Career Education Corporation
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1 Career Education Corporation Merrill Lynch Education & Information Services Conference March 3, We re only limited by the size of our goals. Nasdaq: CECO
2 Jack Larson Chairman, President & CEO
3 Safe Harbor Statement Except for the historical and present factual information contained herein, the matters set forth in this presentation, including statements identified by words such as "anticipates," "expects," "projects," "plans," "will," and similar expressions, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of Such statements are based on information currently available to us and involve risks and uncertainties that could cause our actual growth, 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, costs and difficulties related to the integration of acquired businesses, risks and effects of legal and administrative proceedings and governmental regulations, future financial and operational results, competition, general economic conditions, ability to manage and continue growth, and other risk factors relating to our industry and business as detailed in our Annual Report on Form 10-K for the year ended December 31, 2002, as amended and from time to time in our reports filed with the SEC. We disclaim any responsibility to update these forward-looking statements.
4 A brief look at CEC Formed in 1994 to create a premium education system Initial Public Offering in worldwide campuses #1 on-campus provider in for-profit sector #2 online provider in for-profit sector 24 consecutive quarters of record revenue & earnings
5 $55 $50 $45 $40 $35 $30 $25 $20 $15 $10 $5 IPO - Jan. 98 $2 per share March 04 $50 per share 2,400% shareholder return since IPO $0 A- 98 J- 98 A- 98 O- 98 D- 98 F- 99 A- 99 J- 99 A- 99 O- 99 D- 99 F- 00 A- 00 J- 00 A- 00 O- 00 D- 00 F- 01 A- 01 J- 01 A- 01 O- 01 D- 01 F- 02 A- 02 J- 02 A- 02 O- 02 D- 02 F- 03 A- 03 J- 03 A- 03 O- 03 D- 03
6 Fall Student Population 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10, ,500 83,200* 50,400 42,000 29,000 22,700 15, * As of Jan. 31
7 Strategic Growth Goal Acquisitions Start-ups/ Satellites Program Transplants Advanced Degrees Largest Global Quality Provider of Postsecondary Education International Expansion Additional Curricula Online Education Regional Accreditation
8 Two Operating Groups Colleges, Schools & Universities Group Le Cordon Bleu International Academy of Design & Technology Katharine Gibbs College American InterContinental University International Health Education Online Education Group American InterContinental University Online Colorado Technical University - Online
9 Favorable Industry Dynamics $270 billion North America postsecondary market Online market growing 40% annually For-profit & non-profit sectors are highly fragmented Strong long-term demographic trends High barriers to entry Acyclical demand Attractive financial characteristics Tuition pricing is inelastic Predictability of future revenue and earnings Economies of scale
10 Top 10 U.S. Universities by Population Fall 1995 Fall 2003 University Population University Population 1 University of Minnesota Twin Cities 51,445 1 Apollo Group 200,100 2 Ohio State Main Campus 48,676 2 Career Education 79,500 3 University of Texas at Austin 47,905 3 Education Management 58,858 4 Miami-Dade Community College 47,060 4 Corinthian Colleges 57,580 5 Arizona State-Main Campus 42,040 5 Miami-Dade Community College 54,926 6 Texas A&M University-Main Campus 41,790 6 University of Texas at Austin 52,261 7 Michigan State University 40,674 7 DeVry 51,682 8 Pennsylvania State University-Main Campus 39,646 8 Ohio State Main Campus 49,676 9 Houston Community College System 39,641 9 University of Minnesota Twin Cities 48, University of Florida 39, University of Florida 47,373 Source: NCES and Company Reports
11 Competitive Advantages Career-oriented curriculum Diversification creates stable market demand Curriculum in multiple high-growth demand areas Demographics in age & gender Various degree offerings Geography Strong marketing expertise Online Education s cutting-edge technology Excellent placement success Quality name brand institutions
12
13 Current Core Curricula 83,200 students as of Jan. 04 Visual Communication & Design Technologies Business Studies Information Technology Culinary Arts Health Education % of Students 33% 28% 16% 12% 11% Full-time degree seeking students
14 Diversified Student Demographics Student Population by age group * Under 21 yr. 26% yr. 47% * As of Fall 2003 Over 30 yr. 27% 50%/50% Male/Female
15 Diversified Student Demographics Student Population by degree objective * Certificate 19% Bachelor s/ Master s/doctoral 33% Associate 48% * As of Fall 2003
