Training Opportunity - The Haven Crypto offers 6 courses for $99 to help users learn from others' mistakes instead of losing money through trial and error [1] Marketing - The Haven Crypto encourages users to reflect on their mistakes from the past week and prepare for the upcoming week by leveling up their skills [1]

Financial Data and Key Metrics Changes - Total revenue in Q2 2025 was $162.8 million, an increase of $9.9 million or 6.5% from the prior year period [17] - Net loss available to common shareholders was $300,000 compared to a net loss of $1.2 million in the prior year [18] - Adjusted EBITDA was $15.1 million, a $4.2 million or 38% increase over the prior year period, representing an adjusted EBITDA margin of 9.3% compared to 7.1% in the prior year [18] Business Line Data and Key Metrics Changes - At APUS, revenue increased to $81.7 million, a 6.1% increase compared to the prior year, with net course registrations increasing 7.3% [19] - Rasmussen's revenue was $59.5 million, an increase of 12.2%, with total enrollment growing 7.4% to approximately 14,600 students [19] - Hondros' revenue was up 10.5% to $18.1 million, with total enrollment increasing 13.5% to approximately 3,700 students [20] Market Data and Key Metrics Changes - Enrollment at Rasmussen increased from 7% in Q2 2025 to 10% in Q3 2025, marking the fifth consecutive quarter of year-over-year enrollment increases [12] - APUS expects continued year-over-year registration growth in the low to mid single digits for the remainder of 2025 [13] Company Strategy and Development Direction - The company is focused on simplifying its business structure and has completed the sale of Graduate School USA, which was deemed no longer a strategic fit [8][9] - APEI is investing in intelligent infrastructure and personalized digital tools to modernize the learner journey [9] - The combination of APUS, Rasmussen, and Hondros into a single accredited institution is ongoing, with approvals received from HLC and state agencies [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term potential of the company, citing strong enrollment growth and improved financial performance [28] - The company is maintaining its full-year revenue guidance while increasing adjusted EBITDA guidance to between $81 million and $88 million [11][25] Other Important Information - The company redeemed its preferred equity for approximately $43 million, funded by proceeds from the sale of corporate buildings and the release of restricted cash [7][22] - Cash flow from operations for the first six months of 2025 was $51.8 million compared to $33.2 million in the prior year [21] Q&A Session Summary Question: Can you provide more details on military business enrollments and tuition assistance? - Management noted that the $100 million in funding from the Department of Defense is authorized through September 2029, which will benefit military education providers, including APEI [34][35] Question: What is the outlook for Rasmussen's margins? - Management explained that margins were lower sequentially due to new course material costs and annual salary increases, but they expect operating leverage to improve as enrollments grow [43][46] Question: What are the expectations for new program ads and campus expansions? - Management indicated that they will share a multiyear view of campus opening strategies at the upcoming Investor Day [58] Question: How does the consolidation of educational units impact revenue and cost synergies? - Management highlighted that combining the institutions will allow for shared resources and access to a broader curriculum, enhancing marketing efficiency [68][70] Question: What is the impact of the "big beautiful bill" on the company? - Management stated that the bill has minimal negative impact, with additional funding expected to widen the total addressable market for military students [94][96]