Core Viewpoint - Investors are evaluating the value opportunities presented by Adtalem Global Education (ATGE) and Universal Technical Institute (UTI) in the current market [1] Group 1: Zacks Rank and Value Scores - Both ATGE and UTI currently hold a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions and improving earnings outlooks [3] - The Zacks Rank is a strategy that targets companies with favorable earnings estimate trends, while the Style Scores assess companies based on specific traits [2] Group 2: Valuation Metrics - ATGE has a forward P/E ratio of 19.90, while UTI has a higher forward P/E of 33.82 [5] - ATGE's PEG ratio is 1.33, which is more favorable compared to UTI's PEG ratio of 2.25, indicating better expected EPS growth relative to its valuation [5] - ATGE's P/B ratio stands at 3.37, significantly lower than UTI's P/B of 6.62, suggesting ATGE is more undervalued based on its book value [6] Group 3: Overall Value Assessment - Based on various valuation metrics, ATGE is assigned a Value grade of B, while UTI receives a Value grade of C, indicating that ATGE is currently the superior value option [6]

Core Viewpoint - Adtalem Global Education Inc. (ATGE) has demonstrated strong stock performance with a year-to-date increase of 42.6%, significantly outperforming the Zacks Schools industry and the broader market indices [1][2]. Financial Performance - The Zacks Consensus Estimate for fiscal 2025 earnings per share has increased to $6.42 from $6.20 over the past 60 days, indicating a growth of 28.1% compared to the previous year [3]. - For fiscal 2025, Adtalem expects revenues to be between $1,760 million and $1,775 million, an increase from the prior estimate of $1,730 million to $1,760 million. Adjusted EPS is projected to be in the range of $6.40 to $6.60, up from $6.10 to $6.30 [10]. Growth Drivers - The company is experiencing solid enrollment growth, with total student enrollment rising 9.8% year over year to 94,223 students, marking the 12th consecutive quarter of growth [8]. - Adtalem's Growth with Purpose strategy emphasizes sustainable progress and strategic execution, which is expected to enhance performance and long-term value creation [9]. - The company has partnered with Hippocratic AI, Inc. to develop a curriculum for training clinicians in AI healthcare applications, showcasing its focus on innovation and collaboration [7]. Market Position and Demand - Adtalem is addressing the nationwide shortage of healthcare professionals by aligning its programs with evolving workforce demands, particularly in nursing and healthcare education [11]. - The Practice Ready Specialty Focused program has enrolled over 4,000 students, with 900 completing specialty rotations, indicating a strong commitment to reshaping nursing education [12]. Challenges - The company faces margin pressure in the Medical and Veterinary segment and increased expenses, with the cost of educational services rising 10.9% year over year to $572.5 million [2][13].

Company Overview - Adtalem Global Education Inc. is a leading healthcare education provider and workforce solutions innovator, offering a wide array of programs across medical and healthcare services [12]. Zacks Rank and Style Scores - Adtalem has a Zacks Rank of 3 (Hold) and a VGM Score of A, indicating a solid position in the market [12]. - The company has a Momentum Style Score of A, with shares increasing by 26% over the past four weeks [13]. - One analyst has revised their earnings estimate upwards for fiscal 2025, with the Zacks Consensus Estimate increasing by $0.12 to $6.32 per share [13]. - Adtalem boasts an average earnings surprise of 18.4%, highlighting its potential for positive performance [13]. Investment Considerations - With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, Adtalem should be on investors' short list for potential investment opportunities [13].

