| Type | Public |
|---|---|
| Traded as | NASDAQ: APOL NASDAQ-100 Component S&P 500 Component |
| Industry | For-profit education |
| Founded | 1973 |
| Headquarters | Phoenix, Arizona, U.S. |
| Key people | John Sperling (Executive chairman) Charles Edelstein (Co-CEO) Gregory Cappelli (Co-CEO) |
| Revenue | US$ 4.926 billion (FY 2010)[1] |
| Operating income | US$ 1.011 billion (FY 2010)[1] |
| Net income | US$ 553.0 million (FY 2010)[1] |
| Total assets | US$ 3.601 billion (FY 2010)[1] |
| Total equity | US$ 1.389 billion (FY 2010)[1] |
| Employees | 35,194 faculty (2010)[1] 21,777 employees (2010)[1] |
| Website | apollogrp.edu |
Apollo Group, Inc. (NASDAQ: APOL) is an S&P 500 corporation based in the South Phoenix area of Phoenix, Arizona. Apollo Group, Inc., through its subsidiaries, owns several for-profit educational institutions.
The company owns and operates four higher-learning institutions: the University of Phoenix, Western International University, Axia College, the College for Financial Planning, the Institute for Professional Development. It also owns Insight Schools (Online Public High Schools for Washington, Wisconsin, and other locations), and Olympus High School. As of November 2005, the combined enrollment of the four U.S. domestic universities (UOPX, WIU, Axia, CFFP) was approximately 315,350 students. Of these, nearly 90% attend the University of Phoenix, which Apollo describes as "the nation’s largest regionally accredited private university".[2].
Additionally, Apollo Group, Inc. is the owner of BPP University College of Professional Studies in the United Kingdom. It joined forces with Carlyle Group for tactical investments in education to expand student base. Apollo also purchased UNIACC college in Santiago, Chile and ULA college in Mexico.[3]
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Apollo Group, Inc. was founded in 1973. [4]
As of 5 October of 2011 Apollo Group had a market capitalization of $5.36 billion and a price-to-earnings ratio of 13.22.[5]
Apollo Group's stock was upgraded by analysts at Credit Suisse from a "neutral" rating to an "outperform" rating in a research note issued to investors in October of 2011.[5]
The Apollo Group announced quarterly results on 30 June 2011. The company reported $1.45 in earnings per share for the previous quarter, exceeding the Thomson Reuters estimate of $1.33 by $0.12. Apollo Group's quarterly revenue was down 7.6% on a year-over-year basis. [6]
In March of 2011 the Apollo Group sold its corporate headquarters in Arizona and leased it back in order to raise $170 million in cash. The deal with Cole Real Estate Investments included a 20-year lease requiring Apollo to remain in the complex.[7]"In our view, it does not change the view of the company. Apollo isn't hungry for cash: It carries little debt but generates $4 billion in revenue and has $650 million in net income and $1.5 billion in cash on its balance sheet," commented Peter Wahlstrom of Morningstar, an investment-research company.[8]
Corporate revenues for the year ending August 31, 2005 were $2.251 billion.[9]
Recently, Charles "Chas" Edelstein became the Chief Executive Officer of Apollo Group, a position that remained vacant for many years. Chas joins Joe D'Amico, the Chief Financial Officer, President, and Treasurer as the two key executive officers. Edelstein joined Apollo Group in late 2008 from Credit Suisse.[10]
On January 24th, 2011 Apollo Group announced that it had named Timothy F. Daniels as President of Apollo Global. The Apollo Group said, Mr. Daniels would "oversee all aspects of the management of Apollo Global, effective immediately." Daniels previously served as head of the Wall Street Institute, an international chain of English training centers. Before his work at the Wall Street Institute Daniels was the managing director in charge of K-12 education for Sylvan Ventures, the investment division of Sylvan Learning Systems. Apollo says that Daniels received an MBA from the University of Chicago and a BBA from the University of Wisconsin.[11]
John Glen Sperling (born 1921) is an American businessman who is credited with leading the contemporary for-profit education movement in the United States. His fortune is based on his founding of the for-profit University of Phoenix and the Apollo Group. He is also noted For ventures ranging from pet cloning to green energy, he has widely been described as an "eccentric" self-made man by the Washington Post and other media.[12][13]
The University of Phoenix is a wholly owned subsidiary of the Apollo Group. The University of Phoenix is one of the largest higher education providers in North America. [14]The university has more than 200 campuses worldwide and confers degrees in over 100 degree programs at the associate, bachelor's, master's and doctoral levels.[15] The University of Phoenix has an open enrollment admission policy only requiring a high-school diploma, GED, or an equivalent qualification.[16] The school also provides associate or bachelor's degree applicants opportunity for advanced placement through its prior learning assessment, which, aside from previous coursework, college credit can come from experiential learning essays, corporate training, and certificates or licenses.[17]
