Three Months Ended

Six Months Ended

December 31,

2024

2023

2024

2023

Revenue:

Chamberlain

$

180,986

$

153,553

$

348,916

$

296,149

Walden

171,306

146,808

332,819

288,416

Medical and Veterinary

95,437

92,881

183,394

177,522

Total consolidated revenue

$

447,729

$

393,242

$

865,129

$

762,087

Adjusted operating income:

Chamberlain

$

42,303

$

29,640

$

70,135

$

53,964

Walden

46,153

30,155

88,795

61,270

Medical and Veterinary

21,519

22,091

36,249

36,568

Home Office

(8,528)

(6,317)

(17,883)

(12,924)

Total consolidated adjusted operating income

101,447

75,569

177,296

138,878

Reconciliation to Consolidated Financial Statements:

Restructuring expense

(322)

(68)

(2,416)

(744)

Business integration expense

—

(6,909)

—

(12,171)

Amortization of acquired intangible assets

(2,805)

(9,333)

(5,610)

(20,010)

Litigation reserve

5,550

—

5,550

(18,500)

Loss on assets held for sale

—

(647)

—

(647)

Debt modification costs

—

(712)

—

Total consolidated operating income

103,870

58,612

174,108

86,806

Interest expense

(13,909)

(16,693)

(28,391)

(32,350)

Other income, net

2,235

3,563

4,881

5,777

Total consolidated income from continuing operations before income taxes

$

92,196

$

45,482

$

150,598

$

60,233

Depreciation:

Chamberlain

$

5,466

$

4,786

$

10,834

$

8,902

Walden

1,795

1,926

3,477

3,900

Medical and Veterinary

2,744

2,972

5,313

5,864

Home Office

185

359

369

715

Total consolidated depreciation

$

10,190

$

10,043

$

19,993

$

19,381

Amortization of acquired intangible assets:

Walden

$

2,805

$

9,333

$

5,610

$

20,010

Total consolidated amortization of acquired intangible assets

$

2,805

$

9,333

$

5,610

$

20,010