Core Insights - Adtalem Global Education Inc. (ATGE) reported strong third-quarter fiscal 2025 results, with adjusted earnings and revenues exceeding expectations and showing year-over-year growth [1][3] - The company's performance was driven by increased enrollment and higher tuition rates across all reportable segments, supported by strategic investments to enhance student experience [1][2] Earnings & Revenue Discussion - Adjusted earnings per share (EPS) reached $1.92, surpassing the Zacks Consensus Estimate of $1.63 by 17.8%, and increased from $1.50 in the prior year [3] - Revenues totaled $466.1 million, exceeding the consensus mark of $444 million by 4.9% and growing 12.9% year over year [3] - Total student enrollment rose 9.8% year over year to 94,223 students, compared to a predicted enrollment of 88,056 [3] Operating Performance - Adjusted operating income increased 17.4% year over year to $105.4 million, with an adjusted operating margin expanding 80 basis points to 22.6% [4] - Adjusted EBITDA was $127.8 million, up 19.3% from the prior year, with an adjusted EBITDA margin expanding 150 basis points to 27.4% [4] Segment Performance - Chamberlain segment revenues increased 13.1% year over year to $192.6 million, with total student enrollment rising 6.8% to 40,564 students [5] - Walden segment generated revenues of $178.4 million, up 18.5% year over year, with total student enrollment increasing 13.5% to 48,526 students [7] - Medical and Veterinary segment revenues increased 3.6% to $95 million, with total student enrollment slightly up by 1.2% to 5,133 students [8] Liquidity & Cash Flow - As of March 31, 2025, Adtalem had cash and cash equivalents of $219 million, with long-term debt reduced to $552.2 million from $648.7 million at the end of fiscal 2024 [10] - For the first nine months of fiscal 2025, cash provided by operating activities totaled $273.8 million, up from $227.1 million in the prior year [11] Fiscal 2025 Guidance - Adtalem raised its fiscal 2025 revenue guidance to a range of $1,760-$1,775 million, up from the previous estimate of $1,730-$1,760 million, and adjusted earnings guidance to $6.40-$6.60 per share from $6.10-$6.30 [12]

Q3 2025 Performance Highlights - Adtalem's revenue reached $466.1 million, a 12.9% increase compared to the prior year[16] - Adjusted EBITDA margin was 27.4%, a 150 bps increase compared to the prior year[17] - Adjusted EPS was $1.92, a 28.0% increase compared to the prior year[17] - Total enrollment grew by 9.8% year-over-year[15] Segment Performance - Chamberlain's revenue increased by 13.1% to $192.6 million, with a 6.8% increase in total enrollment[30] - Walden's revenue increased by 18.5% to $178.4 million, with a 13.5% increase in total enrollment[35] - Medical & Veterinary revenue increased by 3.6% to $95.0 million, with a 1.2% increase in total enrollment[40] Cash Flow and Capital Allocation - Trailing twelve months free cash flow was $287 million[21] - The company repaid $100 million of outstanding Term Loan B balance on January 17, 2025[21] - A new $150 million share repurchase authorization was approved through May 2028[21] FY 2025 Guidance - The company raised its revenue outlook to $1.760 billion - $1.775 billion[46] - The company raised its Adjusted EPS outlook to $6.40 - $6.60[46]

Core Viewpoint - Adtalem Global Education reported strong quarterly earnings, exceeding expectations and showing significant year-over-year growth in both earnings and revenues [1][2]. Financial Performance - The company achieved quarterly earnings of $1.92 per share, surpassing the Zacks Consensus Estimate of $1.63 per share, and up from $1.50 per share a year ago, representing an earnings surprise of 17.79% [1]. - Revenues for the quarter ended March 2025 were $466.06 million, exceeding the Zacks Consensus Estimate by 4.94% and up from $412.66 million in the same quarter last year [2]. Market Performance - Adtalem shares have increased approximately 26.3% since the beginning of the year, contrasting with a decline of -4.3% in the S&P 500 [3]. - The company's stock is currently rated Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6]. Future Outlook - Current consensus EPS estimate for the upcoming quarter is $1.50 on revenues of $436.92 million, and for the current fiscal year, it is $6.22 on revenues of $1.75 billion [7]. - The Schools industry, to which Adtalem belongs, is ranked in the top 30% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8].