Apollo Group has formed Apollo Global to manage and form subsidiaries, assets, and holdings overseas. As part of their first acquisitions, Apollo Global acquired Universidad de Artes, Ciencias y Comunicacion 'UNIACC' in Chile as well as the now defunct Meritus University in Canada.[18][19]
Apollo Group is a joint venture between the Apollo Group and the Carlyle Group. The two partners invested $1 billion in Apollo Global. The Apollo Group invested roughly $801 million and owns 80.1% of the new company. Carlyle invested $199 million and controls the remaining shares. Apollo Global replaced Apollo International.[20][21]
Apollo Global acquired BPP Professional Education (now BPP University College) in the United Kingdom for $607 million in July 2009.[22]
Western International University, formerly a direct subsidiary of the Apollo Group was transferred to Apollo Global in April of 2010. The Apollo Group says that the transfer of Western International University to Apollo Global would allow it to offer its degrees internationally on a more successful basis. The transfer included a capital contribution from Apollo Global's minority shareholder, the Carlyle Group. Dr. Alan Drimmer, president of Western International University said, "We are looking forward to joining the global education network and leveraging the international expertise of both Apollo Global and Carlyle. We also look forward to the many collaboration opportunities with our sister-schools, all of which will help us achieve our mission of developing globally minded students."[23]
Carnegie Learning is a publisher of math curricula for middle school, high school, and post-secondary students. The company uses a blended approach, with a textbook and software (called Cognitive Tutor) for each subject. The company also produces products for the homeschool and tutoring markets. Based in Pittsburgh, PA, Carnegie Learning was founded by cognitive science researchers from Carnegie Mellon University in conjunction with veteran mathematics teachers.
All of the Cognitive Tutor curricula are based on extensive scientific research from Carnegie Mellon University, along with field tests in schools throughout the United States. The Cognitive Tutors are based on the ACT-R theory of learning, memory and performance, which has been validated by hundreds of lab and field studies. The Tutors themselves were developed using a rigorous empirical testing process resulting in over 50 publications validating the effectiveness of cognitive modeling.[24]
Apollo Group announced in August of 2011 a $75 million deal to buy Carnegie Learning along with a separate agreement to acquire related technology from CMU for $21.5 million, to be paid over 10 years.[25]
Western International University (WIU) is a college for adult learners and allows students to remain responsible for their careers and family life by offering online and evening programs. Founded in 1978 in Phoenix, Arizona, WIU offers associate, bachelor and master degree programs to approximately 3,200 students. WIU provides a broad educational foundation, with a focus on business and technology, designed to prepare students for leadership positions in business. WIU has four campuses locations in the Phoenix area and offers online education through its virtual campus, WIU Interactive OnlineSM.[23]
Apollo Group has been contracted by Lutheran High School of Orange County (LHSOC) to manage its online delivery of high school classes. Established in 1973, LHSOC is a comprehensive, college preparatory high school with a reputation for academic rigor.
Apollo Group owned and operated Meritus University in Canada.[27] On January 24, 2011, citing how "enrollment will continue to be insufficient to sustain the required quality academic and student service infrastructure we and our students demand," Meritus University announced its closure, with their last classes taking place on March 14, 2011.[28]
University for the Arts, Sciences, and Communication, Chile.[29]
The Universidad Latinoamericana in Mexico was acquired by the Apollo Group in 2007.[30]
Aptimus is a full-service, in-house marketing agency for Apollo Group education institutions, including the University of Phoenix, Axia College, the Institute for Professional Development, Olympus High School, and Insight School. [31]
In January 2008, Apollo was found liable for misleading investors by not disclosing a Department of Education report critical of the University of Phoenix's recruitment practices. The jury awarded the plaintiffs $280 million.[32]
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