Good afternoon, and welcome to Phoenix Education Partners' Second Quarter Fiscal 2026 earnings conference call. At this time, all participants are in listen-only mode. Following prepared remarks, we will open the call for questions. I would now like to turn the call over to Beth Coronelli, Vice President of Investor Relations. Please go ahead. Thank you. Welcome to the Phoenix Education Partners second quarter fiscal 2026 earnings conference call. Speaking on today's call are Chris Lynne, our Chief Executive Officer, and Blair Westblom, our Chief Financial Officer. Before we begin, I would like to remind everyone that certain statements and projections of future results made in this presentation constitute forward-looking statements that are based on current market, competitive, and regulatory expectations, and are subject to risks and uncertainties that could cause actual results to vary materially. Listeners should not place undue reliance on such statements. We undertake no obligation to update publicly any forward-looking statements after this presentation. The risks related to these forward-looking statements are described in our filings with the SEC, including our most recent Form 10-K, Form 10-Q, and other public filings. We will also discuss certain non-GAAP financial measures. You should consider our non-GAAP results as supplements to, and not in lieu of, our GAAP results. Reconciliations to the most directly comparable GAAP measures can be found in our earnings release and SEC filings. Unless otherwise noted, comments on the call will focus on comparisons to the prior year period. We also direct you to the supplemental earnings slides provided on the Phoenix Education Partners website. I'll now turn the call over to Chris. Thank you, Beth, and good afternoon, everyone. We appreciate you joining us. Today, we'll walk through our results for the second quarter of fiscal 2026 and the continued progress we're making on our strategy. Guided by our mission, we remain focused on advancing student success through flexible, career-relevant education for working adults. Our students balance professional and personal responsibilities as they pursue their education, and our strategy remains centered on supporting their success through personalized technology-enabled programs. Fiscal 2026 also represents an important milestone for the University of Phoenix. Later this year, we will celebrate our 50th anniversary, marking five decades of serving working adult learners while continuously adapting to the evolving needs of the workforce. Our commitment to student satisfaction is reflected in the recent Encoura Ruffalo Noel Levitz Priorities Survey for Online Learners, a national study spanning 150 institutions and approximately 90,000 learners, which shows consistently high satisfaction among currently enrolled online students. The university administered, through the Noel Levitz platform, the survey to a random sample of 20,000 actively enrolled associate, undergraduate, graduate, and doctoral students representing each college and degree level, with approximately 2,500 students responding. The university performed above the national averages across all 26 measured attributes, with 85% of our students reporting being very satisfied or satisfied with their online university experience, compared to 73% of students in the national benchmarked institutions. These results, combined with strong retention results, underscore our commitment to delivering strong student outcomes and ensuring that working adult learners develop skills that translate directly into their careers. Turning to our results, the second quarter reflects continued progress across our key priorities. Enrollment growth driven by record retention, margin expansion, and a strong balance sheet that gives us the flexibility to invest in students and return capital to shareholders, all underscoring the durability of our model and commitment to student success. For the quarter, average total degreed enrollment was up 1.8%. Net revenue was down 0.4%, and adjusted EBITDA was up 7.8% from the prior year. Average total degreed enrollment was driven by strong retention trends. Our retention rate from the most recent annual cohort was 76.6%, up approximately 500 basis points from the prior year, and significantly improved from the 59.7% retention rate from the annual cohort ending in 2017 prior to our transformation. This sustained progress reflects the continued disciplined execution of initiatives across the student life cycle aimed at enhancing engagement, persistence, and ultimately student outcomes. Net revenue was in line with expectations, and adjusted EBITDA outperformed as a result of disciplined cost management and lower bad debt expense. Our employer-affiliated or B2B channel continues to be a meaningful growth driver. Employer-affiliated students represented 35% of total enrollment in the quarter, up from 31% in the comparable period in 2025, reflecting continued expansion of both existing and new employer relationships. This channel now represents over a third of our total enrollment and helps reinforce the durability of our revenue, as B2B students typically have higher retention. We are seeing increasing demand from employers seeking to upskill and reskill their workforce, and our flexible career-relevant programs are well-positioned to meet that need. We align our curriculum to in-demand skills, with students building verified job-relevant capabilities throughout their coursework, an approach that differentiates us with both employers and individual learners. We also enable our students and alumni to showcase