Financial Data and Key Metrics Changes - Revenue increased by 12.9% to $466.1 million, driven by enrollment growth across all segments [13] - Adjusted EBITDA rose by 19.3% to $127.8 million, with an adjusted EBITDA margin of 27.4%, expanding by 150 basis points year over year [13][14] - Adjusted net income for the quarter was $73.3 million, a 23.4% increase compared to the previous year, leading to adjusted earnings per share of $1.92, up 28% [14] Business Line Data and Key Metrics Changes - Chamberlain University reported revenue of $192.6 million, a 13.1% increase, with enrollment up 6.8% [14][15] - Walden University achieved revenue of $178.4 million, an 18.5% increase, with total student enrollment up 13.5% [16] - The Medical and Veterinary segment saw revenue of $95 million, a 3.6% increase, with enrollment up 1.2% [17] Market Data and Key Metrics Changes - Total enrollment across Adtalem institutions climbed to over 94,000 students, marking a 9.8% year-over-year increase [5] - The medical schools achieved a first-time residency attainment rate of over 95%, with significant placements in medically underserved areas [9] Company Strategy and Development Direction - The company aims to expand program capacity and invest in innovation to meet growing demand in healthcare education [10] - A new $150 million share repurchase program was announced, reflecting confidence in the strategic outlook [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the favorable environment for career-oriented education, emphasizing high return on investment for students [28] - The company raised its 2025 revenue guidance to a range of $1.76 billion to $1.775 billion, anticipating adjusted EPS of $6.4 to $6.6 [9][19] Other Important Information - The company completed a $300 million share repurchase program, returning $763 million to shareholders since February 2022 [18] - The balance sheet remains strong, with $219 million in cash and a low adjusted EBITDA net leverage of 0.8 times [18] Q&A Session Summary Question: How do the 2026 targets stand in light of recent performance? - Management noted that the targets set at Investor Day were reasonable and they have outperformed expectations, with plans to recalibrate long-term growth targets [24][25] Question: What is the impact of recent legislative changes on student enrollment? - Management indicated no observed hesitancy among students regarding enrollment, citing strong demand for their programs [33] Question: Can you provide insight into margin degradation in the Medical and Veterinary segment? - Management explained that margin changes were due to one-time costs and investments for future growth, with confidence in long-term margin expansion [34][35] Question: What are the primary limitations on scaling up capacity? - Management identified opportunities for growth in existing programs and potential geographic expansion, with various strategies to increase capacity [50]

Financial Data and Key Metrics Changes - Revenue increased by 12.9% to $466.1 million, driven by enrollment growth across all segments [14] - Adjusted EBITDA rose by 19.3% to $127.8 million, with an adjusted EBITDA margin of 27.4%, expanding by 150 basis points year over year [14][15] - Adjusted net income for the quarter was $73.3 million, a 23.4% increase compared to the previous year, with adjusted earnings per share rising by 28% to $1.92 [15] Business Line Data and Key Metrics Changes - Chamberlain University reported revenue of $192.6 million, up 13.1%, with enrollment increasing by 6.8% [16] - Walden University achieved an 18.5% revenue increase to $178.4 million, with total student enrollment up 13.5% [18] - The Medical and Veterinary segment saw revenue growth of 3.6% to $95 million, with a slight enrollment increase of 1.2% [19] Market Data and Key Metrics Changes - Total enrollment across Adtalem institutions climbed to over 94,000 students, marking a 9.8% year-over-year increase [7] - The medical schools achieved a 95% first-time residency attainment rate, with over 615 students placed in healthcare facilities [10] Company Strategy and Development Direction - The company is focused on expanding program capacity and investing in innovation to meet growing demand in healthcare education [11] - A new $150 million share repurchase program was announced, reflecting confidence in the strategic outlook [10] - The company aims to balance