Financial Data and Key Metrics Changes - Revenue grew 40.7% year-over-year to $19.2 million, marking the fourteenth consecutive quarter of double-digit revenue growth [7][15] - Adjusted EBITDA increased 61.6% to $3 million, reflecting scale and effective cost management [8][15] - Net income rose 46% to $2 million, or $0.15 per diluted share, up from $0.10 in the prior year quarter [8][16] - Year-to-date revenue for six months ended December 31, 2025, grew 39.6% to $38.6 million [18] Business Line Data and Key Metrics Changes - New student starts increased by 49.4% to 593 from 397 last year, driven by strong enrollment and disciplined marketing execution [15][16] - Enrollment at Contra Costa Medical Career College topped all-time highs of over 500 students [10] Market Data and Key Metrics Changes - The healthcare occupation sector is projected to be the fastest-growing major industry from 2024 to 2034, with about 1.9 million openings projected each year on average [5][6] Company Strategy and Development Direction - The company is focused on scaling quality, improving outcomes, and training job-ready graduates for essential roles in healthcare [5][7] - Strategic priorities include sustained enrollment growth, curriculum expansion, and operational innovation [21][23] - The company is actively pursuing regulatory approvals for new programs and evaluating acquisition opportunities [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory and operational execution, emphasizing the importance of maintaining strong compliance and delivering quality education [25][26] - The company is positioned to navigate regulatory changes and is focused on delivering strong outcomes while maintaining transparency [25] Other Important Information - The company has a strong balance sheet with $21.1 million in cash and little debt at $600,000 [19] - Operating cash flow remains strong at $2.1 million, reflecting the timing of Title IV disbursements [19] Q&A Session Summary Question: Discussion on new student starts - Management noted that the increase in new student starts was driven by additional cohorts in programs like Diagnostic Medical Sonography and Surgical Technology [28][29] Question: Outlook on new programs - Management confirmed optimism about new program launches in Q3 and Q4, including Cardiac Sonography and MRI [31][32] Question: Acquisition pipeline - Management indicated that they are looking at both in-state and out-of-state acquisition opportunities, with a goal to announce a deal before the end of the fiscal year [38][46] Question: Hybrid program student commitments - Management stated that students in hybrid programs are typically full-time, balancing online theory with in-person lab sessions [47][48] Question: Revenue per student increase - Management explained that the increase in revenue per student is attributed to more students entering higher-margin programs [52]