ATGE

• Surpassed 100,000 students, achieved 11th consecutive quarter of total enrollment growth, and had record enrollment at Chamberlain and Walden. - Chamberlain returned to positive total enrollment growth as operating changes implemented are working, with actions like localizing marketing, simplifying application experience, rebuilding scholarship process, and upgrading talent. - Walden had sustained momentum with total enrollment growth, strong persistence rates, and launched several programs in high-demand fields. - Enterprise investments include co-developing an AI-powered classroom with Google Cloud, launching AI credentials, and establishing the Covista Healthcare Readiness AI Council. - Refinanced long-term debt, repurchased $66 million of stock, Amelia Manning to join Chamberlain as president, and Michael Betts expanded role as Chief Growth and Innovation Officer

• Revenue outlook raised to a range of $1.93 billion to $1.945 billion, up from prior range of $1.9 billion to $1.94 billion, reflecting 8% to 9% revenue growth for the full year. - Adjusted earnings per share guidance raised to a range of $7.95 to $8.15, up from prior range of $7.80 to $8, reflecting 19% to 22% growth over the prior year. - Expect positive fourth quarter enrollment growth at Chamberlain similar to third quarter enrollment performance. - Anticipate elevated strategic growth investments in the fourth quarter across institutions

Chamberlain: Third quarter revenue was $197 million, a 2.3% increase compared to the prior year. Total student enrollment reached 40,767 students, marking a 0.5% growth, which is Chamberlain's return to positive total enrollment growth and the highest enrollment in its history. Adjusted EBITDA for Chamberlain was $58.5 million, a 2.9% increase, with an adjusted EBITDA margin of 29.7% that expanded by 20 basis points versus the prior year. Walden: Third quarter revenue was $186.6 million, a 4.6% increase versus the prior year. Excluding the $18 million revenue timing impact, Walden revenue would have increased 14.7% year-over-year to $204.6 million. Total student enrollment grew 12.3% to 54,474 students, and adjusted EBITDA was $49.7 million. Excluding the one-week revenue shift, Walden adjusted EBITDA would have increased 25.5% to $67.8 million, with an adjusted EBITDA margin of 33.1% that was up 280 basis points. Medical and veterinary: Third quarter revenue was $103.5 million, an 8.9% increase versus the prior year. Total student enrollment increased 4.1% to 5,344 students, and adjusted EBITDA increased 20.1% versus the prior year to $27.5 million, with an adjusted EBITDA margin of 26.5% that expanded 250 basis points versus the prior year

Q: Update on SSM partnership and other employer partnerships, and conversations with care providers.

A: The SSM partnership continues to thrive with encouraging applications and increased interest around the St. Louis campus. There are several active conversations with other employers across the country, and new partnerships are hoped to be announced in the near term, with positive outcomes seen at SSM and interest from other providers.

Q: Timing of expenses pushed out from the third quarter to the fourth quarter.

A: There is a dynamic resource allocation model, and it's not just shifting expenses from the third quarter to the fourth quarter; rather, incremental investments are being made in the fourth quarter.

Q: Drivers of Chamberlain's growth and the demand in the RN to BSN segment.

A: Remediation work put in place is taking root, pre-licensure nursing at Chamberlain has been a bright spot, and there is momentum in post-licensure nursing including the RN to BSN program and master's programs. Conversion rates have normalized to historical levels.

Q: Chamberlain's focus for the September enrollment cycle.

A: Execution is key, with Chamberlain having a strong brand and product. A new president is joining Chamberlain and best days are ahead for the institution.

Q: Upside in the quarter and 2027 targets.

A: Feel good about the three-year targets set at Investor Day, and more precision on 2027 targets will be provided when the year opens.

Q: CapEx for campus expansion.

A: CapEx spent in the first half of the year was $31 million, $20 million in the third quarter, and the fourth quarter is expected to ramp up further, with future CapEx being a proxy for what is seen in the fourth quarter