growth investments with profitability, anticipating adjusted EBITDA margin expansion of more than 150 basis points for fiscal year 2025 [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive environment for career-oriented education, emphasizing high return on investment for students [29] - The company is monitoring legislative developments closely but sees no current impact on student enrollment behavior due to potential funding pressures [33] Other Important Information - The company completed a $300 million share repurchase program, returning $763 million to shareholders since February 2022 [20] - Free cash flow for the trailing twelve months was $287 million, indicating strong operational performance [20] Q&A Session Summary Question: How do the 2023 Investor Day targets for FY 2026 stand? - Management acknowledged that targets set were reasonable and expressed satisfaction with outperforming them [25][26] Question: What are the implications of recent legislative proposals on student loans? - Management believes the proposals are generally positive for the industry, as their programs offer high return on investment [28][29] Question: Is there any hesitancy among students regarding enrollment due to funding pressures? - Management reported no signs of hesitancy among prospective or current students regarding financing their education [33] Question: What is the outlook for margin expansion in the Medical and Veterinary segment? - Management indicated confidence in long-term margin expansion despite short-term margin degradation due to investments [34][35] Question: What are the primary limitations on scaling up capacity? - Management identified opportunities for growth in existing programs and potential geographic expansion as key areas for scaling [50]

Part I. Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The financial statements for Q3 FY2025 reflect significant year-over-year growth in revenue and net income, alongside improved cash flow and a strengthened balance sheet Consolidated Statements of Income Highlights (Q3 & Nine Months Ended Mar 31) | Metric | Q3 2025 ($M) | Q3 2024 ($M) | % Change | Nine Months 2025 ($M) | Nine Months 2024 ($M) | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $466.1 | $412.7 | 12.9% | $1,331.2 | $1,174.7 | 13.3% | | **Operating Income** | $90.5 | $61.7 | 46.6% | $264.6 | $148.5 | 78.2% | | **Net Income** | $60.8 | $36.8 | 65.2% | $182.9 | $87.4 | 109.3% | | **Diluted EPS** | $1.59 | $0.93 | 71.0% | $4.74 | $2.14 | 121.5% | Consolidated Balance Sheet Highlights | Metric | March 31, 2025 ($M) | June 30, 2024 ($M) | | :--- | :--- | :--- | | Total Assets | $2,789.8 | $2,741.4 | | Long-Term Debt | $552.2 | $648.7 | | Total Liabilities | $1,357.0 | $1,372.3 | | Total Shareholders' Equity | $1,432.7 | $1,369.1 | Consolidated Statements of Cash Flows Highlights (Nine Months Ended Mar 31) | Activity | 2025 ($M) | 2024 ($M) | | :--- | :--- | :--- | | Net Cash from Operating Activities | $278.2 | $235.5 | | Net Cash used in Investing Activities | ($30.3) | ($32.2) | | Net Cash used in Financing Activities | ($248.0) | ($291.1) | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, segment performance, and financial obligations, including strong segment growth, lawsuit settlements, debt reduction, share repurchases, and a $179.0 million regulatory letter of credit - Adtalem is a **leading US healthcare educator** with schools including Chamberlain University, Walden University, and medical/veterinary schools (AUC, RUSM, RUSVM)[23](index=23&type=chunk) - Previously issued financial statements were **revised** to correct the presentation of capitalized cloud computing implementation costs, moving them from investing to operating activities in the cash flow statement, which was deemed **not material** to prior periods[33](index=33&type=chunk)[34](index=34&type=chunk) Revenue by Segment (Nine Months Ended Mar 31, 2025) | Segment | Revenue ($M) | % of Total | | :--- | :--- | :--- | | Chamberlain | $541.5 | 40.7% | | Walden | $511.2 | 38.4% | | Medical and Veterinary | $278.4 | 20.9% | | **Total** | **$1,331.2** | **100%** | - The company made a **$100.0 million prepayment** on its Term Loan B debt on January 17, 2025, and a **$50.0 million prepayment** on January 26, 2024[94](index=94&type=chunk) - The company completed its 13th and 14th share repurchase programs and initiated a new 15th program