Financial Data and Key Metrics Changes - Net revenue for Q4 2025 grew 7.2% year-over-year to $257 million, supported by a 5.7% increase in average total degree enrollment to 79,300 students [13][15] - For the full year, net revenue increased 6% to $1.01 billion, compared to $950 million in fiscal 2024, driven by a 3.7% growth in average total degree enrollment [15][16] - Adjusted EBITDA rose 36% to $56.6 million in Q4 2025, reflecting improved retention and increased net revenue [14] - Net income for fiscal 2025 was $135.4 million, up from $115.1 million in the prior year, indicating strong operating performance and margin expansion [15][16] Business Line Data and Key Metrics Changes - Average total degree enrollment grew to nearly 82,000 in fiscal 2025, up from approximately 79,000 in fiscal 2024, with strong retention throughout the year [7][11] - Enrollment through employer relationships increased to 32% of average total degree enrollment, up from 30% in fiscal 2024, indicating sustained demand from working adults [8] Market Data and Key Metrics Changes - The university's student body primarily consists of working adults, with 75% currently employed while pursuing a degree, and the average age of students is 38 years [5] - Over 50% of students are first-generation college attendees, and nearly two-thirds are caring for a family while pursuing their degree [5] Company Strategy and Development Direction - The company aims to expand access to higher education through flexible, career-relevant programs tailored to the needs of working adults [4][12] - Continued focus on improving student outcomes and increasing operational efficiencies through AI and automation is a key strategy [8][11] - The company plans to maintain capital allocation priorities that support sustainable enrollment growth and invest in initiatives that enhance student outcomes [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong retention trends and steady demand across programs as they look ahead to fiscal year 2026 [11][19] - The company noted that the recent federal government shutdown had no material impact on business or fiscal 2026 outlook [10] - Management highlighted the importance of controls in place to manage unusual enrollment activity, which had previously affected productivity [49][51] Other Important Information - The College of Nursing received a 10-year accreditation for its Master of Science in Nursing program, reflecting the commitment to academic excellence [9] - The company completed its IPO in October 2025, selling 4.9 million shares at $32 per share, with no proceeds going to the company [18] Q&A Session Summary Question: Expectations for FY26 revenue growth - Management explained that while they exited FY25 with strong growth, the guidance for FY26 reflects a conservative outlook due to various factors including timing differences and previous scholarship offerings [21][22] Question: Total degree enrollment by verticals, specifically healthcare - Management confirmed healthy growth in nursing programs and noted that healthcare remains a significant opportunity for growth [32][33] Question: Enrollment growth and revenue per student assumptions for FY26 - Management indicated that they expect some normalization in revenue per student and highlighted the importance of attracting higher quality students [38][39] Question: Impact of suspicious activity controls on enrollments - Management discussed the effectiveness of their controls in managing unusual enrollment activity and expressed confidence in their ability to maintain these controls moving forward [47][51] Question: Technology investment and capacity for future growth - Management affirmed that their technology platform has the capacity to support significant enrollment growth without substantial additional investment [56][58] Question: Policy changes and their implications - Management stated that there have been no significant changes in policy that would adversely affect the university, and they remain confident in their relationship with the Department of Education [61][65]

Table of Contents As filed with the Securities and Exchange Commission on September 15, 2025. Registration No. 333-289955 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AP VIII Queso Holdings, L.P. (Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices) Srini Medi, Esq. Senior Vice President, General Counsel & Secretary 4035 S. Riverpoint ...