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]

Core Insights - GMCS has awarded a total of 1,090 Board Scholar awards this year, showcasing its commitment to student success [1] - The increase in Board Scholars is attributed to nearly a decade of intentional transformation focused on diverse student needs and equitable educational opportunities [2] Holistic Approach to Student Success - GMCS emphasizes the development of the whole child through various initiatives, including aligned standards, professional development for staff, and social-emotional support programs [3] - Student-centered experiences such as Teen Court and D.A.R.E. are designed to empower students and build confidence [3] Parental and Guardian Engagement - The district prioritizes engagement with parents and guardians to foster strong academic partnerships, ensuring students take accountability for their learning [4] Celebrating Cultural Diversity - GMCS integrates cultural diversity into its curriculum, notably through the first-of-its-kind Navajo Language and Culture curriculum aimed at preserving the Diné language [5] Commitment to Excellence - GMCS provides high-quality education access, with over 95% of high school students participating in Career Pathway programs and more than 600 enrolled in early college programs [6] Investing in People and Purpose - The district has implemented significant salary increases and retention incentives for staff while removing financial barriers for students through various support measures [7] Equity, Equality, and Access - GMCS has played a key role in securing over $1 billion in funding for public education in New Mexico and has made capital investments exceeding $300 million to improve educational facilities [8] Community Engagement - Partnerships with families, local businesses, and tribal communities are central to GMCS's approach, providing internship opportunities and mentorship programs [9] Looking Ahead - The record number of Board Scholars reflects GMCS's vision for excellence and equity, driven by the commitment of the entire GMCS community [10]