAAP Financial Information to Non-GAAP Financial Information
(Unaudited)
 
Three Months Ended
August 31,
 
Year Ended
August 31,
($ in thousands, except per share data)
2015
 
2014
 
2015
 
2014
Operating (loss) income
$
(5,035
)
 
$
43,535

 
$
114,944

 
$
354,964

(Loss) income from continuing operations before income taxes
(6,831
)
 
41,036

 
105,643

 
348,720

Provision for income taxes
(4,366
)
 
(9,254
)
 
(58,163
)
 
(127,290
)
Net (loss) income attributable to Apollo
(18,484
)
 
29,783

 
29,755

 
209,304

Loss from discontinued operations, net of tax
(8,279
)
 
(3,212
)
 
(23,185
)
 
(16,632
)
(Loss) income from continuing operations attributable to Apollo
$
(10,205
)
 
$
32,995

 
$
52,940

 
$
225,936

Diluted (loss) income per share from continuing operations attributable to Apollo
$
(0.09
)
 
$
0.30

 
$
0.49

 
$
2.01

Special items:
 
 
 
 
 
 
 
Restructuring and impairment charges
$
29,078

 
$
23,267

 
$
81,800

 
$
85,343

Acquisition and other related costs (credit), net
1,695

 
(9,336
)
 
6,201

 
19,837

Litigation charges
—

 
775

 
100

 
13,900

Gain related to foreign indirect taxes(1)
—

 
—

 
—

 
(11,173
)
Special items before income taxes
30,773

 
14,706

 
88,101

 
107,907

Less: income tax effects of special items
(11,921
)
 
(9,554
)
 
(33,669
)
 
(36,373
)
Open Colleges valuation allowance charge
10,082

 
—

 
10,082

 
—

Tax expense from resolution with tax authority
—

 
—

 
3,002

 
—

Tax benefit from Internal Revenue Service settlement
—

 
—

 
—

 
(10,176
)
Special items, net of income tax
$
28,934

 
$
5,152

 
$
67,516

 
$
61,358

Excluding special items:
 
 
 
 
 
 
 
Operating income
$
25,738

 
$
58,241

 
$
203,045

 
$
462,871

Income from continuing operations before income taxes
23,942

 
55,742

 
193,744

 
456,627

Provision for income taxes
(6,205
)
 
(18,808
)
 
(78,748
)
 
(173,839
)
Income from continuing operations attributable to Apollo
18,729

 
38,147

 
120,456

 
287,294

Diluted income per share from continuing operations attributable to Apollo
$
0.17

 
$
0.34

 
$
1.10

 
$
2.55

(1) This gain is included in instructional and student advisory on the Company’s Condensed Consolidated Statements of Operations.

Adjusted Operating Income (Loss) Reconciliation
 
Consolidated
 
Apollo Global(1)
 
Three Months Ended
August 31,
 
Year Ended
August 31,
 
Three Months Ended
August 31,
 
Year Ended
August 31,
($ in thousands)
2015
 
2014
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Operating (loss) income
$
(5,035
)
 
$
43,535

 
$
114,944

 
$
354,964

 
$
(22,609
)
 
$
(22,557
)
 
$
(49,527
)
 
$
(74,189
)
Depreciation and amortization
29,598

 
35,862

 
125,303

 
138,810

 
9,699

 
11,747

 
39,376

 
38,168

Restructuring and impairment charges
29,078

 
23,267

 
81,800

 
85,343

 
443

 
707

 
585

 
6,091

Acquisition and other related costs (credit), net
1,695

 
(9,336
)
 
6,201

 
19,837

 
(359
)
 
(9,844
)
 
1,299

 
18,990

Litigation charges
—

 
775

 
100

 
13,900

 
—

 
—

 
—

 
—

Gain related to foreign indirect taxes
—

 
—

 
—

 
(11,173
)
 
—

 
—

 
—

 
(11,173
)
Adjusted Operating Income (Loss)
$
55,336

 
$
94,103

 
$
328,348

 
$
601,681

 
$
(12,826
)
 
$
(19,947
)
 
$
(8,267
)
 
$
(22,113
)
(1) Apollo Global’s subsidiaries experience seasonality associated with the timing of when courses begin, exam dates, the timing of their respective holidays and other factors. These factors have historically resulted in lower adjusted operating results in the second and fourth quarters because of lower net revenue, particularly for BPP, and due to BPP’s relatively fixed cost structure.




Use of Non-GAAP Financial Information
The Company’s non-GAAP financial measures 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.
Adjusted Operating Income (Loss) excludes depreciation and amortization and certain other items and is intended to provide an indicator of our operating performance across time periods due to the impact of acquisitions.
Forward-Looking Statements Safe Harbor
Statements about Apollo Education Group and its business in this release which are not statements of historical fact, including statements regarding Apollo Education 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 impact of increased competition from traditional public universities and proprietary educational institutions; (ii) the impact of the initiatives to transform University of Phoenix into a more focused, higher retaining and less complex institution, including the near-term impact on enrollment; (iii) impacts from actions taken by our regulators that could affect 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; (iv) further delay in the University’s pending recertification by the U.S. Department of Education for participation in Title IV student financial aid programs, or any limitations or qualifications imposed in connection with any recertification; (v) the impact of the U.S. Department of Defense (“DoD”) action to place University of Phoenix on probation in relation to participation in the DoD’s Tuition Assistance Program for active duty military students; (vi) the impact of the Company’s ongoing restructuring and cost-reduction initiatives; (vii) the impact of any reduction in financial aid available to students, including active and retired military personnel, due to the U.S. government deficit reduction proposals, debt ceiling limitations, budget sequestration or otherwise; (viii) changes in University of Phoenix enrollment or student mix; and (ix) unexpected expenses or other challenges in integrating acquired businesses, consumer or regulatory impact arising from consummation of such acquisitions, and unexpected changes or developments in the acquired businesses. 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 Education Group’s Form 10-K for fiscal year 2015, and other filings with the Securities and Exchange Commission which are available at www.apollo.edu.
Investor Relations Contact:
Beth Coronelli, (312) 660-2059
beth.coronelli@apollo.edu
Media Contact:
Media Relations Hotline, (602) 254-0086
media@apollo.edu

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