Question-and-Answer Session
Operator
Ladies and gentlemen, we will be conducting a question-and-answer session. (Operator instructions) Our first question comes from Jerry Herman with Stifel Nicolaus. Please state your question.
Jerry Herman – Stifel Nicolaus
Thanks. Good morning, everybody. Nice quarter, guys. I just wanted to pursue the advertising spend again and maybe in the context of the very strong start numbers that existed. Can you talk about placement versus price on advertising spend? Meaning the volume of advertising you did relative to the pricing that you were paying for that advertising.
Kevin Modany
I will just say I think you're hitting on it exactly. Really what we're talking about here is that we did not make any material changes to the volume of placements necessary to support any of the growth initiatives, whether they're new programs, new locations or whatever, really what we're seeing here is we’re taking advantage of some of the price differential there and probably a supply and demand thing relative to changes in the marketplace.
Jerry Herman – Stifel Nicolaus
Okay. Great. And with regard to the strong starts, can you talk about what (inaudible) matriculation you had on that number as –
Kevin Modany
Sure.
Jerry Herman – Stifel Nicolaus
Go ahead.
Dan Fitzpatrick
Nothing more than normal quite frankly. We’re seeing strong intake on the front end of the process and strong demand. So, there was really nothing unusual on either front.
Jerry Herman – Stifel Nicolaus
And then one question for Dan if I may, the accounts receivable, this is looking at some of these issues little differently, but accounts receivable number, can you maybe talk about the increase there year-over-year and what part of that was contributed by delays in FFELP and what part by your own internal funding?
Dan Fitzpatrick
Well, Jerry, we're not going to break out that level of detail, but what I will say the other thing you need to keep in mind is some of the benefits that we'll get as we receive the proceeds of the additional 2000 and sub monies for the students in July and going forward, some of that will in fact offset – now again, the vast majority will offset the deferred revenue going forward, but they are admittedly. Both of those things contributed, we really don't break it out at that level of detail.
Jerry Herman – Stifel Nicolaus
Great. Thanks. I'll turn it over.
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