Financial Performance - Service revenue for Q2 2025 was $247.5 million, an increase of $20.0 million, or 8.8%, compared to $227.5 million in Q2 2024, driven by a 10.3% increase in partner enrollments to 117,283 [2][20] - Operating income for Q2 2025 was $51.8 million, an increase of $9.1 million, or 21.2%, compared to $42.7 million in Q2 2024, with an operating margin of 20.9% [2][20] - Net income for Q2 2025 was $41.5 million, an increase of $6.6 million, or 19.1%, compared to $34.9 million in Q2 2024, with diluted net income per share rising to $1.48 from $1.19 [2][20] Enrollment Growth - GCU enrollments increased to 113,435 at June 30, 2025, a 10.5% increase from 102,600 at June 30, 2024 [2] - University partner enrollments at off-campus sites were 4,990, a 14.0% increase from the previous year, contributing to overall enrollment growth [2] Liquidity and Capital Resources - The liquidity position increased by $49.3 million between December 31, 2024, and June 30, 2025, with unrestricted cash and cash equivalents at $373.9 million [4] - Cash provided by operations exceeded share repurchases and capital expenditures during the six months ended June 30, 2025 [4] Full Year Outlook - For Q3 2025, the company expects diluted EPS guidance of between $1.75 and $1.80, adjusted for non-cash amortization of intangible assets [5] - For the full year 2025, the diluted EPS guidance is between $8.98 and $9.14, also adjusted for non-cash amortization [7]