authorizing up to **$150.0 million** in repurchases through May 6, 2028[105](index=105&type=chunk) - A settlement for the Walden DBA student lawsuit was finalized, resulting in a **$28.5 million payment** in November 2024, with Adtalem receiving a **$5.6 million indemnification payment** from the previous owner, Laureate[123](index=123&type=chunk) - The Department of Education (ED) required Adtalem to post an amended letter of credit for **$179.0 million**, representing 10% of consolidated Title IV funds received in FY2024, to maintain Title IV eligibility[100](index=100&type=chunk)[123](index=123&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q3 FY2025 performance to broad revenue growth and improved operating income, while navigating significant regulatory requirements and maintaining strong liquidity [Third Quarter Highlights](index=47&type=section&id=Third%20Quarter%20Highlights) In Q3 FY2025, Adtalem reported a 12.9% revenue increase to $466.1 million and a 71.0% rise in diluted EPS to $1.59, driven by strong enrollment growth across its institutions, alongside debt prepayment and share repurchases - Revenue increased **12.9%** to **$466.1 million**, and net income grew **65.2%** to **$60.8 million** compared to the prior year period[142](index=142&type=chunk) - Total student enrollment increased across all segments: Chamberlain (**+6.8%** for March session), Walden (**+13.5%** as of March 31), and medical/veterinary schools (**+1.2%** for January semester)[142](index=142&type=chunk) - Made a **$100.0 million prepayment** on Term Loan B debt and repurchased **791,420 shares** for approximately **$77.6 million**[142](index=142&type=chunk) [Results of Operations](index=48&type=section&id=Results%20of%20Operations) Revenue for Q3 FY2025 increased 12.9% year-over-year, led by Chamberlain and Walden due to higher enrollment and tuition, while operating income surged 46.6% benefiting from revenue growth and reduced prior-year business integration costs Q3 FY2025 Revenue Growth by Segment | Segment | Q3 FY25 Revenue ($M) | Growth vs. Q3 FY24 ($M) | % Change | | :--- | :--- | :--- | :--- | | Chamberlain | $192.6 | $22.3 | 13.1% | | Walden | $178.4 | $27.8 | 18.5% | | Medical and Veterinary | $95.0 | $3.3 | 3.6% | | **Consolidated** | **$466.1** | **$53.4** | **12.9%** | - Cost of educational services increased **14.0%** to **$199.9 million** in Q3, primarily due to higher labor costs to support increased enrollment and a larger provision for bad debts[150](index=150&type=chunk) - Adjusted operating income increased **17.4%** to **$105.4 million** in Q3, driven by revenue growth, partially offset by increased investments in marketing, growth initiatives, and higher bad debt provisions[163](index=163&type=chunk) - Interest expense decreased to **$13.1 million** in Q3 from **$16.6 million** in the prior year, mainly due to lower borrowings and a reduced interest rate on the Term Loan B[167](index=167&type=chunk) [Legislative and Regulatory Requirements](index=59&type=section&id=Legislative%20and%20Regulatory%20Requirements) Adtalem operates under significant regulatory scrutiny, including a provisional Program Participation Agreement and a required $179.0 million letter of credit due to a low financial responsibility score, while complying with the "90/10 Rule" - ED notified Adtalem its FY2022 composite score was **0.2** (below the 1.0 threshold), leading to provisional certification for its institutions and a requirement to post a letter of credit[177](index=177&type=chunk) - Adtalem delivered an amended letter of credit for **$179.0 million** to ED, representing 10% of consolidated Title IV funds for FY2024, with an expiration of January 31, 2026[177](index=177&type=chunk)[184](index=184&type=chunk) 90/10 Rule Rates | Institution | FY 2024 Rate | FY 2023 Rate | | :--- | :--- | :--- | | Chamberlain University | 68% | 65% | | Walden University | 82% | 78% | | AUC School of Medicine | 87% | 81% | | RUSM | 87% | 87% | | RUSVM | 78% | 79% | | **Consolidated** | **77%** | **75%** | [Liquidity and Capital Resources](index=63&type=section&id=Liquidity%20and%20Capital%20Resources) Adtalem's liquidity is primarily sourced from student tuition, with net cash from operations increasing to $273.8 million for the first nine months of FY2025, funding capital expenditures, share repurchases, and debt repayments, while maintaining a $400.0 million revolving