PXED 最新10-K变化

相对上期新增的文字 · 来源:10-K · 2026-11-03

• Our non-degree offerings for students and employers represent the remaining portion of net revenue and are a growing priority for the University. These non-degree offerings include shorter credit-bearing certificates and non-credit professional development courses designed to provide flexible option…

• We are also developing new talent and workforce solutions that expand how we serve students, alumni, and employers. These initiatives include a talent-sourcing platform that connects employers with students and alumni whose skills profiles align with employment opportunities, as well as skills intel…

• These initiatives build on the University’s skills-aligned approach to education, including career-relevant curriculum and digital badges that enable students to demonstrate verified capabilities, and the continued growth of our employer-supported enrollment. Our strategy is to create stronger conne…

• The University’s non-term academic model encompasses a series of courses taken consecutively over the length of the program, which generally limits seasonal enrollment fluctuations. However, we have historically experienced, and expect to continue to experience, lower net revenue in our second fisca…

• In October 2025, we completed an initial public offering (the “IPO”) in which certain funds affiliated with or managed by Apollo Global Management, Inc. and its subsidiaries (“Apollo” or the “Apollo Stockholder”) and certain funds affiliated or managed by the Vistria Group LP and its subsidiaries (“…

相对上期删除的文字 · 来源:10-K · 2025-11-20

• Our non-degree offerings for students and employers represent the remaining portion of net revenue and are a growing priority for the University. These non-degree offerings include shorter credit-bearing certificates and non-credit professional development courses that provide students with critical…

• We are also developing new talent solutions programs for employers, including: (i) a talent-sourcing platform that connects employers with students whose skills profiles align with job postings and (ii) an AI-powered tool that scans an employer’s inventory of sought-after skills and designs developm…

• In February 2017, funds affiliated with Apollo Global Management, Inc. and its subsidiaries (“Apollo”) and Vistria Group LP and its subsidiaries (“Vistria”) acquired our predecessor company with a vision to transform the University into a smaller and more focused institution that would be better pos…

• Realigned the University’s Strategic Direction. We completed a comprehensive transformation of our academic course offerings, aligning 100% of our courses in programs open for enrollment to career-relevant skills. We tailored each degree program to facilitate the learning of career-relevant skills s…

• Strengthened Our Academic Offerings. We improved learning outcomes by helping our students master career-relevant skills and by selectively integrating adaptive learning into a wide range of courses. We assess our students’ skills for ongoing competency, with students earning “skills badges” by demo…

相对上期新增的文字 · 来源:10-K · 2026-11-03

• if our institution fails to maintain adequate systems and processes to detect and prevent fraudulent activity in student enrollment and financial aid, our institution may lose the ability to participate in Title IV programs, Department of Defense military tuition assistance programs, or Department o…

• a cyberattack, data breach, or other security incident suffered by us, our third-party vendors, our accreditors, or our regulators, or a disruption or failure of our IT systems or software, has in the past, and could in the future, expose us to liability and could adversely affect our financial cond…

• as a “controlled company” under NYSE rules and an “emerging growth company” under SEC rules, we rely on exemptions from certain corporate governance and disclosure requirements, and our stockholders will not have the same protections as stockholders of companies subject to such requirements, and the…

• Our operations are subject to extensive U.S. federal and state regulation applicable to providers of post-secondary education. The principal federal regulatory regime was established under the Higher Education Act and the regulations promulgated under the Higher Education Act by the Department of Ed…

• To participate in Title IV programs, we must be authorized by the appropriate post-secondary agency or agencies in each state that we operate, be accredited by an accrediting commission recognized by the Department of Education, be certified by the Department of Education as an eligible institution …

相对上期删除的文字 · 来源:10-K · 2025-11-20

• any failure to comply with the Department of Education’s “gainful employment” metrics and financial transparency regulations could limit the programs we can offer students, the Title IV eligibility of the impacted programs and/or increase our cost of operations;

• Our operations are subject to extensive U.S. federal and state regulation applicable to providers of post-secondary education. The principal federal regulatory regime was established under the Higher Education Act and the regulations promulgated under the Higher Education Act by the Department of Ed…

