Richard Sunderland
EVP & CFO at American Public Education
In the second quarter of twenty twenty five, consolidated revenue is expected to be between $160,000,000 and 162,000,000 I will note that second quarter and full year revenue guidance is negatively impacted by the increasing headwinds at graduate school due to changing federal priorities and policies and including actions taken by the Department of Government Efficiency or Doge, which have resulted in uncertainty related relating to the provision of career learning and contract training to the federal workforce. The company expects second quarter net loss available to common shareholders to be between a loss of $2,500,000 and $700,000 or between a loss of $0.13 and $04 per diluted share. Our second quarter guidance for net loss available to common shareholders includes a redemption premium on the planned redemption of our Series A senior preferred stock of approximately $2,900,000 and expected costs related to our previously announced combination of APUS, Rasmussen and Hondros of approximately 1,700,000.0 Second quarter 20 20 5 adjusted EBITDA is expected to be between $11,500,000 and $14,000,000 For the full year 2025, there is no change to our anticipated consolidated revenue of between $650,000,000 and $660,000,000 We are increasing our full year 2025 adjusted EBITDA guidance to be between $77,000,000 and $87,000,000 and net income available to common shareholders to be between $23,000,000 and $30,000,000 Our full year net income guidance assumes the redemption of our preferred equity in the second quarter, which will reduce preferred dividend payments by approximately $3,000,000 in 2025 and $6,000,000 annually thereafter.