Financial Data and Key Metrics Changes - Revenue increased by 16% to $117.5 million, marking the eighth consecutive quarter of double-digit revenue growth [23][30] - Adjusted EBITDA grew by 56% to $10.6 million, with an adjusted EBITDA margin rising to 9% from 7% in the prior year [30][32] - Net income was $1.9 million or $0.06 per diluted share, while adjusted net income was $3.5 million or $0.11 per diluted share [31][32] Business Line Data and Key Metrics Changes - Student starts at 21 campuses grew by 20% over the prior period, continuing a trend of double-digit growth for six consecutive quarters [9][30] - Transportation and Skilled Trades programs saw a robust 32.4% increase in stock growth, while healthcare and other professions experienced a decline of 6.3% due to program optimizations [24][25] Market Data and Key Metrics Changes - The company is successfully meeting the growing demand for educational alternatives to traditional four-year colleges, with a focus on closing the workforce skills gap [10][19] - The East Point campus in Atlanta opened in March 2024 and contributed over $4 million in revenue during Q1 2025, becoming profitable ahead of schedule [10][100] Company Strategy and Development Direction - The company is focused on expanding its network of schools by replicating in-demand programs and opening new campuses in underserved markets [16][19] - The Lincoln ten point zero hybrid teaching model has provided increased flexibility for students, contributing to higher graduation rates and attracting corporate partners [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving approximately $550 million in organically generated revenue and $90 million in adjusted EBITDA by 2027 [7][32] - The company anticipates continued strong demand for skilled trades training, driven by initiatives in manufacturing, electrical utilities, and military needs [17][19] Other Important Information - Capital expenditures for 2025 are expected to range between $70 million and $75 million, supporting new campuses and program expansions [27][35] - The company has amended its credit facility to increase financial flexibility, ending the quarter with approximately $90 million in total liquidity and no debt outstanding [27][28] Q&A Session Summary Question: Can you provide additional color on the strong demand and increased marketing efficiencies? - Management noted that improved marketing efficiencies were due to vendor collaboration and increased awareness, leading to lower overall costs [38][39] Question: What is the update on regulatory changes and their impact? - Management indicated that the administration is supportive of trade education, and while there are changes at the Department of Education, they maintain strong contacts to ensure timely approvals [46][47] Question: Are all new programs approved by the Department of Education? - Management confirmed that all new programs are approved except for the welding program in Rhode Island, which is pending [52] Question: How much of the healthcare start contraction is due to specific program suspensions? - Management stated that outside of the suspended programs, healthcare starts grew by approximately 6% [61] Question: What is the expected cadence of capital expenditures throughout the year? - Management indicated that Q2 is expected to be one of the heaviest quarters for capital expenditures, slightly exceeding Q1 [96]

Financial Data and Key Metrics Changes - Revenues for Q1 2025 were $130.4 million, with EBITDAR at $20.2 million, maintaining operating margins consistent with Q1 of the previous year despite challenges [4][5] - The impact of weather, leap year, and lower sports betting revenue in Colorado was estimated to reduce EBITDAR by approximately $2 million compared to Q1 of last year [5][25] - Carded gaming revenue increased by 1%, while uncarded gaming revenue decreased by 2.5% across all U.S. properties [5] Business Line Data and Key Metrics Changes - In Missouri, the new Caradasil property saw carded gaming revenue grow by 12% and uncarded revenue increase by 23%, leading to a total gaming revenue increase of 17% or $2.1 million compared to Q1 of last year [6][7] - The Century Casino and Hotel in Cape Girardeau experienced a 5% increase in patrons and a 2% increase in trips, although gaming win was flat due to lower hold [10][11] - In Colorado, carded revenue grew by 7% in Central City, while uncarded revenue decreased by 36% [12][13] Market Data and Key Metrics Changes - Total visitor volume decreased by 3%, with a notable reduction in visits from the 50 age group, partially offset by a 1% increase from younger guests [6] - The number of patrons living more than 75 miles from the new Caradasil property increased by 34%, contributing to a 23% increase in total visitors [8] - In the East segment, gaming revenue from upper-tier customers increased by 10%, while lower-tier customers saw a decline [15][16] Company Strategy and Development Direction - The company is focusing on expanding its market presence, particularly in Missouri, by targeting customers living 75 miles or more from its properties [12][54] - There is an emphasis on operational discipline and cost management to improve profitability, with plans to enhance marketing initiatives to attract higher net worth guests [11][54] - The company is also finalizing partnership agreements for sports betting in Missouri, expected to provide high-margin EBITDAR [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving consumer behavior and spending patterns since mid-March, with April showing an estimated 5% increase in EBITDA compared to last year [25][26] - Despite economic uncertainties, management is confident in the long-term prospects of the company, noting no significant competitive supply issues anticipated for this year or next [26][27] - The company plans to balance its capital expenditures with shareholder returns, indicating a cautious approach to stock buybacks in light of market conditions [27] Other Important Information - The company reported a cash position of approximately $85 million and no debt maturities until 2029, with expectations for net debt to EBITDA ratios to decrease significantly by year-end [23][24] - The company is committed to divesting its operations in Poland, with ongoing discussions with interested parties [22] Q&A Session Summary Question: Have you noticed any softening in consumer behavior for your Canadian assets? - Management indicated that lower revenue is not significant and attributed it to weather and one less gaming day, expressing no concerns [31][33] Question: Can you provide an update on initiatives at Rocky Gap? - Management confirmed completed renovations and marketing initiatives targeting Baltimore and Washington DC areas to attract higher net worth guests [35] Question: What has changed regarding year-end leverage targets? - Management acknowledged a positive trend since mid-March but remained cautious about projecting this trend for the full year [41][43] Question: Are you looking to monetize your casino database in Alberta? - Management mentioned potential partnerships with the Alberta Gaming Commission for database sharing but did not foresee other opportunities [44][47] Question: Are you focusing on revenue growth or maintaining EBITDA levels in Missouri? - Management aims for both revenue growth and cost discipline, particularly targeting the 75-mile customer base [52][54] Question: What is the timeline for divesting Polish assets? - Management believes divestment could occur in 2025 but acknowledged previous misestimations [55][56] Question: What is the capacity for stock buybacks? - Management plans to initiate stock buybacks with a single-digit million dollar volume between now and the next earnings release [57][58]

