Financial Data and Key Metrics Changes - APEI's consolidated revenue for full year 2025 grew 4% to $649 million compared to 2024, despite challenges such as the mid-year sale of Graduate School USA and a registration interruption at APUS [7][22] - Adjusted EBITDA for full year 2025 reached $85.7 million, up 19% from 2024, exceeding both revised and initial guidance [8][23] - Fourth quarter revenue was $158.3 million, down 3.5% from $164.1 million in the prior year, primarily due to the federal government shutdown [19][22] Business Line Data and Key Metrics Changes - APUS revenue for Q4 2025 was $71 million, down 13.8% year-over-year, with net course registrations declining 15.3% [19][20] - Rasmussen's revenue increased 15.9% to $66.6 million in Q4 2025, driven by 8.9% enrollment growth [20] - Hondros College of Nursing reported a 9.2% revenue increase to $20.7 million in Q4 2025, with enrollment growing by 8.1% [20] Market Data and Key Metrics Changes - APUS experienced a 41% increase in TA registrations in December 2025 compared to December 2024, following the end of the government shutdown [12] - The military and veteran channels showed high teen registration growth, indicating strong demand despite funding disruptions [12][19] Company Strategy and Development Direction - APEI is focused on simplifying and strengthening its business, with a four-year growth strategy introduced at the recent Investor Day [6] - The company plans to combine its institutions into one system and launch new campuses in 2026, targeting markets with demonstrated demand [13][14] - APEI aims for organic revenue growth of $890 million to $925 million by 2029, with strategic investments in new campuses and potential acquisitions [31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term potential of the company, citing strong demand for nursing education and military service members [32][33] - The company anticipates improved profitability and cash flow due to debt refinancing and cost savings [16][26] - APEI's guidance for full year 2026 includes revenue between $685 million and $695 million, with adjusted EBITDA between $91.5 million and $100.5 million [16][29] Other Important Information - APEI's balance sheet remains strong, with cash equivalents totaling $176.5 million and total debt at $96.4 million as of December 31, 2025 [25][26] - The board authorized a $50 million share repurchase program to offset dilution from stock-based compensation [27] Q&A Session Summary Question: CapEx cadence for new campus openings - Management expects most CapEx related to new campuses will occur in the second half of the year [36] Question: Expected revenue and margin for new campuses - New campuses are expected to generate about $12 million in revenue with a 35% EBITDA margin, taking 8-18 months to reach cash flow positive [39][40] Question: Marketing strategy post-institution combination - Brands will remain present in local markets, with best practices shared across institutions to optimize marketing spend [56] Question: Impact of government shutdown on Q4 revenue - The actual impact was estimated to be $12 million to $15 million short due to a strong December performance [112] Question: Healthcare student demand growth expectations - High single-digit growth is anticipated in the healthcare platform, with a focus on nursing programs [78]

S-1/A 1 onfo_s1a.htm FORM S-1/A As filed with the U.S. Securities and Exchange Commission on January 28, 2026 Registration No. 333- 292216 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 ONFOLIO HOLDINGS INC. (Exact name of registrant as specified in its charter) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) (State or Other jurisdiction of incorporati ...

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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]