16 High Impact Marketing CEC generated 2.7 million leads in % over 2002
17 Convert Leads to Enrollments Specialized Admissions Efforts Approx. 1,300 Professionals 1. Local Area 2. High school 3. Out-of-area 4. International 5. Internet
18 Automated Enrollment Center - Branded Enrollment Centers - Virtual Campus Tours/Catalog - Multi-currency & multi-lingual - Enrollment Agreement - Candidate for Acceptance
19 Superior Education Product Curricula matched to long-term demographic and employment trends Employers help create, refine programs Advisory boards create lasting relationships Online Education s multimedia courseware High quality faculty and staff Approximately 4,000 faculty; industry professionals 62% part-time, adjunct faculty First class equipment, facilities Ongoing investments Hands-on education
20 Placement is our Moral Report Card Recent placement rate On-Campus 93% Online 98% A+
21 Online Education Group Online market is 350,000 unique students and $1.75 billion in revenue Regionally accredited 100% online degrees Participant in Dept. of Ed Demonstration Program Experienced online faculty with terminal degrees Student-centered virtual campus Automated processes
22 American InterContinental University Online 21 programs Associate, Bachelor s and Master s Business, Info. Technology, Fine Arts, Education Criminal Justice added in Jan. 04 Revenue expectations: Actual 03 = $149 mil Projected 04 = $240 mil
23 Online Student Profile 12,200 students at January 31, 2004 Median Age: 32 Online Student Profile Average Income: $47 K 53%/47% Male/Female 94% Working Full Time 50 States & 35 Countries
24 Todd Steele EVP of Planning & Development President of Start-up & International Divisions
25 Acquisitions Excellent Educational Franchise Broad Student Marketability Potential for Market Leadership Excellent Regulatory Compliance Attractive 5-year ROIC All activities support business strategies 26 Acquisitions Completed since 1994 Manageable Near-term EPS impact Attractive Long-Term Financial Profile
26 A Sample of Successful Acquisitions California School of Culinary Arts Date of Acquisition March 1998 Population At acquisition: : 1,250 Revenue At acquisition: $ : $40.0 Programs added Le Cordon Bleu Katharine Gibbs Date of Acquisition May 1997 Population At acquisition: 3, : 10,600 Revenue At acquisition: $ : $180.0 Programs added IT VisCom American InterContinental University Date of Acquisition January 2001 Population At acquisition: 4, : 17,950 Revenue At acquisition: $ : $280.0 Programs added Online
27 Campus Start-ups Organic Growth Means of geographic market entry Leverage brand equity of existing CEC brands Excellent returns on invested capital Dedicated divisional team 9 start-up budgeted campuses in 2004 Numerous additional market opportunities
28 Start-up Campus Guidance 9 start-ups budgeted in 2004 Design & Tech- Las Vegas, Nashville, Seattle, Sacramento/San Diego Le Cordon Bleu Miami, NY/Boston ( 05 openings) University - Dallas & San Antonio $1.6 mil to $2.4 mil operating loss 6 to 9 months prior to first student start ($0.8 to $1.2 mil) 9 to 12 months until break-even($0.8 to $1.2 mil) Capital Expenditures Culinary school is $4.0 to $5.0 mil All other schools are $1.0 to $2.0 mil
29 Program Transplants Transport proven winners from initial school to other schools Leverages development, education, marketing costs Provides fast, positive results Year # of Transplants 2004 est
30 Strong Internal Growth Record Population Revenue EBITDA 03 vs % 38% 02 vs % 22% 35% 42% 01 vs % 35% 00 vs % 35% 57% 59%
31 Annual 2004 Business Outlook * Revenue to be approx. $1.58 to $1.60 bil (includes Online of approx. $240 mil) Operating profit margin to increase approx. 50 to 75 basis points Tax rate to remain at 40.25% EPS to be approx. $1.56 Capital expenditures to be approx. 8.5% of revenue
32 Revenue (in millions) $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 $1,590.0 $1,188.6 $780.1 $547.1 $334.5 $223.5 $ * * Mid-range of guidance
33 Net Income (in millions) $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 $166.0 $119.0 $67.5 $38.4 $22.2 $2.1 $ * * Mid-range of guidance
34 Earnings per Share $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 $1.56 $1.19 $0.71 $0.42 $0.04 $0.17 $ * * Mid-range of guidance
35 3 to 5 yr. Business Outlook 20 %+ Internal Revenue Growth 15 % population growth 5 7 % pricing & mix change 50 to 100 basis point operating margin improvement 25 %+ earnings per share growth
36 The Future is Bright Favorable industry dynamics Sustainable growth opportunity Competitive position in both on-campus and online Multi-faceted growth platform Proven track record as a public company Positioned for strong EPS growth
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