Hello, and thank you for standing by. At this time, I would like to welcome everyone to the Perdoceo Education Corporation Fourth Quarter and Full Year 2025 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Nick Nelson, Alpha IR Group. Nick, please go ahead.

Thank you, operator. Good afternoon, everyone, and thank you for joining us for our fourth quarter 2025 earnings call. With me on the call today is Todd Nelson, President and Chief Executive Officer; and Ashish Ghia, Chief Financial Officer. This conference call is being webcast live within the Investor Relations section of the company's website at perdoceoed.com. A webcast replay will also be available on our site for 90 days following the call, and you can always contact the Alpha IR Group for Investor Relations support. Let me remind you that this afternoon's earnings release and remarks made today include forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934 as amended. These statements are based on assumptions made by and information currently available to Perdoceo Education Corporation and involve risks and uncertainties that could cause actual future results, performance, business prospects and opportunities to differ materially from those expressed in or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors identified in Perdoceo's most recent annual report on Form 10-K filed today and subsequent filings with the Securities and Exchange Commission. Except as expressly required by the securities laws, the company undertakes no obligation to update those factors or any forward-looking statements to reflect future results, developments or changed circumstances or for any other reason. In addition, today's remarks refer to non-GAAP financial measures, which are intended to supplement but not substitute for the most directly comparable GAAP measures. The earnings release that accompanies today's call contains financial and other quantitative information to be discussed today as well as the reconciliations of the GAAP to non-GAAP financial measures and is available within the Investor Relations page of the company's website. With that, I'd like to turn the call over to Todd Nelson. Todd?

Thank you, Nick. Good afternoon, everyone, and thank you for joining us for our fourth quarter 2025 earnings call. Today, I look forward to discussing the academic, operational and financial successes we achieved in 2025, successes that reinforce our strategy of prioritizing student experience and academic outcomes, which we will believe drive sustainable and responsible growth. Our academic institutions share a common mission of transforming lives through education by equipping primarily adult learners with the practical skills required to succeed in today's dynamic workforce. TTU and AIUS provide diverse career-focused degree programs designed to help students excel in a rapidly changing job environment. University of St. Augustine for Health Sciences operates in the graduate health sciences field and develops medical professionals to deliver quality health care services to communities nationwide. I'll start by discussing some key highlights for the quarter and full year. Ashish will then provide more details on our operating and financial performance and discuss the 2026 outlook. As always, I would like to thank our faculty, student support staff and all other employees for their outstanding and ongoing commitment and hard work in serving and educating our students. We ended 2025 on a strong note with revenue, operating income and total student enrollment growth ahead of management expectations. Across our portfolio of academic institutions, we remain focused on providing an outcome-driven education while aligning for academic programs with the current demands of the workforce. Student retention continues to trend near multiyear highs, and we made purposeful investments in marketing and admissions to effectively serve the prospective student interest that we are experiencing across our academic institutions. Fourth quarter operating performance exceeded our initial expectations with net income of $35.3 million or $0.54 per diluted share, while adjusted earnings per diluted share, which excludes certain noncash items, increased…

Thank you, Todd. I will first review the fourth quarter and full year results and then discuss our balance sheet and 2026 outlook before handing in the call back to Todd for his closing remarks. Please note all comparisons discussed on this call are versus the comparative prior year period unless otherwise stated. In addition, total student enrollment numbers and any reference student enrollment trends discussed during this call do not include learners pursuing non-degree-seeking and professional development programs and degree-seeking non-Title, IV self-paced programs at CTU and AIUS. Please also keep in mind regarding year-over-year comparability, this quarter's financial results include the operating performance from the University of St. Augustine for Health Sciences acquisition, which was completed in December of 2024. Turning first to our full year results. Net income was $159.9 million or $2.42 per diluted share compared to $147.6 million or $2.19 per diluted share in the prior year. Adjusted earnings per diluted share, which we believe better reflects underlying operating performance, increased 15.5% to $2.61 from $2.26 in the prior year. Full year operating income grew 12.5% to $196 million while adjusted operating income, which we believe better reflects the underlying operating performance and exclude certain noncash items, increased 25.8% to $237.6 million. Increases in full year operating income, adjusted operating income and adjusted EPS were supported by the acquisition of St. Augustine as well as underlying organic growth and operational efficiencies achieved at CTU and AIU system. Full year revenue increased 24.2% or $164.8 million to $846.1 million. And from an expense perspective, our results included selective investments in marketing, admissions and overall personnel. While bad debt expense at 3.5% of revenue was lower by $4.2 million versus the prior year which offset some of these investments. Turning to the fourth quarter. Adjusted operating income…

Thank you, Ashish. I'm very pleased with our 2025 operating and financial performance and the continued progress made by all of our academic institutions in educating and serving our students. The operational excellence of our academic institutions as well as our strong capital position allows us to continue executing against the goal of sustainable and responsible growth. Lastly, I would once again like to thank all of our incredible faculty and staff for their hard work in supporting and educating our students. Thank you again for joining us, and we look forward to speaking again with you next quarter.

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.