Three Months Ended

Nine Months Ended

March 31,

2025

2024

2025

2024

Revenue:

Chamberlain

$

192,592

$

170,338

$

541,508

$

466,487

Walden

178,418

150,607

511,237

439,023

Medical and Veterinary

95,045

91,713

278,439

269,235

Total consolidated revenue

$

466,055

$

412,658

$

1,331,184

$

1,174,745

Adjusted operating income:

Chamberlain

$

47,493

$

43,349

$

117,628

$

97,313

Walden

47,999

31,871

136,794

93,141

Medical and Veterinary

17,921

22,953

54,170

59,521

Home Office

(8,047)

(8,391)

(25,930)

(21,315)

Total consolidated adjusted operating income

105,366

89,782

282,662

228,660

Reconciliation to Consolidated Financial Statements:

Restructuring expense

(510)

(473)

(2,926)

(1,217)

Business integration expense

—

(18,450)

—

(30,621)

Amortization of acquired intangible assets

(2,805)

(8,286)

(8,415)

(28,296)

Litigation reserve

—

5,550

(18,500)

Asset impairments

(6,442)

—

(6,442)

—

Strategic advisory costs

(5,100)

—

(5,100)

—

Loss on assets held for sale

—

(647)

Debt modification costs

—

(848)

(712)

(848)

Total consolidated operating income

90,509

61,725

264,617

148,531

Interest expense

(13,074)

(16,560)

(41,465)

(48,910)

Other income, net

1,898

2,871

6,779

8,648

Total consolidated income from continuing operations before income taxes

$

79,333

$

48,036

$

229,931

$

108,269

Depreciation:

Chamberlain

$

5,350

$

4,938

$

16,184

$

13,840

Walden

1,951

1,835

5,428

5,735

Medical and Veterinary

2,785

3,033

8,098

8,897

Home Office

188

692

557

1,407

Total consolidated depreciation

$

10,274

$

10,498

$

30,267

$

29,879

Amortization of acquired intangible assets:

Walden

$

2,805

$

8,286

$

8,415

$

28,296

Total consolidated amortization of acquired intangible assets

$

2,805

$

8,286

$

8,415

$

28,296