Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Ariel Sokol – Wedbush Morgan.
Ariel Sokol – Wedbush Morgan Securities
Just a couple of quick questions, the first one was could you quantify the impact of the 300 learners on Q4 results and Q1 guidance? I just want to make sure we don't make a mathematical mistake, given potential revenue recognition issues.
Lois Martin
Absolutely. The estimate for those 300 learners that were pulled forward I would put at about 1.5% to 2%.
Ariel Sokol – Wedbush Morgan
Okay. The next question, so on the last call you provided some color on October year-over-year new enrollment growth rates. And could you provide similar color with respect to January?
Lois Martin
Absolutely. Fourth quarter, as we talked about, was our highest that we have had in over a year. And, as we talked about on the last call, we have seen an upward progression on our new enrollment growth as we moved out of the transition on the ERP module and its limitations. So starting in September we had extremely strong fourth quarter growth rate.
First quarter's growth rate for '09, again strong but clearly impacted by the 300 learners that we pulled forward that accelerated their start date into fourth quarter. We do report new enrollment, specifically on an annual basis because it can vary on a quarterly basis. Overall, we do expect 2009's new enrollment growth to be slightly above or ahead of 2008's new enrollment growth.
Ariel Sokol – Wedbush Morgan Securities
Okay. Well then the next question, so revenue per enrolled student declined in the quarter, presumably due to the mix shift from graduate to undergraduate degree students. Can you just help us understand what's going on here, and perhaps, just in the context of 2009 guidance where you provided revenue and enrolled student growth rates of 18% to 21%?
Lois Martin
I do want to clarify that revenue per learner is impacted, not just by the mix shift, but also by the lower courses per learner that we highlighted in addition to the lower colloquia. So from that standpoint you do see just a very slight decline. But again, a lot of that is impacted, not just by mix, but by the other factors that I mentioned.
Ariel Sokol – Wedbush Morgan
So how should we think about that going through the rest of the year in '09?
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