Financial Data and Key Metrics Changes - Service revenue for Q3 2025 was $261.1 million, an increase of $22.8 million or 9.6% compared to $238.3 million in Q3 2024 [20] - Operating income was $18 million with an operating margin of 6.9%, while adjusted operating income was $58.2 million and adjusted operating margin was 22.3%, compared to $50.3 million and 21.1% in Q3 2024 [21] - Net income for Q3 2025 was $16.3 million, with GAAP diluted income per share at $0.58 and adjusted non-GAAP diluted income per share at $1.78, aligning with consensus estimates [22][23] Business Line Data and Key Metrics Changes - Online enrollment growth was 9.6%, with new starts in the mid-single digits, exceeding long-term objectives [3][4] - Traditional campus enrollments were slightly down year over year, while total GCU ground enrollment remained flat [5][6] - Hybrid campus enrollment increased by 17.4% year over year, with a 19.3% increase excluding closed sites [9] Market Data and Key Metrics Changes - The company noted a growing trend of high school graduates opting for online education, with GCU offering 310 fully online programs [4][5] - The number of high school graduates choosing shorter certificate or trade programs is increasing, while those pursuing four or five-year degrees is declining [6][7] Company Strategy and Development Direction - The company is focusing on expanding its program offerings, including new nursing and occupational therapy programs, to meet workforce demands [12][13] - GCU is adapting its marketing strategy to target younger students through social media, moving away from traditional high school partnerships [36][37] - The company aims to maintain a diverse programmatic mix to mitigate risks associated with enrollment fluctuations in specific areas [43][44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued enrollment growth, particularly in online and hybrid programs, despite challenges from military tuition assistance due to a government shutdown [28][30] - The effective tax rate for Q3 2025 was higher than expected, influenced by a Key Tam settlement and increased state taxes [24][30] - The company anticipates ongoing pressures from rising benefit costs and technology services, but expects to maintain strong performance across its business lines [29][30] Other Important Information - The company repurchased 219,369 shares at a cost of approximately $39.5 million in Q3 2025, with $136.4 million remaining under its share repurchase authorization [25][31] - Total unrestricted cash and cash equivalents as of September 30, 2025, were $277 million, with CAPEX for the quarter at approximately $9.7 million [25] Q&A Session Summary Question: Can you frame the size of your nursing programs at GCU and how they differ between pre and post-licensure programs? - Approximately 30% of GCU's students are in healthcare-related programs, including pre-licensure and post-licensure nursing programs, which are diversified across various levels [32][33] Question: Do you market to younger students differently for GCU online? - The company is shifting some marketing efforts from high school partnerships to social media to reach younger students more effectively [36][37] Question: What other programs are sizable and growing at an above nursing program rate? - The company is experiencing growth in education, business programs, and counseling and social work, addressing significant professional shortages in these areas [39][40]

Table of Contents As filed with the Securities and Exchange Commission on September 30, 2025. Registration No. 333-289955 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AP VIII Queso Holdings, L.P. to be converted as described herein to a corporation named Phoenix Education Partners, Inc. (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Organizat ...

Table of Contents As filed with the Securities and Exchange Commission on September 15, 2025. Registration No. 333-289955 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 AP VIII Queso Holdings, L.P. (Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices) Srini Medi, Esq. Senior Vice President, General Counsel & Secretary 4035 S. Riverpoint ...

Table of Contents As filed with the Securities and Exchange Commission on August 29, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AP VIII Queso Holdings, L.P. to be converted as described herein to a corporation named Phoenix Education Partners, Inc. (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Organization) Delaware 8200 38-392254 ...