these capabilities through shareable, employer-informed skill badges and have now issued over one million of these digital badges to date. Complementing our B2B momentum, we are continuing to invest in technology and artificial intelligence to better serve students and employer needs. We are making meaningful progress deploying AI across the university. Examples include an AI-assisted student onboarding experience, delivering 24/7 support for students and faculty, increasing advisor productivity, expanding our software development capacity, and driving greater efficiency in credit evaluation. We are using AI-driven personalization to enhance engagement and student support, as well as improve conversion in our marketing and enrollment funnel. We believe these initiatives are contributing to our performance and will continue to support margin improvement. We are also investing in how the university shows up across the next generation of search and discovery platforms. As social media and AI increasingly shape how prospective students explore and evaluate their education options, we continue to optimize our presence across these emerging interfaces and ensure our outcomes-focused content reaches students wherever they are and wherever they begin their journey. We believe that our response over time has been effective, as evidenced by our leading brand position across marketing platforms. While underlying demand for our brand remains strong, we experienced changes to search algorithms which affected our marketing funnel. As we've done consistently for years, we proactively leveraged our leading brand, targeted content, and digital expertise to adapt and optimize within the shifting marketing environment. As we headed into the third quarter, we have continued to see healthy underlying demand and are encouraged by the early signs of improvement in the marketing funnel from our proactive initiatives and our ability to maintain our brand leadership position. We also believe the university is well-positioned for the needs of today's workforce. We are in the early stages of what many are calling the Great Reskilling of the American Workforce. Estimates suggest that 60% of the global workforce will need to acquire new skills by 2030 to remain competitive in an AI-transformed economy. We believe the majority of jobs in the future will be held by workers fluent in AI. The workers most affected by this change are mid-career adults who need flexible, career-relevant education that fits around their professional and personal lives, the exact population this university has served for five decades. We have been committed to the AI fluency of our students since we adopted the ethical use of AI by all of our students in our skills-aligned curriculum approximately two and a half years ago. We will continuously adapt our curriculum and thoughtfully add AI skill development related to specific disciplines and careers that are rapidly evolving in their use of AI. Our progress is demonstrated by the reporting from 79% of the students surveyed in the most recent Ruffalo Noel Levitz Priorities Survey for Online Learners that they are satisfied with their confidence applying AI tools in real-world scenarios. As we enter the second half of the year, underlying demand and retention remain strong. We remain focused on disciplined execution and thoughtful investment to support student outcomes and financial performance. Our approach continues to be guided by our mission to enhance the adult learner experience, including strengthening engagement and retention. With that, I'll turn it over to Blair. Thank you, Chris. Net revenue for the second quarter was $222.5 million, down 0.4%, compared with $223.4 million in the prior year period, reflecting the impact of discounts. Average total degreed enrollment increased 1.8% for the second quarter to approximately 82,600 students, compared to 81,100 in the prior year, driven by strong retention trends. Net income attributable to Phoenix Education Partners was $10.8 million, or $0.28 per diluted share, compared to $16.1 million, or $0.43 per diluted share in the prior year. The decrease was primarily driven by higher share-based compensation expense associated with our IPO. Adjusted EBITDA for the second quarter increased 7.8% to $34.8 million, compared to $32.3 million in the prior year. Adjusted diluted earnings per share was $0.58 in the second quarter, compared to $0.56 in the prior year. Adjusted EBITDA margin for the second quarter expanded to 15.7%, up from 14.5%, driven by lower bad debt expense primarily due to higher retention, partially offset by an increase in costs attributable to being a public company. For the first six months of fiscal 2026, net revenue was $484.5 million, an increase of 1.3% compared to $478.1 million in the prior year. Average total degreed enrollment was up 2.9% for the first six months to approximately 84,100 students, compared to 81,700, reflecting continued strength in retention. Net income attributable to Phoenix Education Partners was $26.2 million, or $0.68 per diluted share, compared to $62.5 million, or $1.66 per diluted share in the prior year, with the year-over-year decrease primarily driven by share-based compensation expense associated with our IPO. For the first six months, adjusted EBITDA increased 7.4% to $110 million, compared to $102.4 million in the prior year, and adjusted diluted earnings per share was $1.97, compared to $1.92 in the prior year. Adjusted EBITDA margin for the first six months increased from 21.4% in the prior year to 22.7% in the current year, representing a 130 basis point