credit facility - Net cash provided by operating activities increased by **$46.7 million** to **$273.8 million** for the first nine months of FY2025, driven by higher operating income[191](index=191&type=chunk) - Net cash used in financing activities was **$248.0 million**, primarily for share repurchases (**$146.4 million**) and net long-term debt repayments (**$100.0 million**)[193](index=193&type=chunk) - Anticipated capital spending for the full fiscal year 2025 is projected to be between **$40 million** and **$50 million**[192](index=192&type=chunk) - As of March 31, 2025, the company had principal debt balances of **$405.0 million** in Senior Secured Notes and **$153.3 million** in its Term Loan B[197](index=197&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=73&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reported no material changes in its market risk exposure during the first nine months of fiscal year 2025 compared to the disclosures in its 2024 Form 10-K - There have been **no material changes** in Adtalem's market risk exposure from those set forth in the 2024 Form 10-K[215](index=215&type=chunk) [Controls and Procedures](index=73&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the third quarter of fiscal year 2025 - The CEO and CFO concluded that Adtalem's disclosure controls and procedures were **effective** as of March 31, 2025[216](index=216&type=chunk) - **No changes** in internal control over financial reporting occurred during the third quarter of fiscal year 2025 that have materially affected, or are reasonably likely to materially affect, internal controls[217](index=217&type=chunk) Part II. Other Information [Legal Proceedings](index=73&type=section&id=Item%201.%20Legal%20Proceedings) Information regarding legal proceedings is detailed in Note 17 of the Consolidated Financial Statements, including the settlement of the Walden DBA lawsuit and ongoing borrower defense to repayment applications - For details on legal proceedings, the report refers to Note 17 "Commitments and Contingencies" in the financial statements[218](index=218&type=chunk) [Risk Factors](index=73&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors from those disclosed in its 2024 Form 10-K - **No material changes** to Adtalem's risk factors have occurred since the filing of the 2024 Form 10-K[218](index=218&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=73&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the third quarter of fiscal year 2025, Adtalem repurchased 791,420 shares of its common stock at an average price of $98.06 per share, with approximately $62.5 million remaining available for future repurchases Issuer Purchases of Equity Securities (Q3 FY2025) | Period | Total Shares Purchased | Average Price Paid per Share ($) | | :--- | :--- | :--- | | Jan 2025 | 29,894 | $94.36 | | Feb 2025 | 47,496 | $101.95 | | Mar 2025 | 714,030 | $97.95 | | **Total** | **791,420** | **$98.06** | - As of March 31, 2025, **$62.5 million** remained available for share repurchases under the company's fourteenth share repurchase program[219](index=219&type=chunk) [Other Information](index=74&type=section&id=Item%205.%20Other%20Information) During the third quarter of fiscal year 2025, no directors or executive officers adopted or terminated any Rule 10b5-1 trading plans or other non-Rule 10b5-1 trading arrangements - **No directors or executive officers adopted or terminated** any Rule 10b5-1 trading plans during the three months ended March 31, 2025[221](index=221&type=chunk) [Exhibits](index=74&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the report, including CEO and CFO certifications (31.1, 31.2), Sarbanes-Oxley certifications (32.1), and Inline XBRL data files (101 series) - The report includes required certifications from the CEO and CFO, as well as Inline XBRL data files as exhibits[222](index=222&type=chunk)

Exhibit 99.1 News Release Investor Contact Jay Spitzer Investor.Relations@Adtalem.com +1 312-906-6600 Media Contact Britt Mitchell AdtalemMedia@Adtalem.com +1 872-270-0301 Adtalem Global Education Third Quarter Fiscal Year 2025 Results; Guidance Raised Total enrollment up 9.8% YoY Revenue up 12.9% YoY Diluted earnings per share $1.59; Adjusted EPS $1.92, growth of 28.0% YoY Third quarter highlights Capital allocation Fiscal year 2025 guidance ● Total student enrollment 94,223, up 9.8% year-over-year ● Reven ...