Second Quarter 2022 vs Second Quarter 2021 Financial Highlights and Recent Operating Developments
Revenue of $82.1 million, up 2.1%
Student starts increased by 4.0%
Adjusted EBITDA* of $2.4 million
Cash of $67.0 million and debt free; Generated cash from operations of $4.4 million
“Although we achieved four percent student start growth during the quarter, our start growth was less than we anticipated. Throughout this year, we have experienced strong double-digit growth in enrollments across our campuses. However, conversion of these enrollments into new student starts has become more challenging in the current environment. As a result, we ended the quarter with a lower student start rate than we anticipated and expect that these challenges will continue into the second half of the year.