improvement. These results reflect the increase in net revenue, as well as lower bad debt expense, primarily due to higher retention and lower financial aid processing costs. We continue to maintain a strong balance sheet with substantial liquidity and no outstanding debt. As of February 28, 2026, total cash and cash equivalents in marketable securities were approximately $252.1 million, compared to $194.8 million at the end of the prior fiscal year. The increase was primarily driven by approximately $80 million of cash generated from operating activities, partially offset by approximately $10 million of capital expenditures and previously announced dividend payments. Our capital allocation priorities remain unchanged, investing in student success and our technology platform, maintaining a strong balance sheet, and returning capital to shareholders. Consistent with these priorities and our belief in the long-term value of our stock, today we announce the authorization of a $50 million share repurchase program by the board of directors. This authorization provides flexibility within our capital allocation framework and the ability to manage dilution effectively over time. During the quarter, we paid a dividend of $0.21 per share, and today we announced another quarterly dividend of $0.21 per share, payable in May. We expect to continue to pay quarterly dividends of approximately $0.21 per share or approximately $0.84 per share annually, subject to board approval. We will also continue to actively evaluate M&A opportunities that would be complementary to our existing platform and align with our capital allocation strategy. With respect to our fiscal 2026 outlook, we are reiterating our net revenue guidance of $1.025 billion-$1.035 billion and adjusted EBITDA guidance of $244 million-$249 million. As discussed, underlying demand and retention remain strong. We're maintaining our net revenue guidance but currently expect to trend toward the lower end of the full-year range, reflecting the near-term marketing dynamics discussed. Given our execution to date, we are confident in our adjusted EBITDA outlook and believe we are trending toward the upper end of our guided range. This reflects disciplined cost management and efficiencies driven by our strategic and operational initiatives, including AI and technology-enabled capabilities, which we expect to support margin expansion over time. We operate from a position of financial strength, supported by strong cash generation and disciplined capital allocation. We are confident in the long-term durability of our business and remain focused on execution while continuing to invest in student success and long-term value creation. I'll now ask the operator to begin the question-and-answer session. At this time, if you would like to ask a question, press star, then the number one on your telephone keypad. To withdraw your question, simply press star one again. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Jasper Bibb with Truist. Please go ahead. Hey, good afternoon, everyone. I wanted to follow up on some of the marketing themes you discussed. Can you maybe give a little bit more detail on the trends you've seen over the past couple of months on starts or application growth as the company navigated the channel shift you discussed from GenAI to search or search to GenAI? I'm sorry. Yeah. Hi, Jasper. This is Chris. Good to hear from you. Yeah. We've been navigating changes to online search for quite some time now. Coming into the quarter, we did experience another algorithm shift in AI search on Google, which had an impact to how prospective students were navigating their search process. We responded to it quickly, working with Google to understand, and this is something we're very good at, we've done for years, to understand these algorithm shifts. An example of some of our responses to that were learning that the AI overviews on Google now are more reliant as a primary source on YouTube. For many years now, we've been number one in our sector in social media. We've developed a lot of outcomes-based content that is out there that's really generated strength for us. One of the things we did is we migrated a lot of that content over to YouTube. We made changes like that that have. We talked about in our opening remarks that we've seen improvements in some of these recent trends coming into Q3, back in line with the trends that we were expecting for this year. To answer questions directly about applications, really, this happened going into our January enrollment period. There was some impact on the January enrollment. The way I would characterize it is we're seeing healthy demand at the top of the funnel. We're seeing changes in how that demand is coming to the university through multiple channels, and we've been reacting to those changes to make sure that we meet the demand where it comes to us effectively. We feel like we've responded well in line with how we've been managing these types of changes over time for the last several years and are happy with the trends that we're seeing going into Q3. Yes. That all makes sense. I'm not sure how much you can address with this, but I think the education department changed the rules around private equity ownership in this space. The company's majority shareholder is obviously a private equity firm. Does that change anything on how they think about their investment or timeline there that they've conveyed to you? The short answer is no. I think the changes you're referring to are related to the program participation agreements, and we just entered into a six-year agreement last year. Looking