My favorite (among many) highlight from the earnings call was the following:
Jeffrey Y. Volshteyn - JP Morgan Chase & Co, Research Division: Okay. And one follow-up on bad debt expense, it came down in the quarter, it was coming down last quarter as well. What are you guys doing differently on the collections front?
Daniel J. Devine - Chief Financial Officer and Executive Vice President: Well, we're putting a lot of effort into the collections. We continue to try to improve our processes, add some staffing there where required. We still expect it to be about 6% for the year.
Really? BPI has a failure / drop out rate of 80% to 85% and they are ramping up collection efforts on those same students it failed to educate. And, it's doing so at the same time it's sitting on $471.4 million in cash it took from those students by charging full tuition and only spending $200 per student for academics. Class Act. That will play well with WASC and HLC.