• Higher Education Act (“Title IV”), which is the principal source of funding for students at the University. Most of our fiscal year 2025 consolidated net revenue was derived from the receipt of Title IV program funds disbursed to our students. We must also comply with statutes and regulations that g…

• To participate in Title IV programs, a post-secondary institution must be authorized by the appropriate state post-secondary agency or agencies in each state in which the institution operates, be accredited by an accrediting commission recognized by the Department of Education, be certified by the D…

• If we violate or fail to satisfactorily comply with applicable statutes, regulations, standards or policies, we may be subject to any of the following sanctions, among others, imposed by any one or more of the relevant regulatory agencies or accreditors:

相对上期新增的文字 · 来源:10-K · 2026-11-03

• In connection with the expiration of the IPO lock-up periods on April 6, 2026 for our pre-IPO holders, other than our Section 16 officers, and on October 8, 2026 for our Section 16 officers, securities held by such holders became eligible for sale in the public market, subject to applicable trading …

• As a result of the expiration of these lock-up periods, shares of our common stock issuable upon the exercise of University stock options by such holders are eligible for sale to the extent such options are settled in shares. Upon exercise of these options, we may elect to repurchase options for cas…

• We cannot reasonably estimate the extent or timing of future option exercises, the timing or extent of any related sales of shares, or the settlement methods that may be utilized and, accordingly, the potential impact of future option exercises and related sales of shares on our outstanding share co…

• Enrollment. The net revenue we generate in a given period largely depends on the total number of courses taken by the enrolled student population and the price per course. Our student retention rates, calculated as (i) the number of confirmed undergraduate students who both started a degree or non-d…

• Enrollment is also affected by the manner in which prospective students discover, research and evaluate educational opportunities. Recently, enrollment has been influenced in part by changes in prospective student search and discovery behavior, including through AI-enabled platforms. Although we con…

相对上期删除的文字 · 来源:10-K · 2025-11-20

• Enrollment. The net revenue we generate in a given period largely depends on the total number of courses taken by the enrolled student population and the price per course. As part of our focus on affordable and accessible tuition, we have not raised tuition rates since 2018. In addition, in 2018, we…

• Career-Relevant Education and Employer Relationships. Our career-oriented programs and learning platform position us for continued growth in the corporate-sponsored training and education market. Enrollment through our employer relationships represented approximately 32% of our Average Total Degreed…

• Regulatory Requirements. Our operations are subject to extensive U.S. federal and state regulation applicable to providers of post-secondary education who participate in Title IV programs. Failure to comply with applicable regulatory requirements, standards or policies could subject us to significan…

• Cost Structure. Our ability to grow profitably depends on our ability to manage our cost structure. Our historical margin expansion over recent years has been largely derived from the operating leverage resulting from the increase in net revenue relative to our costs that are more fixed in nature an…

• Seasonality. Although the University’s non-term academic model encompassing a series of courses taken consecutively over the length of the program reduces seasonal enrollment fluctuations, we have historically experienced, and expect to continue to experience, lower net revenue in our second fiscal …

相对上期新增的文字 · 来源:10-K · 2026-11-03

• We are subject to the impact of interest rate changes and may be subject to changes in the market values of our investments. We invest our excess cash in cash equivalents and marketable securities, including money market funds, U.S. Treasury securities, U.S. agency securities, and investment-grade c…

• During fiscal year 2026, our investment portfolio generated an average yield of approximately 4%, resulting in interest income of $8.4 million.

• Based on the composition of our investments as of August 31, 2026, a hypothetical 100-basis-point increase or decrease in market interest rates would not have a material impact on our consolidated financial statements.

• As of August 31, 2026, we had no outstanding borrowings under our Revolving Facility and therefore did not have material exposure to changes in interest rates associated with variable-rate debt.

相对上期删除的文字 · 来源:10-K · 2025-11-20

• We are subject to the impact of interest rate changes and may be subject to changes in the market values of our investments. We invest our excess cash in cash equivalents and marketable securities and earnings from such investments may be adversely affected in the future should interest rates declin…

• We do not currently have material risk associated with interest expense as we did not have any outstanding debt as of August 31, 2025 and 2024.