forward, based on any of the guidance received, we don't anticipate any impact. Got it. Thanks. You're welcome. Your next question comes from the line of Alex Paris Jr. with Barrington Research. Please go ahead. Hi, guys. Thanks for taking my questions, and congrats on the outperformance in the quarter. Just to clarify your answer on the previous question, Chris, you said coming into the second quarter, these changes were made at online search, and it had an impact on Q2 enrollment? Yeah. Ahead of the January enrollment season, later in January, we saw some impact which ended up being, we believe, a result of an algorithm shift in Google's AI overviews. When we were seeing that was in the early winter, so the November, December timeframe. Early on, it looked like some seasonality that we were trying to understand. We later recognized that the algorithms did shift. The way we responded to that was multifold. We had a lot of responses, really just continuing to do a lot of the same things that we've been doing for years. I think one of the more material changes we made was learning that Google had shifted to YouTube as being a primary source for the AI overviews, and despite the fact that we were very strong in content across social media, we weren't where we can be with YouTube. We made some large shifts in the January and February timeframe to address that. When I mentioned that we're seeing trends return back to trends we expected for the year, that began to occur back in early March. Okay. Got you. I just wanted to clarify that. You saw the initial impact early in the second quarter, you made some changes, and then early here in the third quarter, month of March, you're seeing some improvement. Yeah. I would say the impact was noticeable really in the later part of the second quarter, but the algorithm shift happened in the early part of the second quarter. Okay. Got you. The shift early in the quarter, the impact late in the second quarter, and then here early in the third quarter, you're seeing some improvement in response to some of the changes that you've made, you think? Yeah. Continuing through all of this, we've seen strong demand for our brand, which is the very top of the funnel. One of the most effective ways of looking at that is just the inquiry searches for our brand on Google. Then the next measurement we look at is how that demand comes to us on our website, and it comes from various channels. We've seen strength in how that inbound demand is coming to us that's returned back to what I would call normal relative to our recent history here in the early part of Q3. Got you. The second question is for Blair, and your comment regarding revenues and the guidance for the balance of the year. You said that revenue should trend to the lower end of the full-year range because of some of these marketing issues? Yeah, that's right, Alex. As discussed, we would expect revenue to come in in the lower part of the range, just given the marketing dynamics that we've observed. Chris, is there anything you'd like to add to that? Yeah. The way we looked at it is we took the best information available. We didn't feel, based on that we should change the range, but we did want to guide to the lower end given these dynamics we saw in Q2. Again, it sounds like conservatism, given you said that things have returned to normal here in, I don't know, month of March or early April. I would call it, Alex, prudence. I think you'll learn the style of this management team over time. We try to be prudent. I would also say that there's always a cycle time. When you see demand, it works its way through the funnel. I think it's prudent because we're seeing what we need to see, but we also know that there's seasonality in terms of when a student's actually been in their classes, and so we took that all into consideration with our guidance. Okay, that's great. Just to button it up, adjusted EBITDA, on the other hand, is trending towards the upper end of the full-year range, and that's due to cost management as well as lower bad debt related to the better retention. Do I have that right? Yeah, absolutely. It's also a reflection of the good work that our teams are doing leveraging our technology and AI solutions. That's been a big part of our story for years. We're seeing nice traction in getting efficiency. You heard it in our opening remarks that our story has been we've been effective at gaining improvement in student outcomes while reducing the cost to deliver those outcomes, and we continue to see the ability to do that, not only improve retention, but improve the efficiencies in generating these results. We believe that we're going to maintain those types of efficiencies through the remainder of the year. That's great. Thank you both for the additional color. I'll get back in the queue. You're welcome. Thanks, Alex. Your next question comes from the line of George Tong with Goldman Sachs. Please go ahead. Hi. Thanks. Good afternoon. Can you provide an update on your fraud prevention initiatives and your estimate of how much of an impact that is currently having on enrollment performance? Hey, George. Yeah, thanks for the question. Very similar to last quarter, we feel really good about the infrastructure that we put in place last year. If you recall, we did see a lot of friction as we were putting the infrastructure in place, and then in Q4 of last year, we made a choice to include some of the analytical detection and verification processes at the top of the funnel, and we saw a lot of friction in Q4. That improved significantly coming into Q1. It's improved even further into Q2. What I