American Public Education, Inc.

Second quarter 2022 outlook. API's outlook. APUSnet course registrations are expected to be in the range of minus 2% to plus 1% year over year. At Rasmussen and Honduras, second quarter student enrollment is actual. At Rasmussen, second quarter enrollment decreased 2% year over year to approximately 8,200 students. Non-nursing total enrollment declined 10% for an aggregate rather than an enrollment decline of approximately 6% year-over-year to approximately 15,900 students. And high enrollment increased by 3% to 2,400 students. In the second quarter of 2022, consolidated revenue is expected to increase between 92% to 97% year-over-year, given the addition of RASMUS income to be between $0.1 million and $1.4 million, and earnings per diluted share of between zero and seven cents per diluted share. Adjusted EBITDA is expected to be between $14.3 million and $16.2 million for the second quarter of 2022. With that, I would like to turn it back to Angie for final comments.

Thank you, Rick. In summary, we remain confident as we continue to transform and diversify APEI's portfolio of career learning assets and fulfill our mission of educating the service-minded. Demand for nursing graduates is expected to remain strong for the foreseeable future as employers are clamoring for new nurses to supply the national shortage, and we believe we are well positioned to fulfill these needs. APUS continues to strengthen its number one position in education to the U.S. military and veterans. And overall, APEI continues to represent an exceptional return on educational investment for working adults by keeping tuition rates in check while providing books and materials at no cost and being one of the most friendly transfer credit institutions. We now ask the operator to open the line for questions.

Thank you. And as a reminder that if Star wants to ask a question, we will pause for a moment to compile the Q&A roster. And our first question will come from Toby Summer with Truth Securities. Please go ahead.