Financial Data and Key Metrics Changes - UroGen reported net product revenues of $20.3 million for Q1 2025, an 8% year-over-year increase from $18.8 million in Q1 2024, driven by a 12% underlying demand growth [28][30] - The net loss for Q1 2025 was $43.8 million, or $0.92 per share, compared to a net loss of $32.3 million, or $0.87 per share, in the same period in 2024 [30] - Cash, cash equivalents, and marketable securities totaled $200.4 million as of March 31, 2025 [12][30] Business Line Data and Key Metrics Changes - Jelmyto sales for Q1 2025 were $20.3 million, reflecting an 8% year-over-year growth, supported by a 12% increase in underlying demand [11][28] - UGN-102 is expected to target an addressable population of approximately 60,000 patients annually, translating to a market opportunity exceeding $5 billion, significantly larger than the Jelmyto market [10][11] Market Data and Key Metrics Changes - The company anticipates that approximately 70% of UGN-102's business will come from the Medicare population, consistent with the demographics of low-grade intermediate-risk NMIBC patients [34] - The market for UGN-102 is expected to be more accessible than the fragmented UTUC setting, as NMIBC patients are primarily managed by community urologists [10][11] Company Strategy and Development Direction - UroGen aims to transition from a rare disease-focused company to a multi-product organization, with UGN-102 as a primary growth driver alongside Jelmyto [5][9] - The company is expanding its sales force from approximately 50 to over 80 representatives in preparation for the potential launch of UGN-102 [9][24] - UroGen is committed to advancing its pipeline, including next-generation programs and immuno-oncology initiatives, while maintaining a strong balance sheet [12][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming ODAC meeting and the PDUFA target date, highlighting the strength of clinical data supporting UGN-102 [6][14] - The company is focused on ensuring timely access for patients and driving reimbursement confidence among providers [22][24] - Management emphasized the importance of UGN-102 as a transformative therapy for patients with recurrent low-grade intermediate-risk NMIBC [22][24] Other Important Information - The FDA has scheduled an ODAC meeting for UGN-102 on May 21, 2025, which is seen as a critical opportunity to present clinical data [6][10] - UroGen has engaged in extensive market research with physicians, indicating strong interest and demand for UGN-102 [55] Q&A Session Summary Question: Breakdown of Medicare and Medicaid exposure for UGN-102 and Jelmyto - Management anticipates that the Medicare population will comprise about 70% of UGN-102's business, aligning with the patient demographic for NMIBC [34] Question: Preparation for the ODAC meeting and expected pushback - Management has conducted mock ODAC panels and feels confident about presenting the clinical data, particularly addressing the single-arm study design of ENVISION [38][40] Question: Current status of the UGN-103 clinical development program - Enrollment for the UGN-103 trial is ongoing, with completion expected by mid-2025 and top-line data anticipated in 2026 [20][69] Question: Expectations regarding the gross-to-net for UGN-102 - Management expects the gross-to-net profile for UGN-102 to be more favorable than Jelmyto, primarily due to a higher proportion of community-based business [100]

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