would say today is we have a very strong, agile system of detection based on strong analytics, and prevention with verification, fraud detection with our bank accounts, that's working very well. We think that this is doing a couple of things. While there is a lot of UEA activity in the marketplace, we are seeing evidence that as it relates to us, while we still see a lot of volume try to get into our funnel, it's dissipated quite a bit. We do think that our systems of controls have deterred the volume from trying to penetrate our university as often, and we've gotten better and better at that balance of reducing friction significantly for well-intended students, so that they can have a normal process of working their way through the enrollment process. We feel really good about where we're at. We have it under control through Q2. It's a day-to-day thing, but our systems are great. I would say there is a little bit of friction that will exist as long as this activity exists in the marketplace, but it's not something that we consider material today. Got it. That's helpful. Your retention rate expanded quite a bit, 500 basis points year-over-year in the quarter. Can you elaborate on the initiatives that drove this level of improvement and if this rate of improvement is sustainable or more one-time in nature? Yeah. Thanks for that question. I'll say we're in the probably eighth year, if I'm doing my math, or ninth year of a transformation that we've been talking a lot about. We've seen many years of consistent, meaningful improvement in our retention rates, which ultimately will lead to stronger and stronger graduation rates. It's a myriad of things. We've built a technology digital first platform inside and outside the classroom that leverages our data in really powerful ways to predictively meet our students when and where they need us with solutions. We have hundreds of solutions that we're constantly focused on that are removing friction or finding ways to get more effective outcomes to our students. Some of the bigger needle movers we talked about were mobile-ready courses in those earlier courses where students are acclimating into the institution. That's had a meaningful uptick because as they have success in those early courses, they get more confident, and then they end up persisting. If they can get through the first two or three courses, they persist at much higher rates and graduate at much higher rates. Dispersed by course, we've talked about in the past, has also been a really meaningful needle mover. There're numerous other things, and that's part of our story. We're really excited about this moment at which AI technologies are. We're in a position to leverage these technologies in ways to continue to do what we've been doing, which is improve these retention outcomes for our students and satisfaction outcomes while reducing the cost to deliver them. We're seeing an acceleration of AI initiatives across the board, from our AI-assisted student onboarding to human-in-the-loop solutions that are taking cycle times and supporting our students down considerably while getting to more effective solutions in a much more efficient way. Examples are our transcript evaluations. We've seen those cycle times improve. We still have our transcript evaluators in the process, but we're leveraging AI and other technologies to make that process much more effective. Call summarizations that we're leveraging across our student-facing positions, that enable us to take many, many minutes, sometimes more than 10 minutes, out of the preparation process of supporting a student and put us in a position to give them even better support, leveraging AI to better summarize where we are with that student and what next steps we should be taking. We expect it to continue. Now, in terms of the 1x 500 basis points improvement for our undergrad programs in FY 2025, was an enormous improvement. We're very proud of it. I would not expect that year to year. You don't see that often. You get 100 basis point improvement in any given year, and that's a pretty meaningful jump. We have continued to improve versus last year. We do expect to continue to improve retention going forward. That's a really important part of our strategy. Got it. Very helpful. Thank you. You're welcome. Your next question comes from the line of Griffin Boss with B. Riley Securities. Please go ahead. Hi. Good afternoon. Thanks for taking my questions. I just want to jump right back into that discussion on retention, more so directed at the expansion of your employer-affiliated students or the B2B segment, if you will. We've talked about this plenty in the past, but I'm just curious, you've expanded out from, what was it? 31% a year ago, now it's at 35% of total enrollment. Can you just remind us where you think that level can go or maybe what you aspire to do? Obviously, this is a big strategy for Phoenix, in terms of retention. You've talked about in quarters past how you could see overall revenue growth, trailing enrollment growth, given some of the myriad things that you've discussed today on top of B2B, but is that going to continue past the third quarter at this point? Just where you're at on the B2B initiatives at this point? Yeah. Thanks, Griffin. I really want to address two parts of your question. One, where we're going with our B2B growth, and two, the relationship between revenue and enrollment, because I want to be really, really clear on how I think you should be considering that. In terms of B2B growth, this is a big part, obviously, we've discussed for a while, of our long-term strategy. We think we're well-positioned