Operator: Thank you. Next question today is coming from Jeff Silber from BMO Capital Markets. Your line is now live.
Jeff Silber: Thanks so much. Wanted to go back to Chamberlain. In your comments you talked about pre-licensure enrollment going up, post-licensure enrollment still going down. Can we talk about the rate of change between this last quarter and the second quarter that you just reported. Are pre-licensure enrollments increasing at a faster, slower rate and our post-licensure enrollment decreasing at a faster or slower rate? Any color would be great.
Steve Beard: Sure. So as we’ve suggested before, we’re anticipating a sequence of recovery in enrollments across our program mix. As we’ve said, we believe post-licensure nursing is going to be the last of those elements to recover from an enrollment perspective because of some of the unique attributes of that prospective student population. We have said that we expected recovery at the Med/Vet segment first to be followed by pre-licensure nursing among our large categories with post-licensure nursing lagging behind. So I think what you’re seeing is that sequence play out in real-time. So it’s not so much that post-licensure nursing is worsening, it’s just that sequentially, we’re seeing pre-licensure nursing enrollments come back before post-licensure consistent with our expectations.
Jeff Silber: Okay. That’s helpful. And then in terms of new enrollments, were new enrollments up in the quarter for Chamberlain?
Steve Beard: Well, as you know, Jeff, we don’t report new enrollments. But obviously, the total enrollment number is a mix of new enrollment and persistent.
Jeff Silber: All right. Let me shift over to Walden then. You talked about the weakness in post-licensure nursing. Again, the same kind of question, is it getting less worse or still kind of stable where it was beforehand?
Steve Beard: So if you look at what we’ve reported from a total enrollment perspective at Walden, what you see is a €“ I don’t love this term but a deworsening of the trend there. And as you know, Walden is all post-licensure nursing. So we’re encouraged that on a year-over-year basis, that trend is improving. And again, I think that’s consistent with the narrative that we’ve taken to market about the timing of recovery across our large categories of product.
Jeff Silber: All right. And then just sticking with Walden, I’m sorry, just one more. I know you don’t give specific segment guidance, I understand that. But just from a theoretical perspective, with all the synergies that you’re going to be gaining or you have been gaining, should Walden margins expand on a year-over-year basis without actually seeing total enrollment growth? Or do we have to wait for total enrollment growth for that to happen?
Bob Phelan: I think importantly, the synergies are not just with the Walden segment. So when we’re talking about that, we’re really talking about it across the entire organization. So we’re seeing benefits from cost reductions and the synergies throughout Chamberlain, Met/Vet as well as Walden, all three.
Steve Beard: Yes. The important thing to remember, Jeff, is that we used the Walden transaction as a catalyst along with the divestiture of the Financial Services segment to really integrate the remaining postsecondary institutions because they’re lifetime businesses. And what you’re seeing, obviously, is the elimination of redundancies between Walden and Chamberlain and other institutions, but also the benefit that comes from running all of these like-kind businesses on similar platforms. So part of it, obviously, is cost that comes out of Walden, but there are also costs we can take out of the legacy Adtalem institutions as we run a similar play because we’ve got similar business models in the portfolio.
Jeff Silber: All right, great, thank you so much.
Operator: Thank you. We reached the end of our question-and-answer session. I’d like to turn the floor back over to management for any further or closing comments.
