Financial Data and Key Metrics Changes - Total revenue increased by 12.4% to $503.4 million, driven by all three segments [15] - Adjusted EBITDA grew to $154.9 million, up 23.9% year-over-year, with an adjusted EBITDA margin of 30.8% [16] - Adjusted net income for the quarter was $87.9 million, a 26.7% increase compared to last year, with adjusted earnings per share rising to $2.43, a 34.3% increase [17] Business Line Data and Key Metrics Changes - Chamberlain reported revenue of $183.8 million, a 1.6% increase, but total student enrollment declined by 1% [19] - Walden's revenue reached $217.6 million, a 27% increase, with total student enrollment up 13% [20][21] - The Medical and Veterinary segment generated $102 million in revenue, a 6.9% increase, with adjusted EBITDA rising by 17.6% [22][23] Market Data and Key Metrics Changes - Total enrollment across the company grew over 6% to 97,000 students [6] - Chamberlain's pre-licensure BSN programs have seen growth for 14 consecutive quarters, while post-licensure programs faced declines [19] - Walden's growth was particularly strong in behavioral sciences and nursing programs [29] Company Strategy and Development Direction - The company is focused on addressing the healthcare workforce crisis by expanding capacity and creating new revenue streams [6] - A multi-year growth framework will be presented at the upcoming Investor Day, emphasizing sustainable earnings growth [6][43] - The company aims to maintain a disciplined, returns-focused approach to capital allocation, having repurchased $165 million in shares [4] Management's Comments on Operating Environment and Future Outlook - The healthcare workforce crisis is intensifying, with significant gaps expected in rural and underserved urban areas [6] - Management remains confident in achieving full-year revenue guidance of 6%-8.5% growth and has raised adjusted EPS guidance to 17%-20% growth [4][25] - The company anticipates that application growth at Chamberlain will translate into future enrollment growth [25] Other Important Information - The company has approximately $728 million remaining on its current share repurchase authorization [4] - A one-week academic calendar shift contributed an additional $18 million in revenue for Walden in Q2 [15][24] Q&A Session Summary Question: Can you elaborate on Walden's growth and market share? - Management noted that Walden's growth is consistent across programs, particularly in behavioral sciences and nursing, indicating a balanced growth across the program mix [29] Question: What is the status of the partnership with Sallie Mae regarding loan caps? - Management confirmed they are working on definitive documentation for the partnership and are excited about its potential impact on the portfolio [30] Question: What are the expectations for Chamberlain's enrollment and lead time? - Management expressed confidence in the trajectory of recovery for Chamberlain, with positive early signals in application volumes and a focus on the fall enrollment cycle [36]