to meet the reskilling needs of employers and their employees who are working adult students. We're positioned well to continue healthy growth in that segment. We increased the size of our account management teams this year by about 25%. We're seeing the benefit of that, both in expanding growth within existing relationships as well as growing new employer relationships as well. We believe we could continue healthy growth in that area. We're not in a position to give you a long-term view on that, but well over a majority of our students are working adults. We have over 2,500 employer alliances that cover a large percentage of the market share of employed working adults. We do think that there is strong upside in growing that channel. In terms of the revenue and enrollment relationship, we do have a discounted rate, on average, for B2B, and I think we mentioned that in our opening remarks. That's been very much in line with our expectations. Just as a reminder, our B2B students retain at higher rates. It's a very durable revenue stream. Over time, they have very similar profitability characteristics as our B2C students. The bigger the channel gets, the more effective it is at reducing the acquisition cost of growing that channel. We feel really good about that being in line with expectations. The other relationship between revenue and enrollment to keep in mind that I talked about in previous quarters is last year we had a higher volume of students enter our risk-free period. This is not anything to do with B2B, but we had a larger percentage, and we offer a risk-free period to students that have certain risk characteristics that don't correspond to higher retention rates. We offer them the opportunity to try our courses out before they enroll. That did result in more of those students deciding to enroll but not persisting beyond their initial courses. I mentioned this early in the year for a reason because we anticipated in this quarter and in Q3 that we'd have atypical relationship between our average enrollment and revenue as a result of that experience last year. We're not having that experience this year. We have students that, in terms of student mix, that we expect to persist much longer. It is affecting that trajectory in Q2 and Q3, and we expect that to reverse back to more normal trends in Q4. Got it. Understood, Chris. Thank you for the detail. That's it for me, and great to see the progress. Thanks for taking my question. Thanks, Griffin. Your next question comes from the line of Jeff Silber with BMO Capital Markets. Please go ahead. Hey, thank you so much. This is Ryan on for Jeff. I just had a question. I know business and IT are big program concentrations for you. I was wondering if you're seeing any shifting degree preferences from students as some of the newer students might be fearful about the potential GenAI impact. I know we saw some of that in the fall Clearinghouse data, so curious as it relates to your business. Thank you. Yeah. Thanks, Ryan. Yeah, we're looking at that very closely. I think what I'd like to point out that we feel really good about is we made multi-year investments in aligning all of our curriculum to career-relevant skills. That's across all of our programs. We're very comfortable with the breadth of our program offerings, including our business and IT programs. What that means is that in every course a student takes, they can earn verified skills that map to the career-relevant skills that employers need today. We've embedded AI fluency into the skill's online curriculum over the last 2.5 years. We feel very good about the differentiation of our programs from a skills alignment and the relevancy to the workforce needs today. We believe that's evident in the growth that we're seeing directly in the B2B relationships because we're growing existing relationships where we still compete against other universities and colleges, and we're able to expand our growth, and we believe that differentiation is a very helpful driver to that growth. We're seeing growth in all of our programs. One of the strong trends I also read about is in healthcare and nursing. That has been a nice tailwind for our healthcare programs and nursing programs. Healthcare employers are the largest segment we have across our B2B portfolio, just under 30%. We're seeing growth of all of our programs within that segment. Many of our programs are business and IT because there is demand from those employers and those employees. We feel comfortable with where we're at as it relates to the University of Phoenix's programs. Thank you. I appreciate the color on the B2B enrollments and the strength of those relationships. I'm just wondering how you're thinking about the non-B2B degreed enrollments, and are you investing there, and how has that kind of been trending? Thank you. Yeah. We have variability between B2C and B2B throughout the year. We're comfortable with the demand we're seeing across both programs, both channels. We think that if we're meeting the needs for employers and workers, we're meeting the needs for those that don't have benefits under employers and are mid-career working adults. We feel like that differentiation is helpful across B2C and B2B, and we feel like we see plenty of evidence of that in our demand frameworks. Your next question comes from the line of Stephanie Moore with Jefferies. Please go ahead. Greg, good afternoon. Thank you. I appreciate all the feedback this afternoon. Maybe you could talk a little bit about just the competitive landscape right now. You talked a lot about the investments that you've made, specifically kind of targeting from a marketing standpoint, but maybe just give us an update on just how you would characterize the pulse of the overall competitive landscape. As you think about your strategy over the course of the next one to two years, what we could expect to see as you continue to look to differentiate yourself. Thanks. Yeah. Thanks for the question. We have a very large addressable market, both students with some or no college, some college degree or some college credits that want to complete their degree, and those that have no college credits and want to complete their degree. For a lot of those students, we may not be competing with anyone except for motivating them to pursue getting skills that could advance their careers. We tend to focus on what are the needs of those potential students that we can support. Students have a need for skills today. They want career relevant skills that not just wait for a degree, but that they're getting skills along the way that have value in the workforce. We believe that we're delivering on that in a very differentiated way. Each course, they're getting skills in weeks, not years. That's one of our primary campaigns. We don't have many competitors that can say the same thing based on the substance of what they deliver. We think that that positions us very well to meet the needs. There's also other things that we do very well at, saving time and money. We're very effective at helping students with previous college credits leverage those college credits to save time and money. We make sure that we differentiate the experience that those students have in getting credit on the front end. The more effective we are there, the better we compete with other institutions like ourselves. There's a lot of flexibility. Our empathetic support process is something that busy working adults who are a little bit cautious about pursuing college again, they see that as a very strong value proposition. The more effective we are at telling people what we do really well and helping them understand how we do it better than our competitors tend to help us be effective in the marketplace, and we just continue to lean into those distinctions effectively in our marketing efforts. Got it. Just as a follow-up, I think we're all, as a society, thinking about the way we use education is differently now with AI. I guess maybe just to wrap it up, do you feel like there's a strategy in which you can advertise your approach not only to everything you just outlined, but that in a gen AI world, maybe how you pursue education could be different? I guess I'm just high-level question if that has- Yeah. If you've had these conversations. Yeah. I'm thrilled you asked it. Look, we think the evolution of AI is extremely powerful to our business model and how we serve our students. We talk a lot about that. To answer your question, when you look at the workforce trends, what's existing today and where the world's going, we talked about this in my opening remarks about this great reskilling, as they call it. We're living that. This is a rare moment where we're looking at our own institution and working on reskilling our entire employee base to help them leverage tools that magnify their ability to pursue the goals that we have. There's a lot of organizations like us that have a big vision, and the use of AI is powerful at a person level, at a workflow level, and at a corporate level in helping institutions get to the visions that they have. The entire workforce is going to need these skills in order to drive the goals of tomorrow. We know that the workers that are fluent and are capable in using AI are going to have the jobs of tomorrow. We're extremely well-positioned. We think this is a tailwind for the university. We adopted AI into our curriculum almost 2.5 years ago. We were a first mover here. Now all institutions are trying to figure out how to do this. Our students are gaining fluency in AI. We're getting deeper and deeper into looking at what our employer partners and industry councils are looking for in the workplace and building those technical skill needs into our program. We think we're well-positioned to help our students gain skills for tomorrow. We also think our differentiation is we understand the adult learner. When you look at the learner today, more and more learners are becoming what we have served for almost five decades. An adult learner that is constantly looking to upskill, that values the pursuit of a degree, but they're working, they have responsibilities along the way. AI has changed the game so much. The speed and movement of skills in the workforce is going to cause more and more learners to look like our learners, and we're well-positioned to deliver value. We know they want value along the way, as well as through the degree, and we have a curriculum that offers them skills along the way, as well as the degree. We think we're very well-positioned, within the trends that we're seeing in the workforce today as it relates to AI. Excellent. Really appreciate all the insight. Thank you. Thank you. That concludes our question and answer session. I will now turn the call back over to Chris Lynne for closing remarks. Thank you. Our results this quarter reflect continued progress in executing our strategy. We remain confident in the strength of our mission, the resilience of our model, and our ability to continue to deliver strong student outcomes. I want to thank our faculty and team members for their continued dedication to our mission and commitment to student success. Thank you for joining us today. Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.